Property Validation

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Property Validation

A variety of tools, each serving a unique purpose, are used throughout the year to verify property inventory records.

MONTHLY TRANSACTION STATEMENT

Additions to property records are provided monthly to each Department Head and his/her Designee(s).
When received, confirm all additions and call or email the Property Manager with updates:
- building
- room number
- serial number
- responsible party

SPOT-CHECK AUDIT

The Property Manager or student workers will periodically perform spot-check audits of department property records to determine accuracy of:
- property listed
- location
- serial number
- existence of tag on the property
- responsible party
Spot-check audits may be performed on a department’s complete property list or a random selection of property as determined by the Property Manager.

COMPUTER INVENTORY

In conjunction with the Annual Property Inventory Audit, departments must complete an Annual Computer Inventory to facilitate the purchase of campus-wide software licenses and annual analysis of computers for the University Computer Replacement Plan.

ANNUAL PROPERTY INVENTORY AUDIT

Each department is required to take a physical inventory of the property assigned to it once per year.
The Property Office will provide the Department Head and his/her Designee(s) with:
- an official property report in MS Excel format
- an Annual Property Inventory Audit Receipt
- instructions for completing the property inventory
Important aspects of the Annual Property Inventory include:
- property is to be visually viewed;
- the official property report must be checked, marked, or otherwise noted confirming
  - existence of the property
  - location of the property
  - responsible party
  - any other requirements included in the instructions
Property not located must be documented with an explanation as to the last known information regarding its location; i.e., transferred, traded-in, etc. A Missing, Damaged or Stolen Property Report may be required.
After the inventory has been taken, the Department Head must
- sign the Annual Property Inventory Audit Receipt
- return the Audit Receipt and official property report to the Property Office by 5:00pm of the deadline date provided in the instructions.

Reports in campus mail will not be considered received.

*** IMPORTANT ***

FAILURE TO MEET 1 ST DEADLINE

A second deadline will be provided by the Property Manager
All ordering, including PCards, will be shut down until the official property report and Audit Receipt are received in the Property Manager’s office.

FAILURE TO MEET 2 ND DEADLINE:

Minimum information of department name, department head and property values will be reported to the Board of Regents at the next regularly scheduled meeting.
All ordering will remain shut down until the official property report and Audit Receipt are received.

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Stephen F. Austin State University

Property Validation