19.054:  Equipment Inventory Control

SUPERCEDED on May 20, 2008

Current Version

Status:	Approved on August 10, 2004	Signatures and dates on archival copy
Effective:	when approved
Initiated by:	Linda Shapiro Assistant Controller
Reviewed by:	Herman ("Butch") Hill, Chair Policy and Procedure Review Committee
Endorsed by:	Gary North Vice President for Administration and Finance
Approved by:	Kathy Krendl Interim Provost

Purpose

To establish a policy and procedure for the recording, identification, and accountability of all University owned movable equipment items having a minimum cost of $2,500 each and a life expectancy of over one year.

Policy

It is the responsibility of the Equipment Inventory Office, within the Finance Division, to maintain proper equipment records and to ensure that all items of equipment meeting the $2,500 and one-year criteria are identified by means of a University tag number.

The responsibility for equipment accountability is assigned to the department chair in the academic departments, and in non-academic areas, to the appropriate administrator.

Procedures

I.  Receipt of New Equipment

1. When received directly in the using department from the supplier, the Equipment Inventory Office will locate and tag the equipment.

2. When equipment is ordered on a Pcard, a copy of the transaction receipt must be sent to the Equipment Inventory Office within 5 business days of receiving the item, with transaction number noted on the receipt. The following information must be put into the PARIS notes screen:
   • Manufacturer's name
   • Serial number
   • Model number
   • Date received
   • Location
   • Unit acquisition cost (if not already clearly identified)
   • Name of department taking ownership
   • Name of person to whom the equipment has been assigned.

3. Equipment received as gifts through the Ohio University Foundation (OUF) are to be tagged with the assistance of the recipient's department head. The necessary information required for the inventory records will be determined by OUF and the department.

II.  Equipment Records Maintained by the Finance Division

1. The tag number assigned to a piece of equipment serves as the central mechanism for establishing a unit record in the inventory control system.

2. Each record will contain information on the item including:
   • Description
   • Serial or manufacturer identification number
   • Original cost
   • Purchase order number (if applicable)
   • Acquisition date
   • Disposition date
   • Category
   • Department to which equipment is assigned
   • Person to whom the equipment is assigned
   • Location: Building and room.

3. At least four times each year equipment inventory reports will be sent to all department heads for verification (see sub-section IV, below). These reports will be in tag number sequence by department. Other special equipment inventory reports are available for review in the Equipment Inventory Office.

III.  Departments Reporting Changes in Status of Equipment

1. All equipment that is transferred, stolen, scrapped, traded in, etc., must be reported to the Equipment Inventory Office by the department that was accountable for the equipment. Form EI-8 (Equipment Status Change) is to be used for this purpose and is available in the Equipment Inventory Office, or on-line. Status changes are to be reported as they occur.

2. All equipment that is disposed of is to be sent to the Moving and Surplus Department (a division of Campus Services in the Facilities Management area) unless it is scrap and then it is to go to the Recycling and Refuse Department (a division of Facilities Management). An EI-8 form is to be filled out by the department accountable for the inventory, and this form must be sent to the Equipment Inventory Office to allow the disposed of items to be removed from the inventory listing.

3. Equipment owned by the University may be removed from campus only with the permission of the department chair or administrative officer. Equipment taken off campus must be under the supervision of an employee of the University. Form EI-9 (Request to Take Equipment Off Campus) must be filled out and a copy sent to the Equipment Inventory Office prior to taking equipment off campus, and again when the equipment is returned.

IV.  Annual Inventory Conducted by Departments

Each year, the Equipment Inventory Office will furnish each area of accountability with a detailed listing of equipment assigned to that area, as soon as possible after the end of the fiscal year (June 30). The list should be verified by the department and all corrections reported to the Equipment Inventory Office on Form EI-8. The Certification accompanying the list must be signed by the department head or administrative officer and returned with the list.

Instructions detailing updated inventory procedures will be issued by the Equipment Inventory Office with the annual inventory listing.

V.  Audits

Equipment inventories will be periodically audited by both State auditors and University accounting personnel. Therefore, it is imperative that all transactions affecting movable equipment be properly recorded.

Reviewers

Proposed revisions of this policy should be reviewed by:

1. Policy and Procedure Review Committee

2. Equipment Inventory Manager

3. Assistant VP for Finance

Forms

The following forms are specific to this policy:

1. Form EI-8, Equipment Status Change, is available in the Equipment Inventory Section Office, or online at http://www.ohio.edu/finance/equipmentinventory/EIFORMS.cfm.

2. Form EI-9, Request to Take Equipment Off Campus, is available in the Equipment Inventory Section Office, or online at http://www.ohio.edu/finance/equipmentinventory/EIFORMS.cfm.

Copyright © 2007 Ohio University. All Rights Reserved.

Dick Piccard revised this file (http://www.ohiou.edu/policy/s19-054.html) on May 23, 2008.

Please E-mail any comments or suggestions to "policy@ohio.edu".