* This information replaces PRO 301 Receiving Equipment & PRO 302 Tagging Equipment & PRO 304 Insuring Equipment & PRO 305 Storing Equipment
PRO 301: Receiving Equipment
- Effective: 03/01/1979
- Revised: 02/25/2016
The receiving department is responsible for receiving and inspecting newly acquired equipment, regardless of the method of acquisition. Inspection should occur prior to processing the invoice to protect the University against loss.
Assets Purchased through Banner FIS system have a record generated automatically and result in an inventory bar code tag that is sent to the owning department.
Assets Received Through Other Means (loans, transferred in with Principal Investigator (PI), leases, etc.) must be added to inventory via a Fixed Asset Data Entry (FADE) form (see PRO-Ex3 for the downloadable form, directions, and an example of a FADE form).
All capital assets should be added to inventory as soon as possible and no later than 60 days of receipt.
Responsible Party Action Receiving Department
Prior to signing any documentation to accept a shipment, ensure that the package(s) has not been damaged. The shipment should be refused if damage is apparent.
Verify contents against Bills of Lading, Purchase Orders or other receiving documents to assure that the order is complete. If overages, shortages, or damages are discovered, the vendor or shipper should be contacted immediately. Packing slips, bills of lading & other documents should be submitted to the department's accounting office and archived with the purchase order/invoice.
Test equipment to make sure that it functions properly within the allotted warranty period.
- For reporting requirements for Federal Sponsored Grants and Contracts, see PRO 902-02: Principal Investigator Responsibilities - Ordering, Receiving & Tagging.
See PRO 304: Insurance for information on interim period.
See Campus Freight website for information relating to shipping and receiving packages.
- Prior to signing any documentation to accept a shipment, ensure that the package(s) has not been damaged. The shipment should be refused if damage is apparent.
PRO 302: Tagging Equipment
- Effective: 03/01/1979
- Revised: 03/04/2016
All equipment on the OSU inventory must be tagged with an OSU barcode inventory tag, which is furnished by Fixed Assets Property Management - Business Affairs. Equipment acquired for sponsored research may also require an asset tag from the sponsoring organization (See PRO 901: Accountability of Equipment on Sponsored Awards). At the time the tag is attached, all information on the inventory record should be verified against the actual equipment and updated as needed. Clear laminated covers should be used to protect tags that will be exposed to the elements or to harsh environments.
Tags should be placed where they can easily be seen and scanned, but where they will not interfere with the use of the equipment or be hidden when the equipment is used.
Replacement Inventory Tags
When inventory tags are lost, damaged or poorly located, replacement inventory tags should be obtained from Fixed Assets Property Management by calling 541-737-4084. New tags will be attached to the request and returned via campus mail, US mail, or Fixed Assets Property Management will coordinate with the department to attach the tags.
Tagging Non-Capital Equipment
Fixed Assets Property Management does not identify or tag equipment with an acquisition cost of less than $5,000. If a department has an interest in identifying, tagging, and tracking equipment costing less than $5,000, "Property of OSU" identification labels can be supplied to the department.
STOP (Security Tracking of Office Property) Tags
Departments may tag equipment with STOP Tags to protect OSU's property interests and help prevent theft of equipment.
Use the term "untaggable" to describe items that cannot be tagged because they are too small, delicately calibrated, or they are used in harsh environments that would immediately destroy a tag. The word "untaggable" and a brief explanation should be added to the asset record text of the item. Departments should keep the tags in a notebook with information about the equipment to which they refer (description, serial number, etc.). When the inventory is conducted, the equipment is located and identified from the information contained in the notebook, and then the tag is scanned.
When an item is untaggable, permanently mark the OSU inventory number on it using an engraver or indelible marker. An engraver is available for loan from the Oregon State Police/Department of Public Safety.
Responsible Party Action Fixed Assets Property Management
- Print barcode inventory tags and coordinate with the department to attach the tags or send them to the appropriate Department contact.
