This policy applies to all property and equipment purchased or constructed with University funds. In addition, it applies to all property received by donation, or that acquired through governmental surplus property procedures. It applies to property and equipment purchased or constructed with government contract funds only if title has been transferred to the University. It does not apply to other items such as land, buildings, infrastructures, or equipment which is not movable or which is permanently affixed to buildings or infrastructure. It also does not apply to consumable supplies.
University property shall not be given away, destroyed or otherwise disposed of without the permission of the Department of Surplus Property. For a complete description of this process go to:
- University Business Policy Manual Section 308
Inventory records must be maintained for all non-expendable, movable property and equipment which has a single item cost of $5,000 or more, or is a gift with equal value, and:
- Has an expected useful life of one (1) year or more; and
- Is self-contained for its primary function (not a component part of any other piece of equipment); and
- Has sufficient individuality and size to make control feasible by means of identification tags, numbers and/or manufacturer’s serial numbers marked thereon.
- It may be determined to maintain inventory records for additional items.
- Software with a value of $100,000 and over is considered capital
The Surplus and Asset Management section of University of Missouri Procurement Services is responsible for:
- Establishing and maintaining the records and procedures necessary for the accountability of the University property and equipment inventory
- Determining, based on departmental receipts of assets on capital accounts, the items to be inventoried and the numbers assigned
- Affixing the inventory decal or tag to the property or equipment
- Equipment, which has been acquired through government grants and the federal surplus property program, shall have a unique designator as part of its inventory record to indicate its source
Department Chairpersons and Administrative Heads are responsible for:
- All property and equipment purchased or constructed for and assigned to the department.
- Reporting any transfers or loss of inventoried property to the Surplus and Asset Management section of University of Missouri Procurement Services.
- Establishing appropriate controls for all products purchased with University funds, and maintaining records and controls for sensitive equipment which are not inventoried under provisions of this policy.
- Notifying the Development Office of equipment that has been obtained from donations. Items received shall be entered on the records at fair market value.
- Verifying inventory records provided by the Accounting Office bi-annually. Specifically each chairperson or administrative head assigned an inventory account must:
- Check the accuracy of the inventory account list
- Certify that the equipment listed is on hand, usable, useful and needed
- Return the corrected inventory lists by the prescribed deadline
Note: University property shall not be given away, destroyed or otherwise disposed of without the permission of the Surplus and Asset Management section of University of Missouri Procurement Services or the CPO. For more details go to:
University Business Policy Manual Section 308
Any theft or disappearance (loss) of University money, securities, property or equipment, wherever located, must be reported in writing. 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.
Property Associated with External Sponsors
All property purchased or constructed with external funding, or provided by an external sponsor, regardless of whether the title is retained by the sponsor or the University, must be inventoried, tracked and disposed of in accordance with the terms and conditions of the external sponsor’s requirements. This is applicable to sponsored project assets as defined by the sponsor.
Property purchased by University of Missouri Procurement Services with external University funds, where a designated entity other than the University will receive the property and title, will not be inventoried unless stipulated by the agreement with the entity providing the funding. It is the responsibility of the department initiating the purchase to notify sponsored programs when items are to be inventoried.