Reasons why MATC needs to have a fixed asset inventory tracking system in place are:

·To remain in compliance with generally accepted accounting principles and to ensure an unqualified audit opinion.

·To increase the tracking capabilities of location of assets on campus.

·To provide a means for MATC to properly plan and perform scheduled preventive maintenance.

·To minimize the risk and cost associated with over or under insuring.

·To assist in capital budgeting by identifying those assets requiring replacement or improvement.

·To avoid violation of any grant requirements that may result in the repayment of grant funds.