Property Control Policy

Op8.17 Property Control Policy

An inventory of University equipment is required by the statutes of the State of Missouri (Section 34.125, RSMo).

Property Control 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.

Department heads are responsible for tracking, monitoring, and locating capital assets assigned to their department; and accounting for items below the capitalization threshold purchased by, or transferred to, their unit.

Departments will follow the Property Control Procedures when:

• Complying with the Capital Asset Inventory Audit.
• Returning Eequipment to a Vendor.
• Disposing or al/Ddonatingons of University Pproperty, including items below the inventory threshold.

Definitions

Computer Original Acquisition Cost - The purchase price for the computer and all associated components, such as the monitor, keyboard, integral software, speakers, etc., is used to determine the original acquisition cost of the computer or system.

General Plan Equipment - Items where the Original Acquisition Cost is $5,000 or more and the items have a useful life of at least one year

General Plant Equipment: Equipment that is hard-wired or plumbed into a facility

Original Acquisition Cost: The purchase price, shipping, handling, and/or delivery charges, warranty costs, and installation fees, as may be applicable.

Items subject to capital asset control procedures:

• Computers
• Equipment, including donated equipment
  • Donated equipment must be processed through the Development Office
• Firearms
• General Plant Equipment
  • Is not assigned an inventory control number
• Licensed vehicles
• Software
  • Is not assigned an inventory control number

Proceeds

Except as specified below, all proceeds from the disposition of University property will be retained by Property Control to offset the cost of the program. Agricultural products should be disposed of according to the University’s Operating Policy Op3.06 for Disposing of Excess Agricultural Animals and Products.

The President may approve:

• The sale of used University purchased apparel such as uniforms and practice gear issued to student-athletes; costumes, and uniforms used in music, band and theater performances) with proceeds retained by the appropriate department under the direction of the applicable Department Head or College Dean.
• The sale of equipment utilized at the Jordan Valley Innovation Center (JVIC) with proceeds used to purchase new JVIC equipment.
• The disposal of other categories of University property, in coordination with Property Control, even if not specifically addressed by this policy.

Excessive Missing Equipment

A department's equipment budget may be reduced by the depreciated value of missing items. For Property Control, a 10-year straight line depreciation schedule will apply, but the depreciated value will not drop below 50 percent of the adjusted acquisition cost. Funding may be restored once the department provides written notice to the Chief Financial Officer confirming all reasonable and appropriate efforts have been made to locate or account for the missing equipment.