The Property Control Office is responsible for maintaining the University's capital assets inventory and for the disposition of equipment and supplies that are no longer required by the University. It is the responsibility of each department head to track, monitor, and locate capital assets assigned to his/her department and to account for items below the capitalization threshold purchased by, or transferred to, his/her unit.
The Property Control Procedures Manual provides guidance in the following areas:
Property Control is charged with identifying the equipment to be inventoried, assigning an inventory control number, affixing an inventory control tag, and recording in the inventory control system all equipment purchased by the University that conforms to, or is consistent with, the following criteria:
An annual inventory of University equipment is required by the statutes of the State of Missouri (Section 34.125, RSMo). Departments are responsible for accounting for all items purchased by, or transferred to, their units.
Property Control will conduct an annual inventory of all items with an acquisition cost of $5000 or more. Department heads will be notified when an inventory of their units is going to be conducted. Property Control will provide a copy of the completed inventory to each major department on an annual basis. A Reconciliation Report must be completed if the department is not able to locate items reported missing by Property Control.
Should items on the inventory form not be located, the following actions must be taken:
All items that are to be returned to a vendor for repair or replacement must be processed through the Receiving Department. Inventory items need to be taken to the Receiving Department with the shipping box open. Receiving personnel will remove the inventory tag and ship the item to the vendor. A call tag, return authorization, and/or budget number must be provided to return the item to the vendor. When the replacement/repaired item is returned to the University, the Receiving Department will re-tag the item and deliver it to the appropriate department.
Items that are no longer needed by the University will be sold at public auction, sold by sealed bid, or donated to other governmental bodies (e.g., public schools, other public colleges and universities, etc.) at the discretion of the Property Control Coordinator. The auction/sealed bid will be advertised online or in the local newspaper two times prior to the auction/sealed bid date. Departments will be given an opportunity prior to the surplus auction to retrieve useful items for University use. Property may not be donated to non-profit or for-profit organizations or individuals, as Missouri law adheres to the Public Purpose Doctrine.
If existing equipment is to be traded in on the purchase of new equipment, that trade-in must be accomplished through the Office of Procurement Services. The inventory control number and a description of the equipment to be traded in must be listed on the purchase order for the new equipment so that the equipment being traded in may be removed from the department’s inventory.
University equipment that is not portable in nature (such as a desktop computer) and will be used off-campus must have the written approval of the department head. The Off-Campus Equipment Authorization Form must be completed, signed by the department head, and the completed form maintained in the department’s office until the item(s) is returned to campus.
Equipment that is portable in nature that is to be used off-campus for University business does not require the equipment authorization form to be filled out unless the equipment is to be off-campus for more than two consecutive weeks. For example, cellular telephones, PDAs, and laptop computers that are regularly transported to and from campus do not require completion of the Off-Campus Equipment Form unless kept off-campus for more then two consecutive weeks.
When equipment is transferred to another department, an Equipment Tracking/Transfer Form must be completed, signed by the department receiving the equipment, and forwarded to Property Control. Items will not be transferred on the inventory unless the form is signed by the department receiving the equipment.
When equipment locations are changed, the Equipment Tracking Transfer Form should be filled out and forwarded to Property Control. For location changes that involve a room change only, an e-mail to Property Control noting the location change will suffice.
A department's equipment budget may have the depreciated value of missing items withheld. For Property Control purposes, a 10-year straight line depreciation schedule will be used. However, the depreciated value will not drop below 50 percent of the adjusted acquisition cost. Funding will be reinstated upon written notice to the Director of Accounting and Budgeting that all reasonable and appropriate means have been taken by the department to account for or locate the missing equipment.
To view a PDF version of this policy, see the Property Control Procedures Manual*.
*You need Adobe Reader to view and print this document.