Inventory/Asset Management

August 2015

Chapter 6
Section: 6:010
Inventory/Asset Management

Inventory records are required for certain property and equipment purchased or constructed with University funds, government contract funds (only if the 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.


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 logbook 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, stopwatches, 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 an annual basis, a listing of all inventoried assets will be electronically sent to the division business & finance officer. 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 electronically signed copy of the list to Surplus Property, Inventory Control, within the required timeframe.