FINANCE DEPARTMENT
POLICIES - Equipment Inventory Control
The University has an established program for the management and control of its physical inventory which meets internal control requirements and is in accordance with the terms of various grants and contracts.
Property control tags identify each piece of University owned equipment (except hospital) that has a purchase cost of $1000.00 or more per unit and a useful life of 2 years or more. The tagging procedure requires the department administrator to verify receipt of goods and affix the control tag to the item. The tag and confirmation notice are forwarded to the department from Property Accounting.
The confirmation of receipt of goods and tag assignment should be completed with the required information and promptly forwarded back to Property Accounting for data entry into the inventory database. Physical verification of departmental inventories will be made every 2 years as requested by Property Accounting.
If any piece of equipment with a purchase cost greater than $1,000.00 has not been tagged, Property Accountiing should be notified. The purchase will be reviewed and a property control tag assigned, where appropriate.
Upon disposal of any piece of equipment, a Property Disposition Form should be completed and forwarded to Property Accounting. The property control tag number and reason for disposition (e.g. traded in, sold, scrapped, transfered) should be included.
Page updated 4/23/2009
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