College Property Inventory (Procedure 5.0801)
|Based on board policy number and Florida Statute:||Effective Date:
|F.S. 1001.64; 1001.65; FS 274.05; 274.06
To define and outline a procedure to record, maintain, and inventory tangible College-owned property.
- Property: Equipment, machinery, and furnishings that are required by statute to be tagged and inventoried by the College.
- Identification Number: unique number assigned and affixed to each item of property to identify it as property of the college and to differentiate one item of property from another.
- Original Cost: invoice price plus freight. installation charges, or any other cost required to put the item into service; less any applicable discount.
- Value: fair market value of donated property items as of the date of donation acceptance by the Board of Trustees.
- Custodian: the designated college employee who has the primary financial responsibility for the physical custody and use of all college property under their control. The custodian is also known as the department budget manager.
- Property Acquisition
Property can be acquired through the Seminole State College procurement process or received as a donation through the Seminole State College Foundation.
- Threshold for Recording Property
All property with total original cost of $1,000.00 or more and projected useful life of one (1) year or more should be recorded in the college's financial system as property for inventory purposes.
- Marking of Property
Each property item should be permanently marked or decaled to establish that ownership of the item rests with the college. Each marking should visually display the unique identification property number and should utilize a standard barcode system to facilitate electronic inventory procedures. In some cases, where determined by the asset accountant, a "parent-child" format of property classification and identification will be utilized.
- Recording of Property
Each item of property should be accounted for in a separate property record. The record should contain the following information:
- Identification number.
- Description of item.
- Physical location (building code and room number).
- Name of custodian.
- Name, make, or manufacturer.
- Year and/or model.
- Manufacturer's serial number, if any, and if an automobile, vehicle identification number (VIN) or title certificate number.
- Original cost or value at the date of acquisition. Donated items must be valued at their fair market value at the date of acceptance.
- Date acquired.
- Method of acquisition, and if purchased, the voucher number.
- Inventory of Property
A physical inventory of all tangible college-owned property should be taken annually by the Property Specialist. Change of custodian, particularly when a large number of property items or a high value of items is recorded under the control of that custodian, may require a physical inventory to be conducted at the time of the custodial change. Custodians may not personally inventory items for which they are responsible.
All tagged property items will be scanned using electronic scanning equipment. At a minimum, the recorded data should contain the following information concerning the property item:
- Identification number.
- Date of inventory.
- Physical location (building name and room number).
- Name of the custodian of the item.
The data acquired during the annual property inventory should be compared with the individual property records. Differences such as location and custodian shall be investigated and corrected as appropriate.
Any property item found during the physical inventory process, and not previously recorded, should be investigated to establish its ownership, and then added to the college's property records.
Items not located during the physical inventory process should be promptly reported to the custodian and to the District Board of Trustees. An internal investigation by the College's Security Department should then be conducted. If the items are not located after the internal investigation, the property record shall be so noted, and a report should be filed with the appropriate local law enforcement agency. This report should describe the missing items and the circumstances surrounding their disappearance.
||President, E. Ann McGee