Procedure

The College shall conduct an annual inventory of capitalized assets and non-capitalized high-risk assets.  Spot checks may be made at intervals when deemed necessary or advisable.  The Vice President for Administrative Services / CFO shall be responsibility for making sure that the inventory is completed.

Definitions of Terms

Custodian – the employee who is responsible for an equipment item. This is usually the person who uses the equipment. If you have a computer on your desk, you are the custodian of that computer. Custodians are responsible for safeguarding and accounting for the assets under their control.

Depreciation– the allocation of the cost of an asset over the course of its useful life. The college uses the straight-line method of depreciation for all depreciable assets.

Equipment Specialist – business office employee designated by the vice president of finance and administration to coordinate inventory transactions.

Equipment Inventory – the college will verify all items on the equipment inventory annually. The verification requires the physical observation of each inventory item. The business office
will send inventory managers a listing of all inventory items in their areas. Inventory managers should locate each item on their list as well as inspecting their areas for equipment that does not
appear on the inventory listing.

Inventory Tag – an inventory tag numbered in sequence placed on equipment items by the equipment specialist. The serial number will be recorded on the computer printout by the business office.

Surplus Property– property not required by a particular segment of the college. This property is available for transfer to another segment that can utilize the property, transfer to another state agency or sold by approval of the Trustees of Western Piedmont Community College.

Responsibilities
The Vice President for Administrative Services / CFO is responsible for supervising the operation of the equipment/property control system and for updating this policy as required recommending any action needed to adjust accounting records.
Each senior administrator will review and take appropriate action on inventories conducted within the administrator’s area of responsibility. Appropriate action includes notifying the equipment specialist in writing of all equipment that should be removed from inventory for whatever reason.

The president is accountable for all college property. He or his designees will approve the acquisition, use, and disposal of all college property.

Inventory custodians maintain physical and administrative control of property assigned; assist in the maintenance of departmental inventory printouts; assist in performance of inventory; prepare
written documentation required to substantiate loss, damage, or destruction of property assigned; and recommend in writing the removal of equipment from inventory due to cannibalization,
exhaustion, loss, etc.

The equipment specialist maintains the equipment inventory ensuring that new items are added to the inventory and entering the transaction forms submitted by the custodians.

Use of Equipment Off-Campus
State policy does not permit individuals to remove equipment from campus for personal use.
Any removal of equipment from campus for business purposes must be approved by the appropriate vice president for that division. Each instance must be evaluated individually.

Laptops, iPads and other mobile computing items issued to employees may be removed from campus without special permission for business use only.

Relocation of Equipment
All items entered on the equipment inventory are identified with an asset tag. The tag displays the number assigned to that item on the equipment management system. The inventory tag should not be removed from the equipment. If the tag becomes damaged or the number becomes illegible, notify the equipment specialist. If any tagged equipment is moved an Inventory work order form must be submitted with the new location.

Procedures for Annual Inventory
The dates for the fixed asset inventory will be determined each year based on the operational requirements of the college. The inventory will normally be scheduled in the early spring so that
it can be completed prior to the end of the spring semester. The equipment specialist will meet with the inventory managers from each area prior to beginning the inventory process.

Inventory managers should conduct the inventory themselves. Any discrepancies should be noted on the inventory printout. Discrepancies would include inventory on the printout, but not in the location, inventory in the location, but not on the printout or inventory in a different location than the one listed on the printout.

The inventory will be completed within the schedule as outlined by the equipment specialist. Printouts and notations will be returned to the equipment specialist.

The equipment specialist will finalize the inventory by ensuring the vice presidents of each area have signed off on the inventory noticing any discrepancies. The equipment specialist will then complete the internal equipment audit form certifying that each area has been inventoried and identifying any items not located.

Those items not found within the inventory process will be referred to the Vice President for Administrative Services / CFO. The following actions will be undertaken:

1. An investigation of the loss or suspected loss will be made to collect information pertaining to the loss.
2.  A report of the findings and recommendations will be made.
3. The Vice President for Administrative Services / CFO will approve the report.
4. The Vice President for Administrative Services / CFO will submit to the Trustees of Western Piedmont Community College annually.

Review/Amended: