Property Management Policies and Procedures
The Property Management Office, in an effort to keep departments aware of their property holdings on record with the University will periodically provide each department with a complete list of equipment. Departments must report any inconsistencies between the property listing and actual holdings to the Property Management Office. The Property Management Office and the department will work together to resolve any inconsistencies.
The Departmental Inventory Report will contain information concerning property in the possession of the responsible department. Information reported will generally include: the responsible fund and center for the Departmental Inventory Report; the property number on the asset tag applied by the Property Management Office; standard description of the asset; location of the asset (building and room number); acquisition data; title; and condition. The department head, or designee will review the report and verify its accuracy or indicate discrepancies, sign and date the report and return the report to the Property Management Office.
Departments must report any discrepancies between the Departmental Equipment Inventory Report and the actual property holdings of the department. Departments must submit a memorandum to the Property Management Manager requesting changes to be incorporated in the Fixed Asset system. In addition, departments must use a Change in Property Status form to provide the Property Management Office with the required correct information. The Property Management Office will contact the department to resolve any discrepancies.
The Property Management Office will conduct periodic field audits. The audits will be conducted on a two-year cycle, alternating the inventory between the University and Medical Center property holdings. A random selection of property holdings will be reviewed to insure the integrity of the departmental reviews. The Property Management Office will send a representative to conduct the audit, which will be read from the bar-coded identification tags. This information will be matched with information contained in the Fixed Asset system.
The Property Management Office will contact the departmental property coordinator to resolve any inconsistencies. When applicable, the Property Management Office will assist the department with establishing internal procedures to insure accuracy of the department's property records is maintained.
The Property Management Office will perform comprehensive audits of specific departments when results of departmental reviews and field audits warrant such an examination.
The Property Management Office will conduct a complete inventory of all assets within the area of concern. This will be performed by using the bar-coded identification tags of each asset. This information will be matched with the information in the Fixed Asset system.
All inconsistencies (e.g., missing items, additional items, items that have been upgraded) will be reviewed by the Property Management Manager, the departmental property coordinator, and the department head of that department. Discrepancies will be identified, procedures will be suggested, and all corrections will be made within the Fixed Asset system.
Final Inventories - Sponsored Projects
Grant and Contract Accounting Services (A Funds) or Medical Center Research Administration (B Funds) will request, when necessary, that the Property Management Office prepare a final inventory listing upon termination or completion of a contract or grant.At the time final inventories are prepared on sponsored projects, disposition recommendations will be required from the Principal Investigator in those cases where title to the assets vests with the government. For assistance contact the Office of Sponsored research (A Funds) or Medical Center Research Administration (B Funds).
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| Financial Administration
| Property Management |
| Last Update : May 1997 |