Number: 
03-150-423
Type: 
Rule
Policy Steward: 
Manager of Analytical Ops
Format Updated: 
University Policy & Standards Converted: 
Status: 
Current
Revision Date: 
Monday, June 20, 2016

* This information replaces PRO 1001 Inventory Records-Retention & PRO 1002 Inventory Records-Maintenance & PRO 1101 Supplies Inventory & PRO 600 Biennial Inventory

 

  • PRO 1001:  Inventory Records - Retention
  • Effective: 07/01/1971
  • Revised: 04/13/2016
    • +OSU will keep and maintain property control records for all active, missing, and retired capital equipment on the FIS Fixed Asset Module.  Other property records are retained by Fixed Assets Property Management and Departments for the periods listed below:

    • Record Type Fixed Assets Property Management Departments
      Biennial Equipment Inventory Lists 4 years 2 years
      Lost/Stolen Property Reports 4 years after loss 2 years after loss
      Equipment Transfer Forms 4 years 2 years
      Equipment Loan Agreements 6 years after term   3 years after term
      Equipment Maintenance Records   1 year after disposal    
      Federal Property Records 6 years  3 years    
      Property Disposition Requests 4 years  2 years

       

      Additional Information

      The OSU Records Retention Requirements is available online in the FIS 1200 Records Retention Requirements.

 

  • PRO 1002:  Inventory Records - Maintenance
  • Effective: 07/01/1971
  • Revised: 05/16/2016
    • OSU must maintain property control records for all active, missing, and retired capital equipment on the property control system as required by federal and state regulations. Departments must notify Fixed Assets Property Management of any changes to Capital Equipment that requires the updating of an asset's record. 

      Departmental Equipment Managers are responsible for maintaining the completeness and accuracy of their department's inventory records and must update them when a change occurs.  Discrepancies between the asset record and the actual asset must be corrected when identified.

      In order for the Departmental Equipment Manager to discharge her/his responsibilities effectively, department heads, departmental users, and principal investigators must supply her/him with the necessary information in a timely manner.  Inventory changes should be discussed with the Equipment Manager before they occur, rather than after the fact.  Employees should be responsive to requests for information from the department's Equipment Manager and from Fixed Assets Property Management. The efforts to keep accurate inventory records help maintain a department's eligibility for insurance coverage and sponsored research funding.

      UPDATING AN ASSET RECORD

      Changes   Departments Must:
      Corrections: Notify Fixed Assets Property Management of any discrepancies in the asset record. Discrepancies may occur in the equipment's description, model number, serial number, condition or percent of time available for sharing.
      Responsibility: Notify Fixed Assets Property Management of any changes that occur in the personal accountability of the equipment.  This may be communicated via email, phone call, in person, or on a Fixed Asset Transfer form (FATF) to change the "PI".
      Location:   Notify Fixed Assets Property Management of any change in the equipment's location.  Departmental Equipment Managers who do not update the asset records each time equipment moves should keep internal records that enable them to locate their equipment between updates.  In the event of an audit, if an asset cannot be found at the inventory location, the Departmental Equipment Manager will be asked to locate the asset.
      Transfers:  Notify Fixed Assets Property Management when equipment is transferred to another department (See PRO 805: Transfer of Equipment) using the Fixed Asset Transfer form (FATF).
      Functionality:  Notify Fixed Assets Property Management when the equipment becomes non-functional and is beyond repair.  Submit a Property Disposition Request (PDR) form to Property Management to remove the asset from inventory.
      Documentation
      • Fixed Assets Property Management must retain records, including email, of all requests that correct or update an asset record. 
      • Departments - See PRO 1001: Inventory Records & Retention Periods

 

PRO 1101:  Supplies Inventory
  • Effective: 03/01/1979
  • Revised: 05/31/2016
  • All non-capital or minor equipment must be subject to internal control measures that are sufficient to provide reasonable assurance that such property will not be lost or stolen. Departments must ensure that appropriate measures are taken to protect all OSU supplies and minor equipment against loss or theft.

    Historically, departments were required to maintain an itemized list of non-capital equipment valued from $500 to the capital threshold ($5,000).  Departments are strongly encouraged to continue this practice to verify that equipment is properly secured and accounted for.

    Minor Equipment Security

    Responsible Party

    Action

    Department

    1. Review applicable policies within the Property Management Manual.

    2. Make sure that equipment is cabled down or maintained in locked rooms or file cabinets.

    3. Place appropriate tags on equipment.  ‘Property of OSU’ tags are available from Fixed Assets Property Management within Business Affairs. STOP tags are available through the STOP (Security Tracking of Office Property) website.

    4. Maintain loan agreements (see PRO 701-01 Equipment Loaned - To Employees) or sign-out sheets for equipment used off-campus.

