Inventory Instructions for University Employees

Forms:

• Disposal of Assets Form
  
  
• Gift Acceptance Form
  
  
• Notice of Relocation of Assets Form
  
  
• Personal Property Form
  
  
• Stolen Assets Form

Inventory Procedure:

In accordance with Minnesota State regulations and Minnesota State Board policies, Southwest Minnesota State University is required to establish and maintain records and enact procedures to track and account for all university fixed assets. The SMSU Inventory Clerk is responsible for maintaining campus records and facilitating procedures, but requires the cooperation of all university personnel to ensure the accuracy of inventory records. Each department is accountable for all equipment assigned to its department.

Minnesota State has directed that fixed assets shall include items with a value of $10,000 or more, a life expectancy of more than two years, and that maintain their identity while in use. In addition, Minnesota State requires that all computers and weapons, regardless of price, age, or current value, be kept in inventory. The Inventory Clerk shall exercise his/her discretion in adding other items below $10,000 and are determined to be “sensitive” assets.

Physical Inventory:

Physical inventory shall be taken on a rotational basis, with 100% being completed every two years, or more often if deemed necessary by the University or the Inventory Clerk. (The exception is dormitory rooms, which shall be inventoried whenever required by the Board Office.) “Spot checks” may be ordered by the Board Office or performed by the Inventory Clerk as often as deemed necessary. A department with unsatisfactory physical inventory accuracy will be subject to more spot checks until acceptable accuracy is achieved.

During physical inventory, Inventory Office personnel visit every building and room, recording asset numbers, brief equipment descriptions, serial and model numbers, and locations across the entire campus. The new physical inventory date is entered in the database for each asset number found, and the location is updated if necessary. After all asset numbers found are updated in the computer inventory system, a computer printout is run for each department. Each department will then be contacted to find or account for any assets that were not found and updated by Inventory.

Adding New Assets to Inventory:

When fixed asset purchases arrive at SMSU, Inventory will apply an asset-number sticker to each asset. Serial numbers, model numbers, and location will be documented and entered into the Minnesota State database.

Donated Assets:

The Inventory Clerk must be notified of assets donated to the University to determine whether or not they should be assigned an asset number and added to inventory.

Recording Betterments to Existing Fixed Assets:

When creating a purchase order for $500 or more to upgrade or improve an existing fixed asset, please notify Inventory of the existing asset's number and the purchase order number for the upgrade so the upgrade/betterment price can be added to the existing asset. This information could also be put in the memo section of the purchase order.

Relocation of Fixed Assets on Campus:

If you are moving a fixed asset to a new campus location or transferring ownership to another department, complete and return the Notice of Relocation form so the asset record can be updated.

Disposal of Assets:

Usable assets should be made available to other departments on campus first. Contact the Inventory to advertise any surplus assets you want to make available to the rest of the university. If an asset is no longer in use on campus, it must be disposed of in accordance with state law and the guidelines set forth by the Department of Administration and the Minnesota State Board. Assets that are no longer usable shall be recycled to the full extent possible. All equipment with electronic circuit boards, as well as video display terminals and televisions, is considered hazardous waste and must be properly disposed of.

If you wish to dispose of a fixed asset, you must complete and return a  Request for Disposal form. The asset number must be removed from both the asset itself and the inventory database system.

Missing or Stolen Assets:

When assets are determined to be missing and possibly stolen, University Public Safety should be notified as soon as possible. An officer will come to get all pertinent information. Next, complete the Stolen Asset form and return it to the Inventory Clerk, notifying them of the missing or stolen assets. Include any copies of a Security Report or Police Report. The Inventory Clerk will determine whether a report form for missing or stolen assets needs to be completed for filing with the Department of Administration and the Minnesota State Board Office.

Equipment Check Out System:

Areas that make a practice of checking out equipment must keep a formal checkout record. The record must include the signature of the individual checking out the item, the asset number, the serial number, and the expected return date, with a follow-up on that date.

Questions

If you have any questions, please contact George Bass, Director of Business Services, George.Bass@SMSU.edu at (507) 537-7470 or Brian Gelster, Buyer2/Purchasing, Brian.Gelster@SMSU.edu at (507) 537-7510

For more information, see also- Minnesota State Procedure 7.3.6 Capital Assets