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 tags, and will add the property to the University’s inventory. Periodically the Property Control Specialist will distribute inventory lists to all Unit Property Custodians. The list will be used to prepare for periodic inventory counts, performed by the UB Property Control Specialist and the Unit Property Custodian (UPC). The UB Property Control Specialist will follow up with the UPC by sending the UPC a list of missing items. the UB Property Control Specialist and the UPC will work together to find or otherwise account for the missing items. Property should not be moved, transferred, sold, traded in, or disposed of in any fashion without the written approval of the property control section.
Receiving and Use of UB Loading Docks
Receiving capability at UB is limited. The campus loading docks may only be used for official UB business purposes. Personal items may not be received or shipped from UB loading docks. All items with a unit value greater than $5,000, all computers, and all sensitive items must be tagged with a UB property tag and included in the UB inventory of assets. Contact Procurement for more information.
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.