    5. Remind faculty and staff of their responsibilities regarding University property. See PRO 101 Responsibilities.

    ORGANIZED STOREROOMS

    Responsible Party

    Action

    Department

    1. Conduct an itemized count of storeroom (required at Fiscal Year-End).

    2. Send copy to Financial Accounting & Analysis within Business Affairs as indicated by the Year-End instructions.

    FA&A, Business Affairs

    1. Maintain record copy of itemized report.

 

PRO 600:  Biennial Inventory
  • Effective: 07/01/1986
  • Revised: 06/20/2016
  • As a recipient of federal grants and contracts, OSU is required to be in compliance with the Office of Management and Budget (OMB) Uniform Guidance (UG): Cost Principles, Audit, and Administrative Requirements for Federal Awards.

    Under UG section 200.313 (d) (2) -  "A physical inventory of equipment shall be taken and the results reconciled with the equipment records at least once every two years."  Any differences between quantities determined by the physical inspection and those shown in OSU's inventory records are investigated to determine the causes of the difference.

    Fixed Assets Property Management - Business Affairs conducts inventories department-by-department using hand-held bar code scanners to compare against records held within Banner.  Unless a bar code scan inventory is scheduled, off- campus departments, Extension Offices and Agriculture Experiment Stations (AES) will conduct manual inventories as directed biennially.

    This inventory process is an integral part of OSU's approved Property Control System (PCS). It is extremely important to receive the cooperation of the responsible Equipment Manager or designated representative when scheduling inventory scans and following up on capital equipment questions.

    The inventory process typically consists of six stages:

  • Initial Scan(s)

  • Final Scan

  • Reconciliation

  • Fixed Asset Final Report

  • Final Report Review

  • Master Inventory File Updates

  • Responsible Party

    Action

     

    Initial Scan

    Fixed Assets Property Management

    Contact each department, set up an appointment to conduct the initial scan, and email a list of current assets to the equipment manager for the department.

    Fixed Assets Property Management & Department

    Fixed Assets Property Management with the department representative will make a first pass scan through every location in a department's area of responsibility containing current assets held by the department.  All equipment with a barcode tag should be scanned, even if it does not belong to the department.  Each barcode scanner has current information from the University's inventory in its memory so fields can be verified and corrected or noted. Fixed Assets will verify that any software valued over $100,000 is still in use.

    Note: Off-campus areas will normally conduct manual inventories. Fixed Assets Property Management will send a list of current assets to the equipment manager to verify the existence of each asset. Departments will email photos of the asset tags and the equipment to Fixed Assets Property Management for visual verification.

    Fixed Assets Property Management

    Prepare a list of all equipment that was not scanned.  This "Assets Not Scanned" report will be provided by Fixed Assets to the departmental equipment manager within five business days of the initial scan.

    Department

    Locate remaining assets within a two-week period and contact Fixed Assets Property Management to schedule the Final Scan.

     

    Final Scan

    Fixed Assets Property Management

    At the end of the two-week period, contact the department for the second scan appointment. 

    Note:

    • If the equipment manager does not respond or has not located missing equipment, contact their supervisor for assistance.

    • If there is no response from either the equipment manager or their supervisor after 30 days from receipt of “Assets Not Scanned” report, contact the Department Head.

    • If there is still no response from the department after 60 days from receipt of the "Assets Not Scanned" report, contact the Dean of the College or the Director of the Department.

    Fixed Assets Property Management & Department

    Scan/verify all the available items on the "Assets Not Scanned" report.

     

    Reconciliation

    Fixed Assets Property Management

    Upon completion of the final scan and within five business days, Fixed Assets will provide a final "Assets Not Scanned" report to the departmental equipment manager.

    Department

    Use the final "Assets Not Scanned" report as the reconciliation report to state the reason why each asset was not scanned.  Submit the reconciliation report to Fixed Assets Property Management with back-up documentation to support this information.  Back up documentation includes one or more of the following:

    • Copy of a loan agreement

    • Email confirming location of asset and responsible parties

    • Copy of Surplus Pick Up Request for items sent to Surplus

    • Property Disposition Request (PDR) form for items cannibalized, salvaged, or missing. Note: In the case of a missing piece of equipment, the PDR should state why the asset cannot be located. The unit equipment manager and department head/director will be required to sign the PDR to certify that they have the authority and responsibility for the equipment listed on the PDR.

    • Fixed Asset Transfer form for items transferred to another department

    Note: See PRO 903: Reporting & Inventories for necessary actions regarding missing federal property.

     

    Fixed Assets Property Management

    Fixed Assets will email the Fixed Asset Final Report to the Department Equipment Manager and copy the Department Head.

    Department

    Review the Fixed Asset Final Report. Indicate any updates that need to be made, including Location, Equipment Manager, Custodian, and/or Condition Code.

    The Department Head or Director of the Department will receive a copy of the report for their reference. They should review this report and follow up with the Department, if there are any questions or concerns. This finalizes the biennial inventory process for the department.

     

    Master Inventory File Updates

    Fixed Assets Property Management

    The inventory scan data will be uploaded to FIS Banner periodically.  The upload will correct the asset information including location of the asset and the date the asset was scanned to the Fixed Asset Record’s "Last Inventory Date" field.  Other corrections to asset information or condition will be input as departments submit their inventory reconciliation updates.  PDRs and Fixed Asset Transfer forms will be processed as they are received.