Table of Contents

Required Inventory Records
Responsibilities
Reporting Changes
Verifying Inventory Records

Required Inventory Records

Inventory records must be maintained on all non-expendable, movable property and equipment which has a single item cost of over $5,000, or is a gift with equal value, and:

• Has an expected useful life of one year or more.
• Is self-contained for its primary function (not a component part of another piece of equipment).
• Has sufficient individuality and size to make control feasible by means of identification tags, numbers and/or manufacturer's serial numbers marked thereon.

Responsibilities

Missouri S&T Procurement Services Responsibilities

The Asset Management/Inventory Control section of Missouri S&T Procurement Services is responsible for:

• Establishing and maintaining the records and procedures necessary for the accountability of the University property and equipment inventory.
• Determining the items to be inventoried and the numbers to be assigned.
• Affixing the inventory tag to the property or equipment.

  NOTE: Inventory tags will be placed visibly on equipment. If an item costs more than $5,000 and is impossible to tag with an inventory tag, a log book may be used by the department to keep track of the item.

Department Chairpersons/Administrators Responsibilities

Each department chairperson or administrative official is responsible for:

• All property and equipment purchased or constructed for and assigned to the department.
• Verifying inventory records.
• Reporting changes to inventoried property or equipment.
• Establishing and maintaining records and controls for sensitive equipment such as guns, cameras, stop watches, pocket calculators, etc, which are not inventoried under the provisions of this policy.

Reporting Changes

Previously Inventoried Material

A Property Inventory Change Report (UM27), or Disappearance of Assets & Money (UMUW 155) with a copy of the University Police report attached, must be submitted within 5 working days to MU Procurement Services when any inventoried property or equipment has been:

• Lost.
• Stolen.
• Cannibalized.
• Destroyed.
• Relocated to another building/room.
• Found (after previously reported lost or stolen).
• Transferred to MU Procurement Services, Surplus Property section.
• Transferred to another department on campus.
• Other (trade-in, etc).

Newly Constructed Material or Gift

A Property Inventory Change Report (UM 27), or a copy of Advice of Gift Received (UMUW 9), must be submitted to report the addition of any property or equipment which meets inventory record requirements and has been:

• Constructed with University funds
• Received as a gift

  Note: A Property Inventory Change Report (UM 27) is not required when the addition of any new property or equipment is purchased by a University Purchase Order or University Bookstore Requisition.

Verifying Inventory Records

Twice a year, division fiscal officers will receive a listing of all inventoried assets. Departments are required to:

• Verify the accuracy/completeness of the respective property and equipment listed therein.
• Clearly note changes or additions to any property and equipment on the hard copy of the list
• Return a signed, hard copy of the list to Missouri S&T Procurement Services, Inventory Control section (required even if the information is accurate and complete).