Policy #: 6461:01
Subject: Equipment Inventory and Property Control
Section: Business Operations (6400-6499)
Effective: 1/3/90
Property records shall be maintained accurately and verified annually. For each item of equipment, the records shall include:
- A description of the equipment, including manufacturer’s model and serial number, if any. Begin the description with the noun followed by adjective descriptors.
- An identification number, such as the manufacturer’s serial number.
- Identification of the complete funding source to acquire the equipment; i.e. general appropriation; bond; grant (include name of grant), or gift, etc. If the equipment was acquired through multiple funding sources, indicate the amount form each source.
- Acquisition date and unit cost.
- Location, use and condition of equipment and the date the information was reported.
- All pertinent information on transfer, replacement, or disposition of the equipment.
A physical inventory shall be taken and the results reconciled with property records at least annually to verify the existence, current utilization, and continued need for the equipment. Any differences between quantities determined by the physical inspection and accounting records shall be investigated to determine the cause of the differences.
The MCCS classifies equipment as items costing $1500 or more. Federal guidelines require that equipment costing $500 or more be placed on the property records and tracked. Therefore, all equipment acquired, except through general fund appropriations and gifts (unless specified differently in the donation) with a value of $500 or more shall be maintained on property records.
ADMINISTRATIVE RESPONSIBILITY: Under the direction of the director of finance and department chair or associate or assistant dean or supervisor, the individual who supervises the utilization of NMCC’s property and supply items has the primary responsibility of controlling the property. Therefore, these individuals must, with the concurrence of their supervisors and area administrator, insure that adequate safeguards are in place to prevent loss, damage or theft of equipment. Any loss, damage or theft of equipment shall be investigated and fully documented. The area administrator has ultimate responsibility for implementing this policy.
For new acquisition, the property record form will normally be completed by receiving personnel prior to the equipment being delivered to the acquiring department. In those cases where equipment is delivered directly to the department, the department shall complete the property record forms and forward them to the business office within ten working days of receipt of the equipment.
The department acquiring the equipment must implement adequate maintenance procedures to keep the equipment in good condition.
Disposal of equipment shall utilize procedures which will provide for competition to the extent practical to result in the highest possible return.
The disposal of property purchased by federal grant funds, such as Perkins and or Title III, must follow the stipulations listed EDGAR, 34CFR 74.134 (Real Property) c. (Disposition) and OMB Circular A110 applicable section.
Should it be appropriate to loan equipment, the NMCC equipment loan procedures must be followed.
The director of Finance is responsible for the annual inventory and reconciliation process. This shall include the distribution of instruction and appropriate forms to obtain the necessary property control information. Each area administrator and his/her subordinate supervisors shall be responsible for having the inventory documents completed in a timely manner.
Approved by Management Team January 3, 1990
Revised November 23, 1992 Last changed: Feb 25 2008 at 3:53 PM
Back
|
