Asset Management

Required Inventory Records
Responsibilities
Reporting Changes
Verifying Inventory Records
Forms

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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.

 

Required Inventory Records

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.

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Responsibilities

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.

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Reporting Changes

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:

• Lost
• Stolen
• Cannibalized
• Destroyed
• 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.)

Gift

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.

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Verifying Inventory Records

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.

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Reviewed 2011-03-28.