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

 

PROCEDURES SUPPLEMENTAL TO
 
 
CONTROL AND MANAGEMENT OF UNIVERSITY EQUIPMENT AND OTHER PROPERTY
 
Issued by the Office of the Vice Chancellor for Business Affairs
 
Updated November 2007
 
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 officer.  The purpose of the annual inventory process is to verify that each department is indeed safeguarding all assets held in its possession.
It is the role of Financial Services, through the Controller’s Office and the Materials Management Department, to manage and maintain the University’s Fixed Assets Systems.  This responsibility includes, but is not limited to, recording newly acquired assets and disposing of assets.
 
  1. During the period October through April of each fiscal year, Fixed Assets will furnish each department/unit director or property liaison lists of their current tagged equipment that must be verified.
  2. In preparation for a visual verification by Materials Management Department staff, the Department Head locates the assets listed on the report.
  3. The Fixed Asset officer will randomly select assets for verification.
  4. Assigned staff will schedule an appointment with the department director or property liaison (if one has been identified) to verify the following:
    1. The assets on the inventory report have been visually verified and certified by the Department Director.
    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 is identified as mobile may be located specific to the building only (the Building Code followed by 0000 will be entered 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.
    4. Any equipment assets that cannot be located are properly documented and reported to the Fixed Asset officer.
    5. The Department Head/Unit Director is responsible for confirming that equipment assigned to employees for use in employees’ homes (e.g., PCs) is at the employees’ homes 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 property liaison should maintain a copy of Fixed Assets Off-Campus Equipment Verification Form that describes the asset and the current location.
    6. Any as sets located in the department’s area of responsibility that are not on the report have been added to the report.
  5. When the Fixed Assets System has been updated with the information provided above, a final inventory report will be generated by the Fixed Assets officer that must be signed by the department director certifying the accuracy of the information reported.
  6. The signed report must be returned to Fixed Assets no later than ten (10) days after receipt by the department.
  7. After the ten day period, the Department Head/Unit Director and the property liaison will be sent a reminder notice.
  8. After an additional five (5) business days of non-compliance, a copy of the notice will be sent to the responsible Vice Chancellor.
  9. If equipment has been identified as missing during the visual verification, Fixed Assets will generate a Missing Equipment List and send it to the Department Head/Unit Director, the responsible Vice Chancellor, and the Internal Audit Department.
  10. The Department Head/Unit Director must attach a copy of a police report to a completed Equipment Disposition/Transfer Form and forward to Fixed Assets for assets unaccounted for as a result of attempted arson, or arson, damage of, theft from, or theft of, or embezzlement from, or embezzlement of, or misuse.
  11. Each Department Head/Unit Director or property liaison must report to the Fixed Assets officer on a continuing basis 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 property liaison to arrange for tagging the new assets and ensure their addition to the Fixed Assets System.
  12. Each Department Head/Unit Director or property liaison must report to Fixed Assets whenever equipment is assigned to an employee for use in the employee’s home.
  13. The Department Head/Unit Director or property liaison will be responsible for promptly notifying the Fixed Assets officer, on the Equipment Disposition/Transfer Form, of the following changes in the status of any listed departmental property:
    1. 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. Junked
    6. Moved to another room/building within the department
    7. Assigned to a University employee for remote business use, including the employee’s home (please refer to the Fixed Assets Off-Campus Equipment Verification Form)
    8. Transferred to another department or university
    9. Transferred to Surplus Property
    10. Missing or defaced inventory tag
    11. Loaned to/from other departments, institutions, agencies, companies
    12. Impairments or Improvements
    13. An y other condition that would lead to inaccurate fixed assets records
  14. Department Head/Unit Director or Property liaisons are responsible for promptly reporting to Police & Public Safety (and to Sponsored Programs if the equipment was procured from grant or contract funds) all assets unaccounted for as a result of attempted arson, or arson, damage of, theft from, or theft of, or embezzlement from, or embezzlement of, or misuse.
  15. Any documented account of misuse of University equipment will be reported through Police & 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.