Information And Actions Being Taken Related To COVID-19
The Military College of South Carolina
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Asset Management

Following are basic procedures for managing assets.

Control and Identification
Basic control and identification of a property item is usually accomplished through a serially numbered metal tag affixed to the property item.

  • Some items will not have tags affixed because of the type of item; if possible, the numbers are etched or painted on these items.
  • The Property Manager is responsible for ensuring that all property items are tagged, where possible.
  • Items upon which metal tags cannot be affixed will have an assigned number.
  • Property Management is responsible for affixing a metal tag as soon as possible after the item is acquired.

The Property Manager will, upon receipt of a Donated Property Request enter gifts received in the Fixed Assets System as a pending asset and request an Asset Control Sheet.

  • The Property Manager will affix a property decal to the property and obtain the signature of the departmental custodian.
  • Gifts of property become Citadel/State property once received and are treated in the same manner as a purchased asset for inventory control purposes.
  • The Director of Procurement Services is responsible for determining the fair market value of donated property.

Transfers between departments will be accomplished by means of a Property Transfer Request.

  • The transferring department is responsible for the completion of the property transfer request.
  • Property Management will update the Fixed Assets System upon receipt of a Property Transfer Request.

Excess Property
Excess property is property for which the using department no longer has a need.

  • When excess property is turned in to Property Management, maximum effort will be made to reissue the property to other departments on campus.
  • The Property Manager will arrange for pick-up and delivery of excess property.
  • Such property will normally be reissued on a "no charge" basis." Property Management will advertise excess property by use of the e-mail system.

Trade-In of Property
Whenever a trade-in transaction is concluded the Property Manager will use the completed trade-in request as authority to remove the item from the Fixed Assets System.

Lost/Missing or Stolen Items
Deletions from the Fixed Assets System are necessary when items are lost/missing or stolen.

  • Loss or theft of property is reported using the Lost, Missing or Stolen Property Report.
  • Relief of accountability for property that is lost, missing or stolen will be approved only after investigation by the department of public safety and approval of the Vice President for Finance and Business Affairs.
  • Property Management will use the completed/approved Lost, Missing or Stolen Property Report as authority to remove the property from the Fixed Assets System.

Annual Inventory Verification
An annual inventory of all property will be accomplished on a cyclical basis. Inventory procedures are as follows:

  • Annual inventories will be accomplished in accordance with the Annual Inventory Schedule.
  • Property Management will request the inventory verification reports from the computer center according to the Annual Inventory Schedule. The Inventory Verification Report will be forwarded to the departmental custodian at the beginning of each month. The Inventory Verification Report will be accompanied by the Inventory Verification Instructions which explains the verification process. Departmental custodians will be given 30 days to complete the inventory verification.
  • Upon receipt of the completed inventory verification report from the Departmental Custodian the Property Manager will:
    - As required, make necessary adjustments to the Fixed Assets System.
    - Update the Last Inventory and Next Inventory fields in the Fixed Assets System.
  • Departmental custodians not returning their completed inventory verifications within the 30 day suspense will be notified in writing or by use of e-mail using the Inventory Late Notice.
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