Why Is a Space Inventory Required?

In the fiscal year when a survey of the space inventory is performed, West Virginia University departments must review and update the information related to the size, type, and use of their space for the fiscal year. This process is known as “Updating and Certifying the Space Inventory”. The primary purpose of the Space Inventory is to maintain accurate information about space owned or rented by the University. This information is used for a variety of purposes, predominant among them, is the calculation of the Indirect Cost Rate that is applied to Sponsored Research. The Space Inventory provides a basis for the allocation of selected indirect costs, including building and equipment depreciation costs and some operation and maintenance (O&M) costs.