To properly receive and record equipment to protect the University against loss.
The receiving department is responsible for receiving and inspecting newly acquired equipment, regardless of the method of acquisition. Inspection should occur prior to processing the invoice.
Assets Purchased through Banner FIS
All assets purchased through the Banner FIS system have a record generated automatically and results in an inventory bar code tag being sent to the owning department.
Assets Received Through Other Means
Assets received through other means (loans, government-furnished, leases, etc.) must be added to inventory via a Fixed Asset Data Entry (FADE) form. FADE Form (pdf format) are available at the Inventory Control website. See PRO-Ex3 for an example of a FADE form.
Adding to Inventory
All capital assets must be added to inventory within 60 days of receipt. Any asset stolen or damaged after the 60-day window may not be covered by Risk Management.
See PRO 304: Insurance for information on interim period.
See Campus Freight website for information relating to shipping and receiving packages.
To properly identify and track OSU equipment via a bar code inventory tag .
All equipment on the OSU inventory must be tagged with an OSU bar-code inventory tag, which is furnished by Property Management. Equipment acquired for sponsored research may also require an asset tag from the sponsoring organization (See PRO 902-02: Federal Property Requirements in Section 9). At the time the tag is attached, all information on the inventory record should be verified against the actual equipment and updated as needed. Clear laminated covers should be used to protect tags that will be exposed to the elements or to harsh environments; contact Property Management at 541-737-7350 for details.
Assets included on the Historic Properties register should have a tag from the Historic Properties Commission. This tag begins with an "H" and should not be removed under any circumstances.
Tags should be placed where they can easily be seen and scanned, but where they will not interfere with the use of the equipment or be hidden when the equipment is used.
Replacement Inventory Tags
When inventory tags are lost, damaged or poorly located, replacement inventory tags should be obtained from Property Management. They are printed in-house, so response time is usually 48 hours. Please e-mail (Kim.Rowe@oregonstate.edu), fax (541-737-2170), or campus mail a list of the tags needed to be replaced to Property Management. New tags will be attached to the request and returned via campus mail or US mail.
Tagging Non-Capital Equipment
Property Management does not identify or tag equipment with an acquisition cost of less than $5,000. If a department has an interest in identifying, tagging, and tracking equipment costing less than $5,000, Property management can supply "Property of OSU" identification labels to the department.
STOP (Security Tracking of Office Property) Tags
Departments may tag equipment with STOP Tags to protect OSU's property interests and help prevent theft of equipment.
Use the term "untaggable" to describe items that cannot be tagged because they are too small, delicately calibrated, or they are used in harsh environments that would immediately destroy a tag. The word "untaggable" and a brief explanation should be added to the asset record text of the item. Departments should keep the tags in a notebook with information about the equipment to which they refer (description, serial number, etc.). When the inventory is conducted, the equipment is located and identified from the information contained in the notebook, and then the tag is scanned.
When an item is untaggable, or can be tagged but has no serial number, permanently mark the OSU inventory number on it using an engraver or indelible marker. An engraver is available for loan from the Oregon State Police / Department of Public Safety.
|Department||Place tags on equipment promptly upon receipt in a location that is visible and scannable.|
Tag items consistently in accordance with the following guidelines:
To ensure that capital equipment is properly used, maintained, and serviced to maintain the efficiency and usefulness of the equipment for as long as possible and to make the most effective use of the university's assets.
Equipment on the OSU inventory is intended for institutional use and not for private purposes. Use may be additionally restricted by the terms of the research contract or grant for which the equipment was acquired, if applicable. See PRO 900: Sponsored Research and Federal Property and PRO 206: Equipment Acquisition-Loan. Equipment should only be used by properly trained personnel and only for the manufacturer's intended purposes, and not misused.
Non-required equipment that has not been used for a substantial period of time should be made available to others or sent to Surplus Property for disposal.
Capital equipment should be maintained by department personnel or outside vendors in accordance with the manufacturer’s recommended maintenance schedules. Maintenance schedules should be followed for equipment currently in use and equipment in storage. Records of maintenance performance should be kept for each item of capital equipment. Maintenance may include:
Maintenance records must be kept for agency-owned equipment (e.g., federally owned equipment belonging to DOD, NASA, DOE, etc.).
See PRO 1002: Inventory Records Maintenance
To protect the University against loss by properly insuring equipment
The State of Oregon Insurance Fund covers all property included on the Annual Risk Report, including the OSU fixed asset inventory. The fund is used to replace, repair, restore or rebuild state property that is lost, damaged, or destroyed, subject to specific exclusions outlined in the Department of Administrative Services Policy Manual #125-7-101. A $2,500 deductible applies to most equipment and supply losses; a $10,000 deductible applies to equipment lost due to theft or hazard which was preventable.
The Department of Administrative Services (DAS) Risk Management Division (RMD) provides supplemental insurance to insure newly acquired capital equipment within a 60-day interim period after receipt. After 60 days the item is not considered insured against loss unless it has been added to equipment inventory. Departments must process the appropriate documents (Invoice or Fixed Asset Data Entry form) within the 60-day interim period to add the equipment to inventory.
Employees are responsible for promptly reporting loss or damage to their supervisors, who in turn are responsible for reporting the loss or damage to OSU Risk Management and the Law Enforcement.
Losses should be reported immediately to the OSU Risk Management Office, (541) 737-7252, to allow adequate time to process the claim. OSU must file a claim with Risk Management within a time limitation of 90 days from the date of a loss.
|Note: If Risk Management pays on a claim, the asset becomes the property of Risk Management. Any proceeds from the sale of damaged assets must be returned to Risk Management. A Surplus Pick-up Request form should be submitted for such items, identifying them as 'claimed' property, and Property Management returns anything received from their sale back to Risk Management. If a stolen asset is retrieved that Risk management had paid a claim on, that asset is also Risk Management property, and the department must either pay Risk Management for the asset, or sell it with the proceeds going back to Risk Management.|
The State Insurance Fund self-insures agencies of the State of Oregon. Claims approved for OSU increase the insurance premium that is levied against OSU in future years. This results in OSU fully repaying the fund for any funds disbursed. All reasonable precautions should be taken to adequately secure and protect OSU property from theft or damage.
See the Property Security Policy in the General University Policies section of the OSU Administrative Policies and Procedures Manual for more information.
See the State of Oregon Risk Management Division web site for additional information.
To ensure that OSU-owned equipment and equipment in our custody is properly stored, protected and preserved during long-term storage.
Federal and State of Oregon policies encourage the use or disposal of equipment that has not been used for long periods of time.
Equipment used for current operational needs is generally considered required equipment and should be stored as appropriate. The long term storage of non-required equipment is not advocated. Non-required equipment that has been in storage for a substantial period of time should be made available to others or sent to Surplus Property for disposal. However, equipment that is extremely specialized and used only intermittently or during specific seasons for field work may be appropriately stored for future use.
When equipment is not in use, the responsible department must make arrangements for the optimal maintenance and protection of the asset. The equipment should be housed adequately with proper packaging to ensure preservation of the asset. Special controls and inspections should be provided for (1) equipment that is subject to corrosion or may be damaged by humidity and temperature extremes, and (2) the accessories and special tools that may or may not be regularly used with the parent asset.
Government property in the custody of a department should be segregated when required and adequate security and protection must be provided for assets both inside and outside storage. Access to property in storage should be limited to authorized personnel.
PRO 303: Use and Maintenance
PRO 804: Surplus Property