Asset Management is a part of Procurement Services that is responsible for the coordination of a physical inventory of all capital equipment, and for the campus reporting of such. Asset Management/Inventory Control adds equipment to the capital inventory database by reviewing purchase orders and equipment gift documents.
Inventory records must be maintained on all non-expendable, moveable property and equipment which has a single item cost of over $5,000, or is a gift with equal value, and:
- Has an expected useful life of one year or more
- Is self-contained for its primary function (not a component part of another piece of equipment)
- Has sufficient individuality and size to make control feasible by means of identification tags, numbers and/or manufacturer's serial numbers marked thereon.
Procurement Department Responsibilities
The Asset Management/Inventory Control section of Procurement Services is responsible for:
- Establishing and maintaining the records and procedures necessary for the accountability of the University property and equipment inventory.
- Determining the items to be inventoried and the numbers to be assigned
- Affixing the inventory bar code to the property or equipment
- NOTE: Bar codes will be placed visibly on equipment. If an item costs more than $5,000 and is impossible to tag with a bar code, a log book may be used by the department to keep track of the item.
Department Chairpersons/Administrative Heads Responsibilities
Each department chairperson or administrative official is responsible for:
- All property and equipment purchased or constructed for and assigned to the department.
- Verifying inventory records
- Reporting changes to inventoried property or equipment
- Establishing and maintaining records and controls for sensitive equipment such as guns, cameras, stop watches, pocket calculators, etc, which are not inventoried under the provisions of this policy.
- Authorizing the removal of Univeristy equipment from their departments for use on University business off campus and maintain written authorization in departmental file.
Previously Inventoried Material
A Property Inventory Change Report (UM27), or Disappearance of Assets & Money (UMUW155) with a copy of the University Police report attached, must be submitted within 5 working days to Asset Management when any inventoried property or equipment has been:
- Relocated to another building/room
- Found (after previously reported lost or stolen)
- Transferred to Procurement Servies, Surplus Property section
- Transferred to another department on campus
- Other (trade-in, etc.)
A copy of Advice of Gift Received (UM 9A) must be submitted to report the addition of any property or equipment which meets inventory record requirements and has been:
- Received as a gift
- Note: A Property Inventory Change Report (UM 27) is not required when the addition of any new property or equipment is purchased by a University Purchase Order or University Bookstore Requisition.
Twice a year, division fiscal officers will receive a listing of all inventoried assets. Departments are required to:
- Print the inventory list, and verify the accuracy/completeness of the respective property and equipment listed therein
- Clearly note changes or additions to any property and equipment on the hard copy of the list. A legible contact name and phone number should be provided for questions.
- Return a signed, hard copy of the list to Procurement Services, Inventory Control section (required even if the information is accurate and complete) Return one master list per department only. Provide a receiving DeptId for assets moving to other departments.
- Hotline email
- Hospital and Clinics: 884-1234
- Missouri S&T Campus: 341-4266 or 877-752-1117 (after hrs)
- UMKC Campus: 235-1371
- UMSL Campus: 516-5366
- UMSYS, UOEXT, MU Campuses: 882-3201
- Toll Free All Campuses: 877-752-3334
- Procurement Hotline may be unavailable Mondays from 2:30-3:30pm for staff meeting.