Inventory Overview

Effective July, 2009, MnSCU has directed that fixed assets shall include both revenue and non-revenue fixed assets within the 4000 object code that have a value of more than $10,000 and a life expectancy of more than two years. In addition, MnSCU has directed that all computers and weapons, regardless of price, age, and current value, must be kept on inventory. The Inventory Coordinator shall exercise his/her discretion in adding other items below $10,000 to inventory, such as printers, TVS, video cameras, high-tech computer peripherals, or other items that might be considered "sensitive." Equipment received valued at over $1,000 that does not meet these definitions and is not deemed necessary to be added to inventory will receive an unnumbered "Property of the State of Minnesota" sticker.

Adding New Assets to Inventory:

When fixed asset purchases arrive at Central Receiving, Inventory applies the asset number sticker and marks the item for BSU Inventory prior to delivery. Items that are too big or awkward to unpack and re-pack in Central Receiving or items that are highly sensitive and must be set up by a factory technician are marked after delivery and set-up is accomplished. Items that are not delivered through Central Receiving must also be marked at the department site. If you receive equipment that has not yet been marked for inventory, please notify the Inventory Coordinator at 755-2776.

Returning Assets to Vendor/Manufacturer:

If you must return a marked asset to the vendor/manufacturer for a replacement or if you decide you do not want the new asset, contact Inventory for removal of the asset number sticker from the equipment and from inventory records before it is returned. If the asset is only being repaired and will be returned to campus, this is not necessary. If you are not sure you will keep the asset, but are taking it on a trial basis, please make that clear on the purchase order so the asset is not marked until you decide to keep it.

Donated Assets:

The Inventory Coordinator must be notified of assets donated to the University to determine whether or not they should be assigned an asset number and added to inventory.

Recording Betterments to Existing Fixed Assets:

When creating a purchase order for $2,000 or more to upgrade or improve an existing fixed asset, please notify Inventory of the asset number of the existing asset being upgraded/improved and the purchase order number of the upgrade so that the price of the upgrade/betterment can be added to the existing asset. This information could also be put in the memo section of the purchase order.

Relocation of Fixed Assets on Campus:

If you are moving a fixed asset to a new campus location or transferring ownership to another department on campus, please notify Inventory so the record for that asset can be updated. You may e-mail the Inventory Coordinator or use the attached form to report this information.

Disposal of Assets:

Usable assets should first be made available to other departments on campus. Contact the Inventory Coordinator to advertise any surplus assets you want to make available to the rest of the university. If there is no longer any use for an asset on campus, it must be disposed according to state law and the guidelines set forth by the Department of Administration and the MNSCU Board. Assets that are no longer usable shall be recycled to the full extent possible. All equipment with electronic circuit boards and all video display terminals and televisions are considered hazardous waste and must be disposed through a licensed hazardous waste recycler. These items are to remain in the Department until recycling is coordinated by Inventory Control with the Environmental Health and Safety Coordinator. Unusable assets that are not hazardous and cannot be recycled shall be disposed of according to instructions by the local waste disposal authority at the local facility. If you wish to dispose of a fixed asset, please use the attached form to request disposal. The asset number must be removed from the inventory system. In some instances, approval must first be obtained from Materials Management, Department of Administration. This is handled by the Inventory Coordinator after a request for disposal is received.

Physical Inventory:

Physical inventory shall be taken at a minimum every two years, or more often if deemed necessary by the University or the Inventory Coordinator. (The exception is dormitory rooms, which shall be inventoried whenever required by the Board Office.) "Spot checks" may be ordered by the Board Office or performed by the Inventory Coordinator as often as deemed necessary. A department that has unsatisfactory physical inventory accuracy will be more subject to spot checks until acceptable accuracy is achieved. During physical inventory, Inventory Office personnel visit every building and room, recording asset numbers, brief equipment descriptions, and locations across the entire campus. The new date of the physical inventory is entered in the computer system for each asset number found and the location is changed if necessary. After all asset numbers found are updated in the computer inventory system, a computer printout is run for each department. Each department will then be contacted to find or account for any assets that were not found and updated by Inventory.

Missing or Stolen Assets:

Please notify the Inventory Coordinator of any assets missing or stolen and provide copies of any Security Report or Police Report. It may be necessary to complete a report form for missing or stolen assets for filing with the Department of Administration and the MnSCU Board Office. Upon notification of the loss, the Inventory Coordinator will make that form available to you if it is required.

Use of University Property off Campus:

The Inventory Coordinator must be notified of property removed from campus for use at home or other locations. Written permission must be obtained from a university administrator or college dean to use university property off campus and a copy of the written permission must be filed with the Inventory Office.

Personal Property on Campus:

Personal property stickers and forms are available from the Inventory Coordinator for faculty and staff who wish to keep personal property on campus.