Asset Management
Table of Contents
Required Inventory Records
Responsibilities
Reporting Changes
Verifying 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 Responsibilities
The Asset Management/Inventory Control section of MU Procurement Services
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.
NOTE: 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/Administrators Responsibilities
Each department chairperson or administrative official is responsible for:
- All property and equipment purchased or constructed for and assigned to
the department.
- Verifying inventory records.
- Reporting changes to inventoried property or equipment.
- 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.
Previously Inventoried Material
A Property Inventory Change Report (UM27), or Disappearance
of Assets & Money (UMUW 155) with a copy of the University Police
report attached, must be submitted within 5 working days to MU Procurement
Services 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 MU 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 (UM 27), 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 Report (UM 27) is not required when the additon of any new property or equipment
is purchased by a University Purchase Order or University Bookstore Requisition.
Twice a year, division fiscal officers will receive an electronic listing
of all inventoried assets. Departments are required to:
- Print the inventory list, and verify the accuracy/completeness of the
respective property and equipment listed therein.
- Clearly not changes or additions to any property and equipment on the
hard copy of the list
- Return a signed, hard copy of the list to MU Procurement Services, Inventory
Control section (required even if the information is accurate and complete).
