Inventory Management policies and procedures
PROPERTY AND STOCK CONTROL POLICIES AND PROCEDURES
The University of Alabama is required by the State of Alabama, federal grant sponsors, and good company rehearse to maintain an ongoing stock of most capital gear. The necessity to have the ability to react to audits of University gear by our internal and external auditors, hawaii Examiners of Public Accounts, and give sponsors plus the have to account fully for capital gear as part of The University’s indirect cost data recovery computations, all necessitate your University preserve a capital equipment inventory whereby it may account for, and report, the space area of capital equipment purchased, donated or elsewhere legally utilized in The University. “UA capital gear” generally is equipment which are priced at $5000.00 or higher per product. This includes equipment regardless of resource, like follows:
a. Gear purchased with resources from any UA fund, give fund, condition investment, or gift investment,
b. Gear donated to your University by exterior entities,
c. Gear purchased by associated foundations for use because of the University,
A whole inventory of gear to verify through physical matter will likely be done annually. The home management plan affixed hereto outlines the duties and treatments developed to answer this requirement. It assigns the best responsibility for ensuring compliance using legislation with regards to gear stock toward vice presidents to be delegated as they see fit.
The prosperity of this plan lies in the designation of departmental property supervisors, appointed because of the appropriate Dean, Director, or Department Head, whose obligations would be — aside from the duties they could currently have — to represent their particular divisions in most property-related things. Home and stock Management will depend on these managers maintain departmental stocks in an effort. The University of Alabama Property and Inventory Management staff will conduct periodic training sessions for those department supervisors and will also be offered at all times to resolve questions.
Meanings of varied gear categories have now been clarified and enhanced. Differences between “University-Owned” and “University-Controlled” home as well as “moveable” and “fixed” gear are available.
So as to acquire maximum utilization of University property, every effort should-be built to motivate departments to turn in excess equipment to Surplus Property. Home are moved from a single making use of division to a different and in one building to another within the same division. Residential property can certainly be “loaned” to other University of Alabama divisions.
Redistribution, trade-ins, cannibalization, scrap material and public product sales will be the most often utilized of this appropriate types of property disposal.
Right disposal of “University-owned gear” is simplified inside procedure by, normally, merely switching equipment up to Surplus Property along with the necessary paperwork. This would result in more precise stock documents and then make correct disposal a lot easier.
The actual matters required by-law are the responsibility for the departments and shall be susceptible to subsequent confirmation by Property and stock control. Should the duties of Department Property Manager be assigned to a different individual, kindly inform The University of Alabama Property and stock Management immediately. Conditions were made when it comes to organized transfer of residential property administration obligation in one individual to some other. This supply dictates that a complete real inventory be studied before impending employees changes associated with residential property manager or department head or perhaps in various other situations as considered necessary. I will be very happy to help out with an orderly transfer of duty at all we could including one more actual stock.
Our goal in Property and Inventory control is always to result in the safeguarding and eventual disposal of University home as efficient and simple as you are able to.
RESIDENTIAL PROPERTY AND INVENTORY CONTROL POLICY
The University is devoted to keeping correct responsibility and control over its equipment. This plan for University wide home management describes the duties and processes created as a result for this need. This is the obligation each and every staff member of the University to comply with these home management processes.
The dean or division head have the ultimate obligation to guarantee conformity with one of these home administration treatments. In carrying out this responsibility, they could designate residential property managers.
The effectiveness of this home administration policy is dependent upon a matched working commitment between Property and Inventory control as well as the particular property supervisor. The procedures outlined when you look at the following text supply the method for the home manager to coordinate his or her responsibilities with those of Property and Inventory Management.
HOME AND INVENTORY MANAGEMENT PROCESSES
A. University-Owned Property
“University-Owned Property” is all property acquired by the University by whatever means, subject on residential property being vested in University. In which relevant, University-owned residential property is at the mercy of the guidelines regarding the condition of Alabama plus to the plan, along with State and University policies, things purchased on contracts and funds tend to be subject to A-110, FAR component 45, and grant agreements.