7.3.6 Inventory of Physical Assets
For all equipment, furniture, or materials valued in excess of $500 or that have a life expectancy of five years or longer, an inventory must be kept, updated annually, and stored in a fire-resistant vault or safe at the location, or stored online and backed up in such a manner that it can be retrieved in the event that the electronic equipment is destroyed. It is recommended that yearly video recordings be made to accompany the inventory lists. Where feasible, all such items should be permanently marked with the location’s name and an inventory number. See Canon §1283.The inventory should contain a description, the date of purchase, the cost of the item(s), the date of inventory, and the quantity on hand as of the date of the inventory.