(cross-posted from my other blog, Nonprofit Update.)
A local church should keep track of its equipment, improvements to property, and building.
You will definitely need that information if you have an audit, review, or compilation of your financial statements.
A far more common reason to accumulate that information is for insurance purposes. In the event of a tragedy such as earthquake, tornado, or hurricane, you will need to have some detail records to present to you insurance company to get full recovery for your loss.
Delton de Armas has a good background post at Faith-Based Accounting, titled Making a List and Checking it Twice (Unsolicited Accounting Advice from Santa Claus).
The post gives several ideas on how to maintain the detailed inventory of property and equipment. Check out the article.
One great suggestion – make a video recording of the property. Slowly scan the rooms on campus to show what equipment and furnishings are around. This would also show the condition of the property. Store the tape off-site.