Organizations that maintain inventories of assets of significant value should establish perpetual control over these items and agree perpetual records to physical counts. Counting of inventory items may be accomplished via an annual complete physical inventory or by a cycle counting program. A cycle counting program is a structured methodology whereby selected items are counted on a cyclical basis (weekly, monthly, quarterly etc.) so that by the end of the year, all items will have been physically counted and matched to perpetual records at least once. Matching physical counts to perpetual records will identify missing items and paperwork processing errors. Controller's Office personnel should be informed of the value of inventory items on hand since they should be recorded in the financial records as an asset of the University.