University Fiscal Management
General Accounting
Administrative Management
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Inventory: Property and capital equipment policy
Under the UM System Property and Capital Equipment Policy, each campus is responsible for maintaining inventory records for all non-expendable, movable property and equipment which has a single item cost of $5,000 or more. A list is provided to MU Extension semi-annually and units are asked to verify the status and location of the items.
Included in the policy are responsibilities at the department chair and administrative head level for establishing appropriate controls for all products purchased with university funds and maintaining records and controls for sensitive or portable equipment that are not inventoried under other provisions of the policy. Items listed as examples include: laptops and desktop computers, monitors and printers, guns, cameras, stop watches, pocket calculators, cellphones and PDAs. The information maintained must include:
1. Item description
1. Make and model number
1. Date purchased and price paid
1. Individual to whom the equipment is assignedExtension Technology and Computer Support (ETCS) currently tracks computers, monitors, laptops, networked printers, scanners, digital cameras, polycoms, smartboards and projectors that are purchased through them. An inventory list is provided annually for update.
In order to track other items such as PDAs, cameras, etc., we are asking that each program area and fiscal unit self-inventory and then maintain a list of items that were purchased with university funding. In the future, items purchased with university funds should be added to the list. At a minimum, a yearly accounting of the items would be appropriate.
For local county extension offices, any equipment purchased with university funds that are not otherwise inventoried and tagged must be labeled in a way to indicate the items are University of Missouri property and should be maintained on the office's inventory list. If the list is combined with items purchased with council funds, the list should indicate the source of funding for each item.
Last Updated 10/2020