40.01 Fixed Assets Inventory Issued: May 15, 1998 Updated: January 21, 2000
University Property Manager - the individual assigned the responsibility for maintaining the official fixed asset inventory for the University. Currently this is the Manager of Accounting.
Accountable Property Officer - the individual in each department assigned the responsibility for maintaining the department's inventory of fixed assets. This is the department head, unless they have formally designated a staff member.
Annual Inventory - the physical verification of each item on the University's equipment inventory conducted once a year.
Surplus Property - useful equipment no longer needed by the responsible department.
Salvage - equipment that is no longer useful.
Inventoriable Equipment - generally, equipment with a purchase price or donated value of $1,000 or more. Exceptions are those items classified as controlled assets by the State Comptroller's Office.
Non-Inventoriable Equipment - generally, equipment with a purchase price or donated value of less than $1,000 and not classified as a controlled asset.
All inventoriable equipment or furnishings purchased by the University is tagged and added to the University's inventory by the Fixed Assets Staff in the Fiscal Office within 10 days after delivery.
3.2 Missing or Stolen Equipment
All equipment (inventoriable or non-inventoriable) that is identified as missing or stolen by a department must be reported to the University Police Department and the and the Fixed Assets Office using a Missing or Stolen Report (Attachment 1).
Departments desiring to transfer inventoriable equipment to another department must complete a Property Transfer form (Attachment 2)to document the transfer of responsibility and to provide proper information for updating the fixed asset inventories of the respective departments. When transferring computer equipment, departments must also complete the transfer of Computer Equipment form (Attachment 3). The completed and approved Property Transfer form must be filed with the Fixed Asset Office.
3.4 Annual Inventory
Departments are provided with a listing of their equipment inventory annually. Departments should verify that each item exists and that the information on the listing is correct. Any items not on the list should be added. For missing or stolen items, departments should attach copies of the the applicable Missing or Stolen Reports. Department Heads are required to sign the Certification of Physical Inventory form and to return it to the Fixed Assets Office.
3.5 Non-Inventoriable Equipment
Although there is no requirement to keep an official inventory of these items, they should be marked "Property of PVAMU" with indelible ink and departments should ensure that they are properly secured. Additionally, departments are encouraged to maintain pertinent information (e.g. serial number) to aid in an investigation should an item turn up missing or stolen.
3.6 Random Inventory
The University Property Manager is responsible for conducting random inventory checks on a test basis. During the course of a year, all departments should be tested at least once.
3.7 Surplus/Salvage Property
Departments are responsible for identifying surplus and salvage property. Proper disposal of surplus property requires the department to transfer (See Section 3.3 above for transfer procedures) the equipment to the Central Stores/Central Receiving operation, which administers the surplus property disposal program for the University. Proper disposal of salvage requires written approval of the applicable department head using the Property Destruction Record Form (Attachment 4). Upon approval, the salvage equipment should be discarded in the appropriate trash receptacle, unless special disposal requirements exist due to size or nature of equipment. A copy of the approved Property Destruction Record form must be filed with the Fixed Assets Office.
Departments desiring to trade older equipment in on a new piece of equipment must properly identify the equipment on the purchase requisition for the new item. Proper identification includes description, inventory number and/or serial number. A copy of the requisition should be filed with the Fixed Assets Office.
3.9 Leased Equipment
Depending on the lease arrangement the University may be required to include leased equipment on its inventory. To ensure proper accounting, the requesting department should contact the Manager of Accounting.
3.10 Gift Equipment
Gift equipment is subject to the same inventory rules as purchased equipment, with the exception that the fair market value is used when placing the assets on the inventory. Departments receiving gift equipment must notify the Fixed Assets office so that they can tag the equipment and update the inventory records.
3.11 Temporary Property Transfers
When employees use University equipment outside of their department or off-campus, custody of the equipment must be signed for by completing a Custody Card (Attachment 5). the Custody Card must be approved by the department head or their designee and a copy must be filed with the Fixed Assets Office. Proper notation should be made by the department head on the card when the property is returned.
2003-2009 PRAIRIE VIEW A & M UNIVERSITY - ALL RIGHTS RESERVED
P.O. Box 519 - Prairie View, Texas - 77446-0519
FM 1098 Rd & University Dr, Prairie View, TX 77446
University Operator: (936) 261-3311
Best viewed with IE 7.x+ or FireFox 3.x+