Asset Tracking & Inventory Management Overview

Last Updated: August 4, 2016 Contact: Anna Dutton

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Veritas Asset Tracking

Purpose & Goals:

At Veritas Community Church, we strive to effectively steward our God-given resources. Asset tracking is an important aspect of church stewardship. We hope that keeping an updated inventory of our resources including their condition and availability will provide clarity when planning ministry events and activities. In addition, we will be able to provide insurance companies this pertinent information when an emergency arises as well as for audit and financial statement preparations.

Benefits:

• Differentiate what is church-owned versus personally-owned
• Gain understanding of purchasing/spending habits from a centralized perspective
• Easily report information to members, insurance companies, auditors and financial statement preparers
• Significant time & cost savings to support/maintain assets
• Reduce asset losses/misplacements
• Eliminate guesswork from repair and replacement decision-making (easily access warranty info)
• Buy enough contents insurance to replace building contents
• Settle insurance claims more quickly

Organization

Congregation-specific: Short North, Tri-Village, East, West —> Ministry-specific: Connect, Operations/Building, Mercy, Kids, Students, Music

Church assets include but are not limited to:

• Musical instruments
• Electronics
• Furniture
• Office equipment
• Kitchen equipment
• Buildings
• Books

How to track assets:

• Track by location, category, owner, serial number, quantity, condition, warranty information, cost — the more documentation the better
• Take a photo or video of the items
• Capture the brand of each item in the photo
• Keep two copies of the documentation – one at the church and one at another safe location such as a pastor’s home or safety deposit box at the bank
• Update annually

Future Goals…

• Assets can be tagged by stickers bought at a store or by a barcode and scanner system, depending on church needs and church budget
• Check-in/checkout items for real time tracking

Sources:

http://www.churchlawandtax.com/blog/2011/november/wandering-church-assets.html

http://www.assetpanda.com/asset-tracking-for-churches/

http://www.anglican.ca/wp-content/uploads/Keeping-Track.pdf

http://www.brotherhoodmutual.com/index.cfm/resources/ministry-safety/article/take-a-personal-property-inventory/