Inventory

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REQUIRED INVENTORY RECORDS.

Inventory records must be maintained on all non-expendable, movable property and equipment which has a single item cost of over $1,000 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).
  • Equipment purchased with grant funds must be listed on your inventory regardless of the cost.
  • Estimated useful life is required on equipment costing $5,000 or more.

The Asset Purchasing & Donation Inventory Form.docx (or Asset Purchasing & Donation Inventory Form.pdf) must be completed to add the item to the department's inventory.


RESPONSIBILITIES.

Department Heads/Chairs are responsible for:

  • Establishing and maintaining the records and procedures necessary for the accountability of the College property and equipment inventory as appropriate to the department.
  • Determining the items to be inventoried.
  • Affixing the inventory tag to the property or equipment when applicable.


Procedures for Placing Tags on Equipment. Departments are responsible for placing inventory tags on applicable College equipment.

  • Tags will be placed visibly on equipment.
  • Tags will be placed visibly on all equipment purchased with funds from DESE.
  • When placing a tag on a piece of equipment, the following order of preference will be used unless a specific situation dictates otherwise (for specific exceptions, please contact the Business Office): 1. Front of equipment, 2. Right side of equipment, 3. Left side of equipment, 4. Top of equipment, 5. Back of equipment, 6. Bottom of equipment.


Department Chairpersons and Administrators. Each department chairperson or administrative official is responsible for:

  • All property and equipment purchased or constructed for and assigned to the department.
  • Verifying and correcting all information contained on Equipment Inventory Forms received from the Business Office. These forms must be returned to the Business Office.
  • Reporting any transfer or loss of inventoried property or equipment to the Business Office using the Asset Disposal & GovDeals Inspection Form.docx (or Asset Disposal & GovDeals Inspection Form.pdf) within 5 working days of such loss or transfer.
  • Establishing and maintaining records and controls for sensitive equipment such as cameras, stop watches, pocket calculators, etc., which are not inventoried under the provisions of this policy.