Policies & Procedures Manual - Elizabeth City State University

400.1.61Adopted: 06/14/05ELIZABETH CITY STATE UNIVERSITYFixed Assets- Missing AssetsDefinitionFixed Assets are considered missing when an inventory is taken and assets on the Fixed AssetsSystem are not found. This can occur because an asset is moved to another location, but the newlocation is not recorded on the system before inventory sheets are run or the asset could be lost orstolen.Missing vs. StolenThis situation is different from an asset that is believed to be stolen. If any asset is missing due totheft, an incident report must be completed and the State Bureau of Investigation must benotified. (Please see Policy 400.1.69: "Theft ")Possible ReconciliationIf after performing a physical inventory, assets are determined missing, the missing asset shouldbe noted on the inventory sheet. These inventory sheets, with proper notation, should be given tothe Fixed Assets Officer, if not already in his/her possession. The Fixed Assets Officer comparesmissing assets with those "written in" as being physically there, but not listed on the inventorysheets for that department. If there are any matches location changes are made to the fixed assetsystem to list it property.ReportingIf missing assets cannot be reconciled, as described above, the Fixed Assets Officer will updatethe Fixed Assets files to flag the equipment as "missing". A report consisting of the propertydetermined missing during the department's annual physical inventory will be prepared by theFixed Assets Officer and distributed to the Department Head, the Vice-Chancellor of theDepartment, the Vice Chancellor for Business and Finance and the Purchasing Director.Ninety Days NoticeThe department having items of equipment missing during the annual inventory will be given aperiod of ninety (90) days to locate the items in question.