1101: Supplies Inventories

Property Management Policy & Procedure Manual
Section 1100: Supplies Inventories
Effective: 03/01/1979
Revised: 05/27/2003

Purpose

To ensure that departments appropriately secure minor equipment and supplies against loss or theft. 

Background Information

All items purchased by OSU, capital and non-capital, are included in a valuation for insurance purposes.  The value is submitted annually to State of Oregon Risk Management Division (RMD).  The value of OSU non-capital equipment and supplies is estimated to be 15% of the value of the building.

Policy

All non-capital equipment must be subject to internal control measures that are sufficient to provide reasonable assurance that such property will not be lost or stolen.

Procedure

Minor Equipment Security

Responsible Party Action
Department
  1. Review Property Security Policy in the General University P&P manual.
  2. Make sure that equipment is cabled down or maintained in locked rooms or file cabinets.
  3. Place appropriate tags on equipment.  ‘Property of OSU’ tags are available from Inventory Control.  STOP tags are available from the Office of Public Safety.
  4. Maintain loan agreements (see PRO 701-01) or sign-out sheets for equipment used off-campus.
  5. Remind faculty and staff regarding security policy

Organized Storerooms

Responsible Party Action
Department
  1. Conduct an itemized count of storeroom (required at Fiscal Year end).
  2. Send copy to Property Management.
Property Management 
  1. Maintain record copy of itemized report.

Valuation Reporting

Responsible Party Action
Property Management
  1. Report to Risk Management the consumable supplies value based on the current value of OSU-owned buildings.  Value is a flat 15% of building value.

Additional Information

The current policy has been approved on a trial basis for the FY’03-05 biennium.  Historically, departments were required to maintain an itemized list of non-capital equipment valued from $500 to the capital threshold ($5,000).  Departments may continue to do so as a method to verify that equipment is properly secured and accounted for.