7.4 Property Control

7.4

Property Control

Last Update Approved: September 18, 2013

Edited/Revised: July 8, 2015

Revised Effective: August 7, 2015

Policy

The University must maintain an equipment inventory as well as maintaining control of all inventory items. Inventory items include property, equipment and consumable items.

The Board of Regents Business Procedures Manual, Section 11 provides guidance relative to the University’s inventory including:

11.1     State Requirement for Equipment Inventory

11.2     Insurance Requirements for Property Inventory

11.3     Institutional Use

11.4     Mandatory Physical Equipment Inventory Requirements

11.5     Annual Reporting of Inventory Data to DOAS

11.6     State Audit Requirements

11.7     Institutional Procedures

General Guidelines

The University utilizes the PeopleSoft Asset Management module to maintain a perpetual central inventory system of equipment that meets the capitalization thresholds established in Section 7.1.2 of the USG Business Procedures Manual (BPM).

The Property Control Office, in coordination with institutional departments, is responsible for the following items relative to equipment/property inventory:

  • receiving equipment,
  • decaling equipment,
  • maintaining the location of equipment,
  • disposition of surplus inventory, and
  • conducting an annual physical inventory.

The Controller’s Office, in coordination with institutional departments, is responsible for the following items relative to equipment/property inventory:

  • recording acquisitions, and
  • recording dispositions of equipment

Each department manager is responsible for maintaining control of all inventory, property, equipment and consumables, inventoried and non-inventoried, purchased by or assigned to the department and may appoint an Inventory Coordinator to assist in the control of the department’s inventory.

All University inventory should be handled in accordance with the established property control policies and procedures.