603.3 - University of North Carolina at Chapel Hill Procedure on Reporting Equipment Missing During Physical Inventory

Procedure

Equipment reported as missing during a department's annual physical inventory is tracked in the records of Capitalized Equipment. Attempts to locate missing equipment is the responsibility of the department with assistance from Asset Management. Equipment suspected as stolen should be reported per the University of North Carolina at Chapel Hill Finance Procedure 603.2 - Reporting Equipment Missing or Stolen During Normal Operations.

Exceptions

None

Forms and Instructions

Asset Management provides each department with reports with which to conduct an annual physical inventory. Inventories are scheduled throughout the fiscal year. Physical inventories are to be completed within 45 days.

Upon completion and return of your department's inventory reports, Asset Management will record indicated changes and produce an updated report for your files, and a report detailing any missing equipment. Departments then have 45 days to locate missing equipment. Asset Management will assist departments in locating their missing equipment as requested. Until located, equipment will be classified as missing on the department's inventory.

At the end of 45 days, Asset Management will review any equipment not located and inform the Director of Procurement Services. If further investigation is required, Asset Management will advise the appropriate department heads or deans.

Related Requirements

External Regulations and Consequences

None

University Policies, Standards, and Procedures

  • Finance Policy 603 - University of North Carolina at Chapel Hill Policy on Equipment Inventory and Reporting
  • Finance Procedure 603.2 - University of North Carolina at Chapel Hill Procedure on Reporting Equipment Missing or Stolen During Normal Operations

Contact Information

Primary Contact

  • Director of Procurement Services Operations
    • Phone: 919-962-6267
    • Email: hwangcpa@email.unc.edu

History

Revised:

  • July 13, 2009
  • December 14, 2007
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Details

Article ID: 131675
Created
Thu 4/8/21 9:14 PM
Modified
Wed 6/16/21 12:00 PM
Effective Date
If the date on which this document became/becomes enforceable differs from the Origination or Last Revision, this attribute reflects the date on which it is/was enforcable.
07/13/2009 12:00 AM
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
Director, eProcurement & Materials Mgmt
Last Review
Date on which the most recent document review was completed.
07/13/2009 12:00 AM
Last Revised
Date on which the most recent changes to this document were approved.
07/13/2009 12:00 AM
Origination
Date on which the original version of this document was first made official.
02/22/2000 12:00 AM
Responsible Unit
School, Department, or other organizational unit issuing this document.
F&O-Finance