Reporting Property Acquisition
Inventory Control must be notified of the acquisition of property to be entered into University inventory records.
Property items can be acquired as a result of:
· Purchase by purchase order or ProCard
· Manufacture and/or assembled from parts
· PI/Faculty Transfer
Only under certain circumstances is purchased property inventoried and tagged in Central Receiving prior to delivery to the department.
Donated property must be booked through Advancement Services. The department receiving the gift needs to contact their department’s Development Director. The Development Director has specific Gift-in-Kind forms that need to be completed and submitted to Advancement Services. Advancement Services will contact the Controller’s Office which in turn will contact Inventory Control. Inventory Control will contact the department to inventory and tag the donated property if necessary.
Manufactured Or Assembled From Parts
When a department identifies the need for fabricated equipment and the aggregate value of the individual components are $1,000 or more, the completed piece of equipment must be inventoried and tagged. The department must notify Inventory Control by completing the Component Purchases Resulting In Equipment In Excess of $1,000, http://louisville.edu/surplus/forms/componentpurch form.
A department must coordinate the procurement of leased equipment with Purchasing and the Controller’s Office. The Controller’s Office will contact Inventory Control with the executed lease agreement. Inventory Control will contact the department to inventory and tag the leased property if necessary.
Property that is loaned to the University from an external organization or individual that must be covered by the University’s insurance should be inventoried and tagged. The department must notify Inventory Control by completing the All Property Received by Department in Excess of $1,000 That Have Not Been Tagged form, selecting Transfer as the acquisition method. The department should include details of the loan agreement in the Comments/Special Instructions of the form.
Property Identification Number (Asset Tag)
Each item of non-expendable property located within the University of Louisville and its branch locations will be tagged with a unique number for positive identification.
Items that are Non-Taggable
An Item that is non-taggable will have an inventory asset number assigned to it. Inventory Control will note in the comments field of the asset management system that the asset tag was not affixed. The asset tag will be kept with the asset paperwork in the department’s files.