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SPA Process User’s Guide – Chapter 2 – General Policies

Certification of Physical Inventory

Policy

Each state agency shall conduct an annual physical inventory of the trust, capitalized and controlled personal property (excluding libraries and historical arts and treasures) in the agency’s possession at a time of its own choosing during the fiscal year. The physical inventory must be completed by Aug. 31 each fiscal year. The agency head or designee must forward the Certification of Physical Inventory Conducted by Agency form (73-283)PDF to the Comptroller’s office no later than the earliest of either:

  • The 45th day after the date the inventory is conducted.

    –OR–

  • No later than 20 days after the last day of the fiscal year (Sept. 20th).

Each agency must use accepted practices (such as physical count, bar code scan, etc.) to conduct its annual inventory and must ensure that:

  • Each property item is still within the agency’s possession.
  • The current location is accurately reflected in the SPA system.
  • The name of the person responsible for the property is accurately reflected in the SPA system.
  • The condition of each property item must be evaluated and reported to SPA during the annual physical inventory.

Note: Each agency reporting to SPA via batch may choose to maintain the property location, responsible party and condition in its local asset management system.

An agency must assign an individual(s) to conduct the physical inventory who is/are not assigned as the responsible person(s) for the property being inventoried.

Any discrepancies in property information detected during the physical inventory must be corrected in the SPA system immediately.

The disposal method must be updated in the SPA system immediately for any property found to be “disposed” or “missing” during the physical inventory. Property identified as “missing” during the annual physical inventory must be recorded in the SPA system with an effective date equal to the date the annual physical inventory was conducted. For more information, see Missing or Stolen Property.

Each agency must maintain inventory records on file for the required records retention period.

In addition to the required annual physical inventory, agencies are encouraged to conduct more frequent supplemental physical inventories to ensure the accuracy of reported personal property information. Periodic inventories may use statistical sampling, dollar sampling techniques or other acceptable methods on a regularly scheduled basis.

Procedure

  1. Retrieve the CERT_PHYINV report (see Daily Generation of SPA Ad Hoc Reports (FPP N.009) (login required).
  2. Conduct the physical inventory.
  3. Update SPA as needed to accurately reflect required property data and status.
  4. Complete inventory and necessary updates by Aug. 31.
  5. Submit Form 73-283 by Sept. 20.

Requirements and Deadlines

Requirement Deadline
Complete Annual Physical Inventory Aug. 31
Submit Certification of Physical Inventory Conducted by Agency form (73-283)PDF Sept. 20

How to Complete Form 73-283

Action

  1. Write the name of the agency on the Name of Agency line.
  2. Write the agency number on the Agency Number line. The number must be listed in the USAS Agency Profile (DØ2).
  3. Write the date and fiscal year the inventory was taken on the Date(s) Physical Inventory Was Conducted line.
  4. Describe the method used to conduct the inventory on the Method Used to Conduct the Inventory line.
  5. Write the name(s) and telephone number(s) of the people who conducted the inventory on the Contact Person(s) Responsible for Conducting the Inventory line.
  6. Write the date changes were made to the SPA system as a result of the physical inventory on the Date line of the certification statement.
  7. Have the appropriate official sign on the Signature of Agency Head or Designee line
  8. Write the date the form was completed on the Date line.

Submission of Required Form

Print and sign the completed Certification of Physical Inventory Conducted by Agency form (73-283)PDF. Please forward a scanned image of the completed and signed form to either:

Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
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