Full Physical Equipment Inventory Begins January 24, 2022

Fiscal year 2022 (FY'22) is considered a base year for developing the facilities and administrative (F&A) rate proposal for submission to the Division of Cost Allocation (DCA) of the Department of Health and Human Services. The F&A rate proposal is the tool used to set the indirect cost rates for the University. Our proposal is required to be submitted to DCA in January 2023 based on the financial activity of FY'22.

One of the major base year requirements is conducting a physical equipment inventory of all fixed assets. The University has engaged Maximus and Asset Services to assist with this important project. Maximus will act as project manager and develop and negotiate the rate proposal. Asset Services will be conducting the full physical equipment inventory. Representatives from Asset Services will be on campus to begin the inventory process starting on Monday, January 24, 2022. It is anticipated that they will complete the inventory process sometime in May 2022. Asset Services will also be tagging any assets that have not previously been tagged by General Accounting or whose tag is not a bar code asset tag.

The team from Asset Services has been vaccinated for COVID-19 and will adhere to the University's COVID-19 protocols during the inventory. Drexel Real Estate and Facilities is currently coordinating with a representative from your school, college or department that has access to the assets in your space to schedule the inventory of your space. You or someone on your team will need to be physically present on campus to assist with the inventory, especially if your asset is stored in a locked cabinet or room and the departmental representative does not have access. The length of time they will be visiting your location will be kept as brief as possible, but will vary depending upon the amount of capital equipment in your space.

General Accounting will utilize the data collected by Asset Services as the annual fixed asset confirmation. The Fixed Asset Confirmation tool will be available and updated with as much of the data updates from Asset Services as possible in July 2022 but confirming assets utilizing the Fixed Asset Confirmation Tool will be optional during the fiscal year-end close.

The Office of the Comptroller has added content to its website with information pertaining to the F&A base year activities. This site will be updated regularly with information pertaining to the physical inventory, space surveys and related trainings.

A communication with the estimated inventory dates of each building will be communicated as soon as it is finalized.

If you have any questions or concerns regarding the upcoming equipment inventory, please do not hesitate to contact me pjr27@drexel.edu.