Agency Inventory Policy Requirement - Reminder

This is a reminder that, pursuant to Chapter 4 of the revised Property Control Manual (PCM), effective July 1, 2024, all agencies are required to establish written guidelines and procedures for conducting physical inventory. These procedures must be maintained on file at the agency, and a copy should have been submitted to the Office of the State Comptroller – Central Accounts Payable (OSC-CAP) by January 1, 2025.

If an agency makes any significant revisions to procedures that have already been approved by the Comptroller’s Office, an updated copy must be submitted for review prior to conducting an inventory under the revised procedures.

For agencies that do not currently have established procedures, please ensure your inventory plan includes the following elements:
• Establishment of a timetable and coordination across all agency divisions to conduct the physical inventory
• Clear identification and adherence to segregation of duties
• A defined approach within each division to ensure all assets are accounted for during the inventory process
• Procedures for supervisory review to verify the accuracy of inventory results
• Guidelines for record retention and audit processes related to physical inventories

If your agency has not yet submitted its Inventory Policy to OSC-CAP, please email it to osc.assets@ct.gov at your earliest convenience.

If there are any questions or concerns, please contact OSC-CAP at osc.assets@ct.gov.