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Mississippi University for Women Inventory Procedures

Mississippi University for Women Inventory Procedures. Major Responsibilities of the Budget Manager. Ensure items are added to inventory Ensure proper reporting of lost/stolen and transferred items Ensure obsolete or broken items are properly removed from inventory and picked up for disposal

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Mississippi University for Women Inventory Procedures

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  1. Mississippi University for WomenInventory Procedures

  2. Major Responsibilities of the Budget Manager • Ensure items are added to inventory • Ensure proper reporting of lost/stolen and transferred items • Ensure obsolete or broken items are properly removed from inventory and picked up for disposal • Conduct periodic self-audits • Cooperate with Resources Management and State Audit Personnel during State Audits

  3. Equipment Definition An item is defined as equipment if it has all of the following characteristics: - Retains its original shape and appearance with use - is non-expendable - has a life expectancy of at least one year - does not lose its identity through incorporation into a different or more complex unit or substance - is not a building or permanent component of a building - costs $1000 or more

  4. Equipment Exception List • Weapons • Cameras and Camera Equipment (greater than $250) • Two Way Radio Equipment • Televisions (greater than $250) • Lawn Maintenance Equipment • Cellular Telephones • Computers (regardless of the cost) and computer equipment to include CPUs, hard drives, terminals & printers that are greater than $250 • Chain Saws • Air Compressors • Welding Machines • Generators • Motorized Vehicles

  5. Tag Number Identification • Resources Management will assign an inventory number to each piece or set of equipment • Each item will be tagged once the item arrives on campus • It is the responsibility of the department to notify Property Control once the item arrives • Equipment purchased by the University that is not defined as equipment, should be tagged with a “Property of MUW” sticker in a visible location

  6. Donation of Equipment • All gifts to the University, including equipment, will be accepted in accordance with Board policy • All equipment donated directly to the University or through the Foundation, or any other MUW organization will be added to the responsible department’s inventory • All departments will report any donations of equipment to Resources Management • Resources Management will assign an inventory number to the item • All donated equipment will be added at an estimated current value if the cost cannot be determined

  7. Asset number Description Serial Number Location Building Room Person Responsible Acquisition Cost Inventory Listings At least once a year Property Control will provide an updated inventory listing to each Department. The list will provide the following information:

  8. Pre-Inventory Audit • Budget Managers must use their physical inventory list to conduct a pre-audit once a year before the representative from the State Auditor’s Office arrives • Once the Budget Manager conducts the pre-audit, Property Control will conduct another pre-audit with the Budget Manager • Any discrepancies to inventory listings will then be made and reported on the monthly inventory report before the State Auditor arrives • Budget Managers may ask for an updated inventory listing at anytime if they wish to conduct a self-audit

  9. Lost or Stolen Equipment • Public Safety should be notified immediately when equipment is lost or stolen, BOTH by phone and in writing • Property Control should also be notified • Check with other Department Heads within the same building to see if they have knowledge of the item • If the equipment is determined to be lost/stolen, Property Control will complete an affidavit and report it to the State Auditor • If an item is later found, notify all necessary individuals

  10. Deletions of Equipment • When you want to delete an item from inventory, the Budget Manager must complete an “Equipment Deletion Request” • The Budget Manager should retain a copy of this document in their office files • It should then be sent to Resources Management • Once the item is deleted from the database, Property Control will have the moving crew pick the item up and dispose of it according to state policy • If the item is not picked up in a timely manner, it is the responsibility of the Budget Manager to notify Property Control

  11. Transfer, Sale, and Trade-In of Equipment • Transfer of equipment from one department to another must be documented on the “Equipment Transfer Request” • Property can also be transferred to other state agencies • Property can be traded in after receiving approval from the Office of Purchasing and Travel

  12. Questions?

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