To ensure compliance with generally accepted accounting principles and prudent financial management, an asset valuation, property capitalization, and inventory control policy for the University of Baltimore has been developed.
The property control section of the Department of Procurement and Materials Management, is responsible for enforcing the regulations and control of university assets, including assets valued at $5,000 and over, and items classified as sensitive, regardless of dollar value. The University's Property Control Specialist works with Unit Property Coordinators to monitor and account for University assets. Recently a meeting was held with Unit Property Coordiantors to review those responsibilities and the inventory process. Here is a Power Point presentation that summarizes those responsibilities and the inventory process.
The Property Control Specialist will tag equipment and sensitive items with a University of Baltimore Property Control bar code tag, and will add the property to the University’s inventory. Periodically the Property Control Specialist will do inventory counts to ensure that the property is accounted for, and the recorded location of the property is current. Property should not be moved, transferred, sold, traded in, or disposed of in any fashion without the written approval of the property control section.
The university is not responsible for any personal property brought onto campus regardless of the reason.
Gifts to the University must be accompanied by a Gift Letter from the donor. A copy of the gift letter must be send to the Property Control Specialist so that the property can be tagged and entered into the University’s asset inventory, if necessary.
The Property Control Specialist should be informed about excess property so that it may be distributed to other units of the University, sold, or otherwise disposed.
The USM Policy for Capitalization and Inventory Control (Policy VIII-1.10) includes the details of the USM Policy.