Revision Date: 16 September 2015
Errors or changes to: firstname.lastname@example.org
- Procedure Objective
- Website Address for This Procedure
- Related Statutes, Policies, Requirements or Standards
- Section I. Maintaining Departmental Property Records
- Section II. Updating Departmental Inventory Records
- Section III. Consumable Supply Inventory for Resale
- Forms and Tools/Online Processes
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.
State law maintains that the property records of a state agency must accurately reflect the property possessed by the agency. Thus, it is important for university departments to maintain and update their property records. Moreover, maintaining and updating the departmental property records will facilitate taking the annual physical inventory.
All university personnel who possess and/or maintain university property
Website Address for This Procedure
Related Statutes, Policies, Requirements or Standards
|UT System Administration Policies and Standards||Other Policies and Standards|
Texas State Government Code Chapter 403.272 to 403.273
If you have any questions about this procedure, contact the following departments:
|Subject||Office Name||Telephone Number||Email/URL|
|All topics in procedure||Property Managementemail@example.com|
|Website access||Administrative Information Managementfirstname.lastname@example.org|
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.
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
Ensures that records concerning their department's inventory are accurate and current
Section I. Maintaining Departmental Property Records
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 2-45) and Removal of Equipment from University Campus(Form 2-47)
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.
Section II. Updating Departmental Inventory Records
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.
Section III. Consumable Supply Inventory for Resale
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.
Forms and Tools/Online Processes