Policies & Procedures Manual - Elizabeth City State University

400.1.62Adopted: 06/14/05ELIZABETH CITY STATE UNIVERSITYFixed Assets- TheftReporting Stolen EquipmentA person discovering that items have been stolen item(s) must notify the Department Headimmediately. The Department Head is then required to report the missing items to the CampusPolice. With in ten days of being notified of the stolen equipment, the Campus Police will senda theft report to the Fixed Assets Officer, the Internal Auditor, and the university Attorney. TheSBI will then investigate the theft, if necessary. If the investigation reveals a violation ofcriminal laws, the District Attorney will be contacted.Retirement of the Fixed AssetA stolen fixed asset will be retired on the Fixed Asset System and the General Ledger willreflect an entry to reduce the fixed asset account by the value of the asset at the end of the fiscalyear in which the theft was reported.Recovery of a Stolen AssetIf an item, previously reported as stolen, is recovered the department should immediately notifythe Campus Police Department, the Fixed Assets Officer and the Fixed Assets Accountant.