Administrative Policies
University Policy Number 2104
Subject: Inventory Control of Office and Educational Equipment and Furniture
Responsible Parties: All Heads of Departments and Activities
Procedures: Equipment Procedures http://fiscal.gmu.edu/Procedures/equipman.pdf
Related University Policies: Review of Internal Controls http://www.gmu.edu/facstaff/policy/newpolicy/2103adm.html
I. SCOPE
This policy applies to all University controlled equipment entrusted to
all departments, offices and activities of George Mason University at
all locations, regardless of the source of funding. This policy governs
the taking of periodic inventories, day-to-day stewardship and the year-round
maintenance of the University’s database reflecting the status of
equipment.
II. POLICY STATEMENT
This administrative policy implements the Commonwealth of Virginia's policies
and the University's inherent obligation to exercise appropriate stewardship
and accountability for all equipment regardless of the method of acquisition
(purchase, lease, fabrication, donation via GMUF, borrowing, etc.) or
the source of funding (educational and general funds, sponsored programs,
GMUF, etc.). Because of its status as a publicly funded institution, the
University is accountable for all the equipment in its possession.
III. RESPONSIBILITIES
A. Deans, directors, vice presidents and departmental managers are responsible
for:
(1) Maintaining written policies and procedures as deemed necessary to
supplement this policy, for safeguarding and controlling all equipment
in their possession, and complying with this administrative policy,
(2) Assigning and training equipment liaisons/custodians and providing
knowledgeable escorts to the General Accounting Office for taking inventories,
(3) Proactively ensuring that all the equipment in their custody is adequately
safeguarded and controlled, and
(4) Promptly (within 30 days) reporting status changes (acquisition, transfer
between departments, disposition, cannibalization, destruction, loss,
theft, etc.) of centrally recorded (i.e., bar-coded) equipment to the
General
Accounting Office. Certain discrepancies (unexplained losses, possible
thefts, damage, destruction, etc.) must be reported as soon as discovered
to the University Police and Risk Management as well as General Accounting.
Assigned equipment liaisons/custodians should be University employees whose regular duties consist in whole or in part of managing the unit's equipment and acting as the point of contact for equipment. This includes being the unit's primary point of contact with General Accounting, Police and Risk Management offices, and for ensuring these offices are provided all necessary paperwork concerning equipment status changes.
B. General Accounting is responsible for ensuring that central equipment
records are properly maintained and for taking the annual inventories
with the assistance of departmental personnel. It also maintains and distributes
a booklet of procedural guidance titled Equipment Procedures (http://fiscal.gmu.edu/Procedures/equipman.pdf)
and, upon request, assists departments in training equipment liaisons
and custodians.
C. University Police will investigate possible thefts, mysterious disappearances,
etc. of University equipment.
D. The Risk Management Office will process insurance claims for accidentally
lost, damaged, theft, or destroyed equipment. The University's insurance
policy excludes coverage for employee dishonesty, unexplained (mysterious)
disappearances, and losses and shortages disclosed when taking inventories.
IV. EFFECTIVE DATE AND APPROVAL
The policies herein are effective July 1, 1999. This Administrative Policy
shall be reviewed and revised, if necessary, annually to become effective
at the beginning of the University’s fiscal year, unless otherwise
noted.
Approved:
_______________________
Maurice W. Scherrens
Senior Vice President
________________________
Peter N. Stearns
Provost
Date approved: May 24, 2004