Inventory Property and Physical Assets
Buildings, furnishings, vehicles, computers, audio-visual equipment and other physical items are critical for ministry and need to be taken care of (see section in the “Finance” module) and insured. And, since property insurance coverage is about real assets, it is essential to inventory your congregation’s belongings to know the extent of your property.
It may be tempting to think of only more expensive, big-ticket items, but remember that smaller and specialty things can add up in value too. To do an inventory, go from room to room taking pictures or recording video of the contents along the way. You should also have a printed list or spreadsheet with columns for date acquired, purchase price, current or replacement cost and serial numbers.
Beyond the initial inventory, annual updates should add and remove items from the list, as well as adjust replacement costs as necessary.
