Policies & Procedures Manual - Elizabeth City State University

400.1.47Stolen AssetsIf any asset is stolen, a theft report must be completed by the Campus Police Department. Pleasesee the section following on Stolen Assets.Change in ManagementThe NC State Controller's Office recommends that a physical inventory of capitalized assets andinventory items be taken each time there is a change in Department Heads and/or Managers thathave responsibility for the assets. When the physical inventory is taken, the out-going and incomingdepartment head or manager should sign the inventory sheets indicating both partiesknow where the assets are located and that the count is accurate. The signed inventory lists will bekept on file in both the Purchasing Department and the Responsible Department.Renovations & ImprovementsRenovation and Improvement Costs are incurred to restore or improve buildings or other assets.These costs involve the substitution of old parts for new ones and increase the economic benefitsto be derived from the asset.