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Reporting Accidents & Incidents

BPM-702 Loss of Money, Securities & Property

Revised July 1, 2009

WRITTEN REPORT REQUIRED

Any theft or disappearance (loss) of University money, securities, property or equipment or the property of employees, students or guests, wherever located, must be reported in writing.

NOTE:   This includes any money, securities, property or equipment for which the University has legally accepted custody and responsibility, including rented or leased property.

REPORTING LOSSES OF MONEY, SECURITIES, AND PROPERTY

Forced Entry or Known Robbery or Burglary

Any forced entry or known robbery or burglary must be reported immediately by telephone to the Campus Police Department with the written report to follow.

Losses Occurring on Outlying Facilities

Any loss occurring on an outlying facility must be reported to the campus to which the facility is responsible.

REFERENCE:   The Cash Receipts Manual sets forth additional detail about reporting losses of University money and securities.

CATEGORIES OF LOSSES TO BE REPORTED

All losses resulting from or involving:

  • Actual or suspected forced entry, theft, burglary or robbery.
  • Cash losses resulting from making change and/or mysterious disappearance when the amount is $50 or more even though theft is not suspected.
  • Acceptance of invalid or nonredeemable paper including post office or express money orders, and forged or altered checks, drafts, promissory notes, etc.
  • Acceptance of counterfeit United States or Canadian paper currency.

STATEMENTS REGARDING LOSSES

Employees must not make any statement regarding a loss to the press or anyone other than members of:

  • Campus Business Services Office
  • Campus Cashiers Office
  • Campus Police Department
  • UM Office of Internal Auditing
  • UM Office of Risk & Insurance Management
  • Office of the General Counsel

REPORTING RESPONSIBILITIES

Telephone Reports
  1. The individual discovering a loss must notify the Campus Police Department immediately of any forced entry or known robbery or burglary.
  2. The supervisor or administrative head must notify the Campus Police Department within 24 hours of any loss not involving forced entry or known robbery or burglary.
  3. The Campus Police Department must notify the campus business office and the Office of Internal Auditing of any loss reported.
Written Reports

Loss reports must be:

  1. Initiated by the supervisor or administrative head and submitted to the Campus Business Services Office within 24 hours after the loss occurs or is discovered.
  2. Forwarded to the Risk & Insurance Management with a copy to the UM Office of Internal Auditing within 48 hours after the loss occurs or is discovered.

REPORT FORMS TO BE USED

All losses must be reported in writing on a Disappearance of Assets and Money Form (UM 155).  A copy of the police report should be attached, if available.

INSURANCE COVERAGE

REFERENCE:  BPM 803 - Insurance Coverages provides summary information about applicable insurance coverage.