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Procedure BF-PM-PR5 Departmental Property Records

 

Dates Effective From: 16 September 2015
Responsible Officer: Vice President for Business Affairs and Controller
Sponsoring Department: Property Management
Errors or changes to: Office of Legal Affairs policysite@uta.edu

Contents


  1. Objective
  2. Scope
  3. Procedures
  4. Definitions
  5. Relevant Federal and State Statutes
  6. Relevant UT System and UTA Policies, Procedures, and Forms
  7. Appendices
  8. Contact Information
  1. Objective

     

    This procedure instructs university departments on how to maintain departmental property records of all university property in the department's possession. Guidelines of what information to include in the property records, the process of updating inventory records and what to do with consumable supply inventories are included in this procedure.

  2. Scope

     

    All university personnel who possess and/or maintain university property.

  3. Procedures

    1. Responsibilities

       

      University Departments

      • Maintain accurate and current records of departmental property
      • Submit to the Financial Reporting Section an inventory listing consumable supplies, which are purchased for resale
       

      Property Management Office (PM)

      • Replace damaged or unreadable inventory tags on departmental equipment
       

      Department Head

      • Ensures that records concerning their department's inventory are accurate and current
    2. Section I. Maintaining Departmental Property Records
      1. Departments should maintain property records to assist them in controlling and accounting for university property. Each department head should ensure that such records concerning the department's inventory are accurate and current. These records should include a listing of the items assigned to the department (i.e., the departmental inventory) and copies of Inventory Transaction Form (Form BF-PM-F1) and Removal of Equipment from University Campus (Form BF-PM-F2)
      2. Information should be kept on preventive maintenance and calibration schedules, warranty periods, service contracts, etc. Ideally, inventory records will be maintained in a central location in the department and internal procedures should be established to keep the records updated throughout the year. This will facilitate taking the annual physical inventory.
    3. Section II. Updating Departmental Inventory Records
      1. Inventory records in the UT Share Inventory Module can be updated with description, serial number, room and building locations. Contact the PM Office if inventory tags need to be replaced due to damage or otherwise become unreadable.
    4. Section III. Consumable Supply Inventory for Resale
      1. Departments which have consumable supply inventories, which were purchased for resale, will submit a listing of such inventories upon request from the Financial Reporting Section of Accounting Services at the end of each fiscal year. A computer listing is acceptable and should be certified by the head of the department.
  4. Definitions

     

    Annual Physical Inventory: A complete physical inventory of all capital and controlled assets in the possession of departments, centers, and designated University offices that must be taken at least once a year.

     

    Consumable: Items that typically have a useful life of less than one year.

     

    UT Share Inventory Module: The UT Share Inventory Module is used by the University departments to track capital and controlled assets assigned to their department care.

  5. Relevant Federal and State Statutes

     

    Texas State Government Code Chapter 403.272 to 403.273

  6. Relevant UT System and UTA Policies, Procedures, and Forms

     

    The following can be found by entering the document title in the search bar on the University Policies, Procedures, and Forms page:

     

    Inventory Transaction Form (Form BF-PM-F1)

    Removal of Equipment from University Campus (Form BF-PM-F2)

  7. Appendices

     

    N/A

  8. Contact Information

     

    All topics in Procedure:
    Property Management
    817-272-2191 property_management@uta.edu URL: https://www.uta.edu/business-affairs/property-management/

    Website access:
    Office of Legal Affairs
    817-272-5577 or policysite@uta.edu