Inventories to be reported in the University financial statements include:
- Merchandise for resale
- New material or component parts used in manufacturing or assembly of items for resale
- Work in process, construction, or assembly, consisting of direct materials and labor costs, waiting for completion and sale (does not include sponsored projects)
Capital equipment items, which are identified with the University A-Tag or S-Tag, and non-capital equipment for internal use, such as computers and computer peripherals, should not be included in these inventories.
Any account with a balance must submit Schedules, YEDI, and/or DI, regardless of the threshold. The threshold for inventories is $50,000. If the balance is under the threshold and no Schedules are submitted, the balance must be zeroed out. (No revenue will be recognized).