Pine Technical College
Policy and Procedure

Policy Number: 406 Date: 8/16/99 Revision Date: 8/16/2001
Division/Department: Administrative Services Authors: Katherine Hefty, Steve Lange & Karen Mansavage
Subject: General Fixed Asset Inventory for General Fund.

Authorities:
State of Minnesota and Minnesota State Colleges and Universities

Purpose:
To tag, transfer, physically count, report, and confirm the existence of inventory items

Policy:
All College equipment with a minimum value of $2,000.00 per item, computer equipment, and firearms will be physically counted no less than once per year.

Maintenance and Administrative Services will schedule an annual physical count as close as possible to the last working day in the fiscal year. Cost Center Managers will conduct an annual physical count as close as possible to the end of spring semester.

All College equipment with a minimum value of $2,000.00 per item, computer equipment, and firearms will be entered in MnSCU=s Fixed Asset Inventory System within 45 days from the receipt date by Administrative Services. The inventory items will be tagged before issuance to a designated user.

The movement/transfer of the above items from one room or assigned cost center to another (including items for repair or replacement) will be accompanied by completed and approved inventory worksheets. Equipment checked out through the Media Center, firearms checked out through the Tool Crib, and laptop computers are exempt from the use of approved inventory worksheets.

All inventory items will be reconciled before the close of the fiscal year. The Fixed Asset Inventory System will be updated to reflect the reconciliation for additions, transfers, and deletions before the close of the fiscal year.

Procedure:
ADDING ITEMS TO INVENTORY:
The requestor submits a material requisition or donation statement to Administrative Services.
Administrative Services assigns a fixed asset number to the inventory item.
The requestor contacts Maintenance upon delivery or receipt of the inventory item for proper tagging before acceptance.
Maintenance obtains an inventory worksheet from Administrative Services or the mailroom, completes the worksheet, tags the inventory item, and submits the completed worksheet to Administrative Services.

MOVING/TRANSFERRING EXISTING INVENTORY:
The requestor obtains, completes, and submits an inventory worksheet to Maintenance for validation of existing tag or for re-tagging of existing inventory before the move/transfer.
The requestor moves/transfers the inventory and contacts Maintenance for verification of the move/transfer.
Maintenance verifies the move/transfer and returns the inventory worksheet to Administrative Services.
Administrative Services updates the Fixed Asset Inventory System.

DISPOSAL OF INVENTORY:
The requestor obtains and completes an inventory worksheet, disposes of the inventory, and submits the completed worksheet to Administrative Services.
Administrative Services updates the Fixed Asset Inventory System.

PHYSICAL INVENTORY COUNT AND RECONCILIATION:
Maintenance and Administrative Services will schedule an annual physical count as close as possible to the last working day in the fiscal year. Cost Center Managers will conduct an annual physical count as close as possible to the end of spring semester.
Inventory will be physically counted by a minimum of one person and recorded by another person.
Worksheets based on the physical count will be signed and dated by the persons conducting and recording the count prior to submission to Administrative Services.
Administrative Services will enter the physical count and reconcile the count, transfers, additions, and disposals to the Fixed Asset Inventory System and file the related documents.

Responsibilities:
The requestor will contact Maintenance for a valid tag upon delivery or receipt of new or donated equipment.
The requestor will initiate the move/transfer or disposal of inventory, complete the inventory worksheet, and contact Maintenance for validation of the existing tag or for re-tagging and verification of the move/transfer or disposal.
Maintenance will validate the existing tag or re-tag the inventory and submit the completed inventory worksheets to Administrative Services.
The cost center manager approves the worksheet, ensuring his/her knowledge of the user and location of the inventory.
Maintenance and Administrative Services will schedule an annual physical count as close as possible to the last working day in the fiscal year. Cost Center Managers will conduct an annual physical count as close as possible to the end of spring semester.
Administrative Services will enter, update, and reconcile inventory data in the Fixed Asset Inventory System and file the related documents.

Dissemination:
Supervisors will inform and provide the policy to employees in their units.
Employees may obtain the policy from the shared directory, Media Center, or President's Office.
The President may provide the policy to third parties and outside agencies.

Reviewed by Leadership Team: 8/16/99
Reviewed by Faculty Senate: 8/07/99
Reviewed by:
Approved: Date: 8/16/99