I. Property Definition
Non-Expendable property is defined as any equipment, furniture, machinery or other tangible property that is normally not attached to or made a part of a building or its surroundings and has an individual value of over $500.00.
II. Receiving of Property
- All property will be delivered to the Mailroom/Central Receiving, unless special arrangements are made as described below. Deliveries should be scheduled with the Mailroom.
- When property is delivered directly to its use site, it is the responsibility of the department head, division head, or their designated representative to notify Operations and Purchasing upon its arrival.
III. Rental and Leased Equipment
Rental and leased equipment will not be tagged unless required under the terms of the rental or lease agreement, or as determined by the Office of Operations and Purchasing.
IV. Property Tags
There are two types of property tags used to identify College property. Both types contain “Property of Kaskaskia College”. The first type also contains a number and bar code to be used for inventory control purposes. The second type serves solely to denote the property as that of Kaskaskia College. Where tagging is not possible, the applicable information will be engraved into the surface area.
V. Inventory Control Criteria
- For compliance with GASB requirements, all items of inventory valued at $5000 and over will be capitalized for depreciation purposes and must receive a numbered property tag.
- Property having a value of $500 or more and a useful life of more than one year will also be given a numbered property tag and periodically inventoried. It must be tracked, accounted for, and disposed of as specified below.
- Property under a value of $500, but greater than $50, and having a useful life of more than one year will have affixed a “Property of Kaskaskia College” tag.
- Some property may be sensitive, portable, or prone to theft, but may not meet the $500 threshold, e.g., cameras, electronic devices, optical devices, and similar items. The Department of Operations and Purchasing will make exceptions on a case-by-case basis in assigning numbered inventory control tags to these items. If a department wishes to have such property tagged for control purposes it should contact Operations and Purchasing to arrange such tagging.
VI. Tagging of Property
- All tags should be uniformly located. Once applied, care should be taken not to paint over, obliterate, or remove property tags.
- When practical, the inventory control numbered tags should be placed near the manufacturer's name plate indicating serial and model number. Non-control property tags should be placed in a manner that makes them easily visible. Tags should be uniformly located. Tag location on common property items:
- Desks - Left side of knee space
- Chairs - Middle upper edge of back or inside right rear leg
- Files, cabinets, racks, etc. - Front top left corner or under manufacturer's name plate
- Computers – On the CPU unit, right side panel, top, close to front of unit; monitor, on the side panel closest to the upper right of screen.
- Equipment & other furnishings - Where convenient but not distracting from the appearance of the item
- Rolling and portable stock - Where easily visible, but not subject to obliteration
- Outside equipment - On the frame or major component
- Items that, due to use under adverse conditions or type of construction, do not allow for secure tagging will have “Property of Kaskaskia College” and the inventory control number, when applicable, engraved into the surface area in a manner and location as to be permanent and not detract from the overall appearance of the property.
VII. Property Accountability
- All items having an individual value of $500 or more will be placed on inventory records, regardless of source of receipt. The head of a department or other designated budgetary division is responsible for the custody, proper use, reasonable care, and maintenance of all property purchased, assigned to, or under the control of their respective departments or divisions within the College.
- The property inventory will be maintained on a regular basis. It shall be the duty of the person stated above to furnish to Central Receiving, on a timely basis, full information as may be required to keep inventory records current.
VIII. Physical Inventory
- A physical inventory will be conducted on an annual basis by Operations and Purchasing.
IX. Movement of Property
All controlled inventory, in addition to being assigned a control number, will also have recorded its specific location within the College. Any movement of such property should be reported to Operations and Purchasing personnel at the time of or just prior to its movement.
X. Vandalism or Destruction of Property
All property vandalized or destroyed by any means must be reported to Security. If the property contains an inventory control number, Security will forward a copy of the investigation report to Operations and Purchasing so that any adjustments as to value and usefulness may be determined.
XI. Theft or Loss of Property
Whenever the theft or loss of property is discovered it must be immediately reported to Security. If the item contained an inventory control number, Security personnel will forward a copy of the investigation report to Operations and Purchasing. Action will be taken to remove the item from inventory based on the investigation report. Should the item be recovered and returned to the original department or budgetary division, Security should be notified. Security will then notify Operations and Purchasing on the recovery of the item and the item will then be restored to inventory.
XII. Loaning of Property
Loans of equipment or other properties to not-for-profit and non-political entities may be made if it is determined to be in the best interest of the College and for the public good. Such loans shall be subject to applicable College policy and procedure.
XIII. Transfer of Property
The transfer of controlled property from one department or budgetary division to another will be arranged through Central Receiving and Inventory Control.
XIV. Disposition of Controlled Property
- Controlled property that is traded as part of a new purchase will be cleared with Operations and Purchasing, so as to properly account for its removal from inventory records. Reference should be made to the purchase order number on which the trade is to be applied.
- Property that has been replaced or is no longer needed will be reclassified as surplus or salvage inventory, pursuant to Policy 6.3.
- Other Divisions within the College will have first option on surplus inventory.
Approval History: Replaces Inventory Control – Non-expendable Items Procedure 4.25 approved October 16, 2003