| TITLE: | Control of Physical Property |
| AUTHOR: | Director of Resources Management |
| APPROVAL DATE: | |
| EFFECTIVE DATE: | |
| PURPOSE: | To establish procedures for control of furniture and equipment in compliance with the laws of the State of Mississippi |
| REVIEWER AND | Vice President for Finance and Administration |
| REVIEW DATE: | April Every Even Year |
1. Control shall be exercised through the budget manager, the person charged with the responsibility for each MUW numbered inventory account.
2. Each budget manager will be responsible for maintaining an accounting of assigned furniture and equipment and for ensuring that responsible procedures are identified and maintained to protect items on inventory.
3. The Office of Resources Management will furnish each budget manager with a current computerized listing of assigned furniture and equipment. This will normally be accomplished on a random basis, but an audit may be conducted upon request within the capabilities of the Office of Resources Management.
4. Representatives of the State Department of Audit will conduct a physical audit of the actual items shown on each inventory account. This audit will be conducted annually, and a report will be submitted to the President on the general status of the inventory.
5. Whenever a change occurs in budget managers, all items on inventory shall be accounted for by the outgoing budget manager, and the incoming budget manger will be given a reconciled inventory record. The Office of Resources Management will assist with this audit.
6. The Office of Resources Management will assign and attach an inventory number to each item of furniture and equipment, so the machine records of each inventory account will be current.
7. The Office of Resources Management will provide an Inventory Procedures Manual to each budget manager, which contains procedures relative to the purchase, transfer, trade-in, sale, temporary loans and disposition of furniture and equipment. This manual will contain procedures to be followed when property is missing or has been stolen.
8. Each budget manager will be responsible for compliance with procedures relative to the control of assigned property. The Office of Resources Management will assist the budget manager in this within the limits of their capabilities.
9. The budget manager should use a signed temporary hand receipt system
to account for items on loan to students or other divisions.