603.3 - Procedure for Reporting Capital Equipment Missing During Physical Inventory

Title

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

Introduction

Purpose

This Procedure provides basic requirements for reporting Capitalized Equipment discovered missing or stolen during physical inventory.

Scope

This Procedure applies to all employees of the University of North Carolina at Chapel Hill ("UNC-Chapel Hill" or "University").

Procedure

Capitalized Equipment reported as missing during a University department's annual physical inventory is tracked in the records of Capitalized Equipment. The department is responsible for attempting to locate the missing Capitalized Equipment, with assistance from Asset Management. Capitalized Equipment suspected as stolen should be reported per the University's Finance Procedure 603.2 - Reporting Equipment Missing or Stolen During Normal Operations.

Asset Management provides each department with reports with which to conduct an annual physical inventory of all Capitalized Equipment. Inventories are scheduled throughout the fiscal year. Physical inventories are to be completed and emailed via Assets_Team@unc.edu.

Upon completion and emailing your department's Capitalized Equipment inventory reports to Assets_Team@unc.edu, Asset Management will record indicated changes and produce two reports:

1. An updated report for your files, and
2. A report detailing any missing Capitalized Equipment.

Departments then have 45 calendar days to locate missing Capitalized Equipment. Asset Management will assist departments in locating their missing Capitalized Equipment as requested. Capitalized Equipment will be classified as missing on the department's inventory until the Capitalized Equipment is located.

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

Exceptions

None.

Definitions

• Capitalized Equipment - Please see the definition in Finance Policy 601 - Policy on Capital Assets.

Related Requirements

University Policies, Standards, and Procedures

• Finance Policy 603 - Capitalized Equipment Inventory and Reporting Policy
• Finance Procedure 603.2 - Procedure for Reporting Capitalized Equipment Missing or Stolen During Normal Operations

Contact Information

Primary Contact

• Phone: 919-962-0739
• Email: Assets_Team@unc.edu