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  5. Procedures Supplemental to Policy 601.15

Procedures Supplemental to Policy 601.15

Procedures Supplemental to University Policy 601.15, Control and Management of University Equipment and Other Property

Issued by the Office of the Vice Chancellor for Business Affairs

Updated August 28, 2019

Each department is responsible for safeguarding University assets, from the initial possession of the asset until the disposition or transfer of the asset, as well as communicating changes to the Fixed Assets Office.

The purpose of the annual inventory process is to verify that all fixed assets recorded in the University’s Fixed Assets System are being safeguarded by each responsible department or unit. It is the role of Financial Services, through the Controller’s Office and Materials Management, to manage and maintain the University’s Fixed Assets System. This responsibility includes, but is not limited to, recording newly acquired assets and disposing of assets.

  1. During the annual inventory verification period, the Fixed Assets Office will furnish each Department Head/Unit Director or Inventory Liaison lists of their current tagged fixed assets that must be verified.
  2. In preparation for a visual verification by Materials Management staff, the Department Head or designee locates the assets listed on the report.
  3. Assigned Material Management staff will schedule an appointment with the Department Head/Unit Director or Inventory Liaison (if one has been identified) to verify the following:
  1. The fixed assets on the inventory report have been visually verified and certified by the Department Head/Unit Director, or Inventory Liaison.
  2. All building and room locations* on the report are correct, or, if not, the correct location information has been entered on the report.
    • Equipment that does not remain in a stationary location, such as food carts or vehicles, will be listed in the inventory report with the Building Code followed by 0000 in the room field).
  3. The first and last name of the person the equipment is assigned to, or the University employee responsible for the asset under University Policy 601.15, is correct.
  4. Any fixed assets that cannot be located are properly documented and reported to the Fixed Asset Accounting Technician.
  5. The Department Head/Unit Director is responsible for confirming that equipment assigned to employees for use at an off-campus location is at the  respective location and is being used for the purpose intended. The Department Head/Unit Director is also responsible for confirming any loaned equipment is safeguarded and being used as intended. The Department Head/Unit Director or assigned Inventory Liaison should maintain a copy of the Fixed Assets Off-Campus Equipment Use eForm that describes the asset and the current location.
  6. Any fixed assets located in the department’s area of responsibility that are not on the report have been added to the report.
  1. When the Fixed Assets System has been updated with the information provided above, a final inventory report will be generated by the Fixed Assets Accounting Technician that must be signed by the Department Head/Unit Director certifying the accuracy of the information reported.
  2. The signed report must be returned to the Fixed Assets Office no later than ten (10) days after the request is received by the department.
  3. After the ten-day period, the Department Head/Unit Director and the Inventory Liaison will be sent a reminder notice.
  4. After an additional five (5) business days of non-compliance, a copy of the notice will be sent to the responsible Vice Chancellor.
  5. If equipment has been identified as missing during the visual verification, the Fixed Assets Office will generate a Missing Fixed Asset List and send it to the Department Head/Unit Director, the responsible Vice Chancellor, and the Internal Audit Department.
  6. For assets unaccounted for as a result of arson, damage, theft, embezzlement, or misuse, the Department Head/Unit Director must promptly report the incident to Police and Public Safety.  The police report should be attached  to a completed Fixed Assets Disposition and Change eForm (Action: ‘Report Stolen Asset’) which is routed to the Fixed Assets Office.
  7. Each Department Head/Unit Director or Inventory Liaison must report to the Fixed Assets Officer all equipment acquired other than by purchase order. This includes equipment on loan to the University from others (institutions, agencies, companies). The Fixed Assets Officer, in conjunction with Inventory Control & Surplus Property staff, will work with the Department Head/Unit Director or Inventory Liaison to arrange for tagging the new assets and ensuring their addition to the Fixed Assets System.
  8. Each Department Head/Unit Director or Inventory Liaison must report to the Fixed Assets Office via a Fixed Assets Off-Campus Equipment Use eForm whenever equipment is assigned to an employee for use in the employee’s home.
  9. The Department Head/Unit Director or Inventory Liaison will be responsible for promptly notifying the Fixed Assets Office, on the respective Fixed Assets Disposition and Change eForm, of the following changes in the status of any listed departmental property:
  1. Missing/Lost (must be accompanied by a statement describing attempts to locate the missing asset, when it was first noticed missing, and who was responsible for keeping track of the missing item)
  2. Stolen (a copy of the Police Report must be attached)
  3. Traded in
  4. Cannibalized for parts
  5. Moved to another room/building within the department
  6. Change in custodian
  7. Transferred to another department
  8. Returned to Vendor
  9. Transferred to Surplus Property
  10. Transferred to other institutions, agencies, companies
  11. Assigned to a University employee for remote business use, including the employee’s home (please refer to the Fixed Assets Off- Campus Equipment Use eForm)
  12. Fabrication of equipment (please refer to the Fixed Assets Fabricated Equipment eForm)
  1. The Department Head/Unit Director or Inventory Liaison will be responsible for promptly notifying the Fixed Assets Office via email when the following conditions occur:
    1. Missing or defaced inventory tag
    2. Impairments or Improvements (including leasehold improvements)
    3. Any other condition not already listed that would lead to inaccurate fixed assets records if not reported.
  2. Each Department Head/Unit Director or Inventory Liaison must direct all donated assets to be processed by the Division of University Advancement.
  3. Each Department Head/Unit Director or Inventory Liaison must report all purchased artwork and collectibles to the Office of Special Collections & University Archives in the J. Murrey Atkins Library.
  4. Any documented account of misuse of University equipment will be reported through Police and Public Safety to the SBI. Misuse or negligence with regard to the security or control of University property on the part of any department or individual will also be addressed by the responsible Vice Chancellor.