PROPERTY, EQUIPMENT & FACILITIES6010Chapter 6 PROPERTY, EQUIPMENT & FACILITIES Section: 6:010 Inventory/Asset Management Inventory Inventory records are required for certain property and equipment purchased or constructed with University funds, government contract funds (only if title has been transferred to the University), or constructed from or received as gifts. Required Inventory Records Inventory records must be maintained on all non-expendable, movable 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. Responsibilities MU Procurement Services The Inventory Control Section of Surplus Property 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. Procedures for Placing Bar Codes on Equipment Inventory Control personnel are responsible for placing bar codes on University equipment, based on the following procedures: 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 and Administrators Each department chairperson or administrative official is responsible for: All property and equipment purchased or constructed for and assigned to the department. Reporting any transfer or loss of inventoried property or equipment to Inventory Control, P/MM, 1400 Rock Quarry Road , within five working days of such loss or transfer. 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. Reporting Changes Previously Inventoried Material A Property Inventory Change Report (UM 27), or Theft Report (UMUW 155) with a copy of the University Police report attached must be submitted within 5 working days to Inventory Control, Surplus Property, 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 Services, Surplus Property Section Transferred to another department on campus Other (trade-in, etc.) Newly Constructed Material or Gift A Property Inventory Change Report (UM27), or a copy of Advice of Gift Received (UMUW 9) must be submitted to report the addition of any property or equipment, which meets inventory record requirements, and has been: Constructed with University funds. Received as a gift. NOTE: A property inventory change by the department is not required when the addition of any new property or equipment is purchased by a UM System Supply Chain Purchase Order or University Bookstore Requisition. Verifying Inventory Records On a annual basis, a listing of all inventoried assets will be electronically sent to division fiscal officers. The fiscal staff is then responsible for: Checking the accuracy of all equipment included in the list. Clearly noting necessary changes to any equipment information on the electronic copy of the list. Â Returning the electronic signed copy of the list to Surplus Property, Inventory Control, within the required timeframe.
6:010 Inventory/Asset Management
Adopted Date: August 2015
Revised Date:
Responsible Office:
UM Procurement Services (Surplus Property – Inventory Control)
Policy Statement
Inventory records are required for certain property and equipment purchased or constructed with University funds, government contract funds (only if title has been transferred to the University), or constructed from or received as gifts.
Definitions
Inventory
Inventory records must be maintained for all non-expendable, movable property and equipment that:
- Has a single-item cost of more than $5,000, or is a gift of equal value.
- Has an expected useful life of one year or more.
- Is self-contained for its primary function (not a component of another piece of equipment).
- Has sufficient individuality and size to make control feasible through identification tags,
- inventory numbers, or manufacturer’s serial numbers.
Responsibilities
UM Procurement Services – Inventory Control
Inventory Control is responsible for:
- Establishing and maintaining records and procedures necessary for accountability of University property and equipment.
- Determining which items require inventory.
- Assigning inventory numbers.
- Affixing inventory barcodes to property and equipment.
Department Chairpersons and Administrators
Each department chairperson or administrative official is responsible for:
- All property and equipment purchased or constructed for and assigned to the department.
- Reporting transfers or losses of inventoried property to Inventory Control within five working days.
- Establishing and maintaining records and controls for sensitive equipment (such as firearms, cameras, stopwatches, calculators, etc.) that is not inventoried under this policy.
Procedures
Placing Inventory Barcodes
Inventory Control personnel shall:
- Place barcodes in a visible location on equipment.
- Permit departments to maintain a logbook when an item costing more than $5,000 cannot reasonably be tagged with a barcode.
Reporting Changes to Existing Inventory
A Property Inventory Change Report (UM 27) or Theft Report (UMUW 155), with a copy of the University Police report attached, must be submitted within five working days when inventoried property has been:
- Lost
- Stolen
- Cannibalized
- Destroyed
- Relocated to another building or room
- Found after previously being reported lost or stolen
- Transferred to Surplus Property
- Transferred to another department
- Traded in or otherwise disposed of
Reporting Newly Constructed Property or Gifts
A Property Inventory Change Report (UM 27) or Advice of Gift Received (UMUW 9) must be submitted when reporting property or equipment that meets inventory requirements and has been:
- Constructed with University funds.
- Received as a gift.
Note: A department does not need to submit a property inventory change when new property or equipment is purchased through a UM System Supply Chain Purchase Order or University Bookstore Requisition.
Annual Inventory Verification
Each year, an electronic listing of inventoried assets is sent to the division business and finance officer.
The fiscal staff is responsible for:
- Verifying the accuracy of all listed equipment.
- Noting any necessary corrections.
- Returning the electronically signed inventory listing to Inventory Control within the required timeframe.