Appropriately detailing the existing assets will assist in determining whether they are over insured or underinsured, and knowing their remaining life will help determine depreciation expense for financial reporting and tax purposes, according to the report.
The inventory reports can be organized to show the assets by type and department, and placing bar codes on the movable equipment can help track them in the future.
Read more about asset inventory.
More Articles Feature Principle Valuation:
Valuation Tip: Use Surplus Land Wisely
Non-Profit Hospital Tip: Create a Building Life Study
Concerns Facing Hospitals Right Now: Q&A With Dave Felsenthal of Principle Valuation
