Inventory Management for Education Institutions
eQuip! software has helped many colleges and school districts to solve their unique challenges in inventory management. The eQuip! asset management and asset tracking software, including eQuip! Mobile on smartphones and tablet devices, is designed to support inventory management for education institutions.
Many education institutions that receive federal grants are required to manage the equipment (capitalized assets and controllable assets) to meet the requirements in Part 74.31-37 of 45 CFR (Code of Federal Regulations).
This means K-12 and higher education institutions that receive federal grants face special challenges in managing their physical inventory.
Let’s explore exactly what common challenges schools and universities face and how eQuip! can help.
Challenges in Managing Physical Inventory for Education Institutions
- Keep up to date information about the location, condition, and usage of physical assets
- Track equipment on loan, remind the users to return
- Track equipment chain of custody and enforce accountability
- Conduct annual inventory – audit, reconcile, and report
- Meet the reporting requirements from federal funding agencies on equipment inventory record and inventory audit
- Support accurate documentation of assets for insurance coverage
- Establish business continuity and disaster preparedness plans
Prior to this eQuip! deployment, the colleges had to hire an external service provider to conduct their annual inventory audit. Now, they can do inventory audits on their own.
Contract Compliance, Connecticut State Colleges and Universities (CSCU)
Benefits of the eQuip! Enterprise Asset Management solutions
- Maintain a complete and up to date list of assets, from furniture, vehicles, to IT assets, including “where”, “what”, and “who” information
- Facilitate electronic record keeping for equipment loans and auto generate email reminders for equipment returns
- Standard and customized reporting
- Mobile application on iOS, Android phones and mobile scanners to support easy audit
- Track the maintenance on capital equipment