1000 Equipment Inventory Record Keeping

1001: Inventory Records & Retention Periods

Property Management Policy & Procedure Manual
Section 1000: Equipment Inventory Record Keeping
Effective: 07/01/1971
Revised: 05/27/2003

Purpose

To retain university property records for the required period of time.

Policy

OSU will keep and maintain property control records for all active, missing, and retired capital equipment on the FIS Fixed Asset Module.  Other property records are retained by Property Management and Departments for the periods listed below:

Record Type Property Management Departments
Equipment Inventory Lists 4 years 2 years
Lost/Stolen Property Reports 4 years after loss 2 years after loss
Damage Or Loss Of State    
Property Claim 4 years after loss 2 years after loss
Equipment transfer forms 4 years 2 years
Biennial inventory reconciliation 4 years 2 years
Equipment Loan agreements 6 years after term   3 years after term
Equipment Maintenance Records   1 year after disposal    
Equipment Loan/Usage logs   2 years after return of prop
Federal Property Records 6 years  3 years    
Personal Property Loan Agreements 6 years after term Upon return of property
Storeroom physical inventories 6 years 2 years
Property Disposition Requests 4 years  2 years
Supplies Inventory Records 4 years   2 years
Surplus Property Records 4 years  2 years
Vehicle Records 2 years after disposal 2 years after disposal

Additional Information

The OSU Archives Records Retention and Disposition Schedule is available online at the Archives website.

1002: Equipment Inventory Records Maintenance

Property Management Policy & Procedure Manual
Section 1000: Equipment Inventory Record Keeping
Effective: 07/01/1971
Revised: 09/10/2007

Purpose

To maintain accurate audit records for internal and external audit agencies and to provide departments with information about equipment.

Policy

OSU must maintain property control records for all active, missing, and retired capital equipment on the property control system as required federal and state regulations.  Departments must notify Property Management of any changes to Capital Equipment that requires the updating of an asset's record. 

Departmental Inventory Coordinators are responsible for maintaining the completeness and accuracy of their department's inventory records and must update them when a change occurs.  Discrepancies between the asset record and the actual asset must be corrected when identified.

In order for the Departmental Inventory Coordinator to discharge her/his responsibilities effectively, department heads, departmental users, and principal investigators must supply her/him with the necessary information in a timely manner.  Inventory changes should be discussed with the inventory coordinator before they occur, rather than after the fact.  Employees should be responsive to requests for information from the department's inventory coordinator.  (The coordinator's efforts to keep accurate inventory records help maintain a department's eligibility for insurance coverage and sponsored research funding.)

Updating an Asset Record

Changes   Departments Must:
Corrections: Notify Property Management of any discrepancies in the asset record via email.   Discrepancies may occur in the equipment's description, model number, serial number, condition or percent of time available for sharing.
Responsibility:  Notify Property Management of any changes that occur in the personal accountability of the equipment.  This may be submitted via email or on a Fixed Asset Transfer form (FATF) to change the "PI" or sub location code.
Location:    Notify Property Management of any change in the equipment's location via email or FATF.  Departmental Inventory Coordinators who do not update the asset records each time equipment moves should keep internal records that enable them to locate their equipment between updates.  In the event of an audit, if an asset cannot be found at the inventory location, the Departmental Inventory Coordinator will be asked to produce the asset.
Transfers:  Notify Property Management when equipment is transferred to another department (See PRO 805: Transfer of Equipment) using the Fixed Asset Transfer form (FATF).   Both the requesting and receiving departments must sign the FATF prior to submitting it to Property Management. The FATF is available on the Inventory Control website.
Functionality:  Notify Property Management when the equipment becomes non-functional and is beyond repair.  Submit a Property Disposition Request (PDR) form to Property Management to remove the asset from inventory.
Documentation   
  • Property Management must retain records, including email, of all requests that correct or update an asset record. 
  • Departments - See PRO 1001: Inventory Records & Retention Periods