- Place tags on equipment promptly upon receipt in a location that is visible and scannable. Tag items consistently in accordance with the following guidelines:
- General location: on the front, near the upper left corner.
- Machinery, instruments and vehicles: place in visible area, covered as needed with clear protective label available from Fixed Assets Property Management.
- Cylindrical items: tag should go up and down the length of the cylinder, not wrapped around it.
- Small items and movable internal components: see Untaggable Items section herein, or contact Fixed Assets Property Management for assistance.
PRO 304: Insuring Equipment
- Effective: 07/01/1988
- Revised: 03/09/2016
The University carries a property insurance policy for University owned equipment. Property insurance provides protection againsts risks of physical loss or damage to University property.
Upon purchase, university owned equipment is automatically covered by the university's property insurance policy. However, any type of motorized watercraft, including but not limited to vessels, boats, shells, and jet skis or subsea/over-the-side equipment or aircraft must be reported to OSU Risk Management to add to the applicable insurance policies.
Employees are responsible for immediately reporting loss or damage to their supervisors, who in turn are responsible for reporting the loss or damage to OSU Risk Management and Law Enforcement.
Losses, regardless of dollar amount, should be reported immediately to OSU Risk Management (541) 737-7252. Property claims are subject to a $5,000 deductible and departments are responsible for the $5,000 deductible. Deductible amounts vary for watercraft, subsea/over-the-side equipment, and aircraft. These amounts will be communicated upon addition to the applicable policy.
RECORDING EQUIPMENT FOR INSURANCE PURPOSES
Responsible Party Action Department
- Within 60 days after receipt, submit the invoice, Journal Voucher, or a completed Fixed Asset Data Entry form to Fixed Assets Property Management.
- For motorized watercraft, subsea/over-the-side equipment, or aircraft report to OSU Risk Management at (541) 737-7252 upon purchase.
Fixed Assets Property Management
- Add to inventory by creating an asset record in FIS Banner, assigning an OSU inventory number.
- Print barcode inventory tag(s) and coordinate with the department to attach the tag(s) or send them to the appropriate department contact.
FILING AN INSURANCE CLAIM
Responsible Party Action Department
- In the event that a claim arises, the department must contact Risk Management immediately. Risk Management will guide managers and supervisors through the claims process. Additional information on how to file a claim can be found on the Risk Management site.
- If loss occurs from a criminal act, contact the Oregon State Police/Department of Public Safety (or local police, if loss occurs out-of-state)
- If Capital Equipment has been lost or damaged beyond repair, a Property Disposition Request should be submitted to remove the equipment from inventory.
PRO 305: Storing Equipment
- Effective: 05/22/2006
- Revised: 03/11/2016
Equipment used for current operational needs is generally considered required equipment and should be stored as appropriate. The long term storage of non-required equipment is not advocated. Non-required equipment that has been in storage for a substantial period of time should be made available to others or sent to Surplus Property for disposal. However, equipment that is extremely specialized and used only intermittently or during specific seasons for field work may be appropriately stored for future use.
- When equipment is transferred from one responsible ORG to another a Fixed Asset Transfer Form should be completed and sent to Fixed Asset Property Management in Financial Accounting & Analysis (FA&A).
When equipment is not in use, the responsible department must make arrangements for the optimal maintenance and protection of the asset. The equipment should be housed adequately with proper packaging to ensure preservation of the asset. Special controls and inspections should be provided for (1) equipment that is subject to corrosion or may be damaged by humidity and temperature extremes, and (2) the accessories and special tools that may or may not be regularly used with the parent asset.
Government property in the custody of a department should be segregated when required and adequate security and protection must be provided for assets both inside and outside storage. Access to property in storage should be limited to authorized personnel including Fixed Asset Property Management for Biennial Inventory.
PRO 303: Use and Maintenance
PRO 804: Surplus Property