Property Inventory Control
To ensure compliance with generally accepted accounting principles and prudent financial management, an asset valuation, property capitalization, and inventory control policy for the University System of Maryland has been developed. The University of Baltimore must comply with that policy.
The property control section of Administration and Finance, 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, or classified as sensitive, regardless of dollar value.
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) is available at http://www.umsa.umd.edu/regents/bylaws/SectionVIII/VIII110.html