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Policies and Procedures

Procedure 603.3 – Reporting Equipment Missing During Physical Inventory

Effective
February 22, 2000
Last Updated
July 13, 2009
Responsible University Officer
Director of Logistics
Responsible Unit
Asset Management

Procedure Statement

Equipment reported as missing during a department's annual physical inventory is tracked in the records of Capitalized Equipment. Attempts to locate missing equipment is the responsibility of the department with assistance from Asset Management. Equipment suspected as stolen should be reported per Procedure 603.2, Reporting Equipment Missing or Stolen During Normal Operations.

Forms and Instructions

Asset Management provides each department with reports with which to conduct an annual physical inventory. Inventories are scheduled throughout the fiscal year. Physical inventories are to be completed within 45 days.

Upon completion and return of your department's inventory reports, Asset Management will record indicated changes and produce an updated report for your files, and a report detailing any missing equipment. Departments then have 45 days to locate missing equipment. Asset Management will assist departments in locating their missing equipment as requested. Until located, equipment will be classified as missing on the department's inventory.

At the end of 45 days, Asset Management will review any equipment not located and inform the Director of Procurement Services. If further investigation is required, Asset Management will advise the appropriate department heads or deans.

Related Data

603.2 - Reporting Equipment Missing or Stolen During Normal Operations

History

Revised:
July 13, 2009
December 14, 2007