7.4.3 Missing or Damaged Property

7.4.3

Missing or Damaged Property

Last Update Approved: September 18, 2013

Edited/Revised: July 8, 2015

Revised Effective: August 7, 2015

 Policy

All missing, stolen or damaged property, regardless of value, must be reported immediately to the Campus Police and to the Property Control Office. It is the responsibility of the department manager to ensure this report is made.

General Guidelines

For insurance purposes, the Georgia Department of Administrative Services (DOAS) requires notification within 48 hours.

After the Property Control Office had completed all aspects of the annual physical inventory including final reconciliations, the Property Control Office should inform the MGA Police Department of any missing items.

Procedures

In the event of a property loss, the following procedures should be followed:

  1. The department should notify the Campus Police and the Property Control Office immediately upon discovery of the loss.
  2. The Property Control Office should notify the Risk Management Office of the loss immediately.
  3. The Risk Management Office should notify DOAS within 48 hours of the institution’s discovery of the loss.
  4. The department should complete a Missing Property Form and submit it to the Property Control Office.
  5. A police report should be filed stating type of equipment that was stolen/damaged, location of equipment, serial numbers, price of equipment, and inventory numbers.
  6. The Police Department should forward a copy of the police report to the Property Control Office, the Risk Management Office and the Executive Vice President of Finance & Operations.
  7. A copy of the police report and the Missing Property Form should be kept in the Property Control Office for future reference.
  8. The Property Control Office will forward a copy of the Missing Property Form to the Office of Risk Management.
  9. The Office of Risk Management will file any insurance claims if applicable.
  10. The Property Control Office should coordinate with the Controller’s Office to ensure the stolen/damaged property/equipment is appropriately removed from the Asset Management system.
  11. When equipment that has been stolen/damaged needs to be replaced, a written memo concerning the loss should be forwarded by the Department Head to the Executive Vice President of Finance & Operations.