3.3.9sr - SRTC Procedure: Asset Management

General
The State Board of the Technical College System of Georgia (SBTCSG) Policy 3.3.9. Inventory Management requires that technical colleges shall maintain accurate inventory records on the statewide accounting system, currently PeopleSoft Financial Systems, for all property items that:

  • Are non-consumable and non-expendable in nature;
  • Have an estimated usable life expectancy of three or more years; and
  • Have an acquisition cost of $1,000 or more per item.

Additionally, colleges have the ability to track items that are less than $1,000 on a separate program.

Identifying Inventory Items

Decals are affixed to inventory items when the inventory items are received. Asset management records are maintained in the state asset management system to include information on the asset location, custodian responsible, and the corresponding accounting information.

Annual Physical Inventory

The Georgia Department of Audits and Accounts and TCSG recommend a physical inventory of all asset management items to be taken annually. The annual physical inventory is coordinated with the custodians of the inventory items. The custodians are provided Asset Management reports of the inventory items for which they are responsible both before and after the annual physical inventory.

The location and existence of assets in the specified custodian’s care indicated on the Asset Management records is physically verified. It is recommended this be completed by someone independent of the custodian and Asset Management Technician. Any discrepancies in location, custodian, or item status will be noted and investigated, and if necessary, changed in the system, with proper documentation.

No item determined “missing” during the physical inventory will be processed for retirement until the item status is classified “missing” in PeopleSoft. A written explanation must be given to the Asset Management Technician stating information to the best of the custodian’s knowledge as to what may have happened to the asset and the date the custodian last had physical custody of the asset. After two years on PeopleSoft, if the item is still missing and all avenues have been exhausted to locate it, the item may be disposed in PeopleSoft.

An item determined “stolen” will be retired only with the completion of a Police Report from local authorities.

In addition to verifying items on the inventory records to the actual existence, the converse is also performed; items found at a location and not on that location’s Asset Management records are researched and adjustments are made with proper documentation.

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Responsibility:
The Vice President for Administrative Services has the overall responsibility for ensuring this procedure is implemented.

References:
SBTCSG Policy 3.3.9 Inventory Management

Status:
Adopted: 11-04-2014
Implemented: 07-01-2015