TMCC

Auxiliary Services

Property Inventory Control

The purpose of the property inventory control system is to serve the interests of the State of Nevada, Board of Regents and Truckee Meadows Community College.

Property Management

Equipment management responsibility constitutes utilization, care, preservation and custodial from the initial acquisition to the disposal of the equipment item.

Department chairperson, director, administrative officer or her/his designee is the designated equipment custodial official and is directly responsible and accountable for all federal and state property within the possession or control of her/his department. Designated equipment custodial officials must certify all applicable transactions and subsequent inventory report reconciliations with her/his approval signature. This includes donations and equipment purchased with grant money.

See Also: Procedure for Donated Equipment

An annual inventory will be conducted and verified to the departmental accounting records. All inventory documentation and certification, including the fixed asset database, conducting/recording/verifying the physical inventories and disposing of excess property is the responsibility of and coordinated by the Auxiliary Services property inventory clerk.

The departmental designated equipment custodial official is directly responsible to report all location and/or department ownership changes to the property inventory clerk using the TMCC/BCN Property Inventory Change Form. All necessary signatures must be obtained before the form is submitted to the property inventory clerk for approval. This also includes any loss, damage, destruction or theft of federal or state property, which must be reported immediately upon discovery, using the TMCC/BCN Property Inventory Change Form.

The TMCC Police Department must be notified as well. A copy of the police report must be requested and attached to the TMCC/BCN Property Inventory Change form before submitting. Also, the Vice President of Finance and Administrative Services office must be notified to address any related insurance matters.

Audits by both federal and state auditors may be conducted at any time on any aspect of federal/state inventory property. Requests by auditors for property inventory information for each department are referred to the property inventory clerk.

Acquisition

Departmental property acquisition authority is vested in the board of regents and the applicable federal grant/contract. The person responsible for overseeing the acquisition authority is the Director of BCN purchasing and Accounting Services if purchased on a departmental purchase order (DPO).

Definition of Inventorial Property

  1. A fixed asset item shall be defined as a non-expendable piece of property having a unit cost of $5,000 or more and meeting the following criteria: (1) is complete in itself; (2) is of a durable nature with a life expectancy of two years or more. (Property remains on inventory for the life of the equipment.) This definition does not apply if equipment is leased, rented or placed at a college facility for demonstration purposes.

    All acquisitions of property are recorded in the fixed asset database, which is administered by the board of regents. All items remain in the database until salvaged and are categorized as follows: "S" for state property, "F" for federal property, "E" for federally-funded state property, "P" for privately-funded or donated property, and "A" for artwork and antiquities. If applicable, Military Standard Requisition Issue Procedures are followed for all acquisitions associated with department of defense grants/contracts.

    For each fixed asset item, the following information is maintained by the property inventory clerk in the fixed asset database:
    1. model
    2. category
    3. description
    4. manufacturer
    5. serial number
    6. location
    7. identification number
    8. department
    9. responsible person
    10. status
  2. A sensitive inventory item, in accordance with Board of Regents Policy, Title 4, Chapter 10, shall be defined as a personal property item that may have a value of less than $500, but is highly desirable and easily converted to unauthorized personal use. (Item must be specifically designated as such by the property inventory clerk.) The following items are considered sensitive inventory:
    • computers
    • microscopes
    • individual communication devices
    • cameras
    • video cameras
    • bicycles
    • firearms (regardless of value)
    • cell phones
    • two-way radios
    • telescopes
    • printers
    • video monitors
    • fax machines
    • videocassette recorders
    • video projectors facilities equipment (lawn mowers, hand trucks, power tools, etc)
    • Any leased equipment

Accountability

Sensitive property has special control/reporting requirements. A separate inventory list of sensitive property must be maintained by each department. The list should be updated continuously with additions and deletions. Equipment items should be listed by location (room number and building), asset number, description, manufacturer, model, category, serial number, department, responsible person, status and purchase price. A copy of the inventory list and all updates must be sent to and kept on file by the central services inventory clerk.

Any questions concerning classifications/identification of a particular item will be referred to the Auxiliary Services inventory clerk.

Receiving & Fixed Asset items

The departmental designated equipment custodial official is responsible for identifying and reporting to the property inventory clerk all inventory property received by their department (including fabricated property). Additionally, the director of purchasing notifies the property inventory clerk of all fixed purchases, by sending a copy of th e-purchase order with the "fixed asset tag" and " equipment label notification" form attached. When the equipment arrives and is in place, the property inventory clerk contacts the department, then completes the "equipment label notification" form, applies the "fixed asset tag" and forwards it to BCN Purchasing.

The institutional fundraising and private property donations/gifts organizations (foundations) also provide the property inventory clerk a monthly list of gifts received. The property inventory clerk reviews the gift list for inventory items.

The departmental designated equipment custodial official is also responsible for verifying and reporting, upon receipt, any shipping discrepancies between the bill of landing and the purchase request, as well as the condition of property items received. Departments report discrepancies/damages/losses to the director of purchasing, property inventory and, if applicable, the federal contracting officer.

Identification

All inventory property is identified with a TMCC property label provided by the property inventory clerk. Federal property is identified with an additional federal property label provided by either property inventory or the federal contracting officer. The property labels (both federal and TMCC) are not to be removed except at the direction of the property inventory clerk. If a property label is damaged or lost a replacement label is provided by the property inventory clerk.

Equipment on Loan to Employee/Sensitive Property Items

Inventory property and, in particular, sensitive property items (including laptop computers as well as other types of equipment) may be on loan to employees and moved to off-campus sites or elsewhere on campus outside of the departmental area in support of university or federal contract/grant work.

These loans must be approved and documented by the department chairperson or an authorized representative on the equipment loan agreement form. This form must be submitted to the property inventory clerk before equipment may be taken off campus.

Storage

Inventory property may be temporarily placed in storage by the department chairperson. The property inventory clerk must be notified if the storage site is a different location from the previously recorded location.

Physical Inventories

An annual physical inventory of all property items listed in the asset database is performed in each department. The annual inventory is performed by the property inventory clerk.

The annual inventory is initiated by the property inventory clerk with a copy of each department's inventory property listing printed from the asset database. Each department, and the property inventory clerk, verifies the listings, notes any discrepancies, has the department chair, or authorized representative, sign the inventory listing, and return the listing to the property inventory clerk.

At all times the property inventory clerk maintains a record of the most recent departmental inventory listings. Material adjustments to the fixed asset database, as a result of physical inventory will be made with approval from the property inventory clerk.

Disposal

Departments with excess inventory, whether capitalized, sensitive or internal inventory, must notify the central services inventory clerk before making any plan for disposal of any item.

The property inventory clerk then advises the department of the proper paperwork to be completed and how to dispose of the property in the best interest of the State of Nevada.

The department providing the excess property for disposal may or may not receive any compensation for their excess property. For example, if another department requests to reutilize an excess property item, it may receive that excess property item after paying a small handling fee.

The property inventory clerk may store excess property items for reutilization in a designated storage area. Departments receiving excess property from the property inventory clerk should provide their own pick up of the items within three (3) working days of the date of their request to reutilize the property.

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