Asset Management
Responsibilities
- Asset Management: The Property Control Section is responsible for maintaining a perpetual inventory of all fixed property and movable equipment belonging to the University. This function includes tagging equipment received (normally performed at Central Receiving), furnishing required reports, updating the master inventory file, scheduling and assisting departments in conducting an annual inventory, conducting spot inventories and assisting departments with questions and/or issues related to their equipment inventory. The University’s master inventory file is available for periodic inspection by the Department of Administrative Services (DOAS), State and Internal Auditors and other designated officials.
- Departments: Each Department Head designated as the individual responsible for a departmental budget is designated as the equipment inventory custodian and as such they are ultimately responsible for maintaining accuracy of their department’s equipment inventory. They are also responsible for notifying Property Control of any acquisition, disposal or transfer of equipment in their custody. All reports, correspondence and issues regarding equipment inventory will be addressed to these responsible custodians.
Definitions
- University Property: All equipment acquired by the institution either by purchase (including use of grants unless otherwise specified) or gift is considered property of the State of Georgia and as such falls under the State’s laws and regulations governing state owned equipment. Equipment is acquired by the institution for use in carrying out the mission of the institution and is not intended for personal use by employees, students or others. Additionally, equipment identified on the institutions Financial Statements as equipment assets are required to be properly maintained and accounted for. The following policies and procedures are designed to establish the guidelines for acquiring, managing and disposing of the institutions equipment inventory.
- Inventoried equipment: is defined as those items having a useful life of three (3) years or more and having an acquisition value of $3,000 or more. Equipment from $3,000 to $4,999.99 is considered as Small Value Property (SVP) while equipment $5,000 and greater are considered as Capital Assets. Normally items permanently installed do not qualify as inventoried equipment. Some equipment with acquisition costs of less than $3,000 may be selected for tagging using either standard asset numbered tags or “property of” tags. Currently this includes weapons. Inventoried equipment will be accounted for in a master inventory file (PeopleSoft) maintained by Property Control. Other non-inventoried equipment may be issued a “property of” tag for security purposes as requested by the department head but will not be entered into a master inventory file. All items which qualify as inventoried equipment must be placed on the master inventory file regardless of source of receipt. If in doubt as to whether an item is inventoried or not, please contact Property Control for advice.
- Value of Equipment: Normally the value of equipment will be based upon the purchasing and/or accounts payable records of purchase and payment. In the case of donated property or gifts, the donor must establish the value and furnish it in writing to the University at the time of donation.
- Federal Property: Inventoried items furnished by the federal government under a grant where title is retained by the federal government will be treated like University property for accountability and inventory purposes if they meet University criteria. These items will be given an additional “Property of U.S. Government” tag.
Acquisition of Inventoried Equipment
- Purchased Equipment: Inventoried equipment must be purchased through the Procurement and Contract Services though issuance of a Purchase Order. Inventoried equipment may not be purchased with a departmental VISA purchasing card or under small dollar authority. Equipment items are added to the departmental equipment inventory list when it is purchased and received on campus. When such equipment is received in Central Receiving a decal number is assigned and affixed in a prominent, visible location on the equipment item and an inventory record established. Inventory locations will initially be the address where delivered. When equipment is received directly by the department, the Department Head is responsible for notifying Property Control of receipt so that a decal may be issued. Simultaneously the equipment is reported to the Risk Management area of the Controller’s office to assure that the item is added to the institutions property insurance list.
- Donated Equipment: Equipment acquired by donation must follow a similar process. When equipment is received by donation the Property Control Office should be immediately contacted by the department to inspect the equipment item to see if it meets inventoried equipment criteria. If so, a decal number is assigned and the equipment item is added to the equipment inventory list at its fair market value. This value should be stipulated in a letter submitted to the University or Foundation by the donor. Subsequently the item is also added to the property insurance listing. It is imperative that departments receiving donated property notify Property Control to ensure that the equipment be properly recorded on inventory and to ensure that the item is covered by property insurance.
Maintaining Inventoried Equipment
- Property Control Office is responsible for updating the Asset Management System with the following transactions:
- Recording all transactions reported on Acquisition/Transfer forms and providing departments with a “receipt” copy of the form once the transactions have been posted or updated.
- Updating all inventory records upon receipt of a police report involving stolen property.
- Scheduling departmental annual inventory counts utilizing property control scanners or other means. These inventory counts must be conducted annually.
- Reporting results of departmental inventory counts to Department Head and applicable University administration.
- Scheduling and conducting periodic sample inventory counts of departmental equipment inventories.
- Reconciling the Asset Management System to the institutions financial system used to report equipment assets.
- Conducting departmental training sessions to review the requirements and practices outlined in this policy and procedure.
- Maintain the Surplus Equipment Property at the same degree as is required for departments maintaining equipment.
- Departments are responsible for:
- Submitting Acquisition/Transfer forms when transferring equipment to another department, turning equipment in to Surplus Property or relocating equipment to another room and/or building within the same department. Until the inventory file is updated, the equipment “officially” belongs to the department listed on the master inventory file.
- Maintaining a file with completed Authorization for Off Campus Use forms for departmental equipment located off campus for other than a temporary (less than one work day) basis. Board of Regents policy allows for removal of inventoried equipment off-campus on a temporary basis provided the removal is approved by the Department Head and the “Authorization for Off-Campus Equipment Use” form is submitted to Property Control. Department Heads may approve off-campus use of equipment temporarily only if the equipment is to be used by University faculty or staff to complete work related tasks.
- It is necessary at times to have equipment inventory permanently assigned to an off-campus location. This typically occurs in academic situations where instruction is being offered at a teaching center or research is occurring at an off-campus location. When this situation occurs the Property Control Office must be contacted to establish a new location code for assignment of the equipment location. An Acquisition/Transfer form must be completed to transfer the equipment item to the new location.
- Loss or Theft: Whenever the loss or theft of equipment is discovered, the custodian should immediately report the loss to Division of Public Safety and Property Control. All pertinent information should be provided including decal number of equipment, location etc. Public Safety will after investigation, submit a copy of the case report to Property Control. The items will not be deleted from the department’s inventory listing, but marked as “stolen” until all investigative action has been completed and all attempts to recover the item have failed. If the stolen equipment is not recovered in “two years” from the date it was marked as stolen, it would be removed from the inventory in accordance with the University’s policy and procedures. While Property Control receives copies of Public Safety reports of stolen property, it is strongly recommended that departments contact Property Control to provide a report of stolen property to ensure proper documentation. The University’s insurance policy does not cover loss or theft of equipment
- Departments shall maintain their own inventory administrative files. At a minimum these files should contain copies of purchase orders acquiring assets, all transfer and off campus use forms, any correspondence both internal and external regarding asset accountability as well as copies of inventories.
- Conducting and reporting results of the annual inventory (see below).
- Contact Property Control when replacement decals are required.
Last updated: 6/23/2022