Inventory/Asset Management

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.