Property Accounting General Information
STATEMENT OF GENERAL POLICY
(FIXED ASSET REPORTING)
All universities are required to maintain a complete and current inventory list of each property item that costs $1,000.00 or more unless the items purchased fall within the groups listed below. These items will be reported as equipment regardless of their purchase value:
- Office Equipment & Accessories: over $1,000
- Two-way Radio Equipment: any cost
- Typewriters: over $1,000
- TV’s/Video Monitors: Over $250
- Dictating Equipment: Over $1,000
- Tape Recorders: Over $1,000
- Motorized Vehicles, Pickup Trucks & Vans: any cost
- Cameras & Camera Equipment: over $250
- Scientific Equipment: over $1,000
- Farm Equipment/Other Equipment: Over $1,000
- Weapons: any cost
- Chain Saws: Any cost
- Tractors: any cost
- Cell phones/satellite phones: any cost
- Lawn Maintenance Equipment (mower, edger, trimmer &
blowers) :any cost
- Air Compressors: any cost
- Welding machines: any cost
- Generators: any cost
- Medical Equipment: Over $1,000
- Hand Power Tools: Over $1,000
- Appliances: over $1,000
- Computer & Computer Equipment, hard drive. Handheld computer,
printer, multi-functional printer (computer monitor inventories with computer):
- Ipods: $250 ore more
This list is updated annually by the Office of the State Auditor. Updated lists will be maintained on the Property Accounting & Receiving website and emailed to all University Departments.
The fixed asset reporting system has two major functions. It provides statewide information applicable to property (fixed assets) owned by each state agency and it ensures that the agencies are reconciling their financial records with the records of the Office of the State Auditor, Property Division.
Primary Inventory includes all equipment purchases of $1,000.00 or more that are required to be numbered and included on the property inventory list of the
University and reported to the Office of the State Auditor, Property Division. Also included are the exception items (See Statement of General Policy) that are included regardless of purchase value.
Secondary Inventory includes all other equipment, furniture, etc., costing less than $1,000.00 and not required to be included on the departmental equipment
inventory. It is the responsibility of each department to identify these items with a Property of USM@ label. These labels can be obtained by contacting Property Accounting. Although these items are not accounted for through the Office of the State Auditor, Property Division, departments are responsible for keeping up with this equipment and should use the same procedures when disposing or transferring this equipment.
Section 29-9-1, Mississippi Code of 1972, Annotated, requires that all agencies and universities maintain a complete current inventory list of each property item. A report documenting any additions and/or deletions shall be submitted to the Office of the State Auditor, Property Division, no later than the 15th of each month.
Section 29-9-13, Mississippi Code of 1972, Annotated, requires that the Office of the State Auditor shall make regular audits of the different state agencies, shall reconcile all invoices and records with the agencies' property inventories, and shall make a check or physical audit of the actual items or properties shown on their inventories and related records. It is the responsibility of the University to furnish a competent person or persons to assist in this physical audit.
UNIVERSITY EQUIPMENT REQUIREMENTS
In order for the University to comply with the regulations set forth by the State of Mississippi, a joint effort between University departments and Property Accounting & Receiving is required.
Property Accounting & Receiving
Property Accounting & Receiving maintains the official equipment inventory for the University. Property Accounting submits to the Office of the State Auditor, monthly transactions reports by the 15th of each month. Additional responsibilities of Property Accounting & Receiving include, but are not limited to, the following:
- Maintain and improve the system which providesaccountability for equipment, land and buildings owned and/or acquired by the University,
- Coordinate the reporting of all equipment additions and deletions to the Office of the State Auditor, Property Division,
- Record, verify and deliver incoming and outgoing freight to and from the University,
- Coordinate the disposal and/or redistribution of surplus state equipment,
- Coordinate all equipment audits,
- Design and improve systems that will allow departments to better fulfill their equipment responsibilities.
- Ensure that adequate precautions are in place to safeguard University assets.
- Provide training for proper acquisition and disposal procedures for all departments.
Department heads are responsible and accountable for all equipment listed on the department's inventory record. Additional departmental responsibilities
include, but are not limited to, the following:
- Report all new equipment purchases in a timely manner upon receipt of the equipment,
- Report any missing/stolen equipment in a timely manner,
- Request the disposal of any excess equipment,
- Perform equipment in house audits,
- Assist in the completion of periodic audits conducted by the Office of the State Auditor or by Property Accounting
Personal Use of Equipment
It is University policy that personal use of State or University-owned or leased equipment, supplies, or materials is prohibited. All equipment, supplies, or materials, however acquired by the State or the University, are considered to be State/University-owned. Questions regarding this policy should be addressed to Procurement & Contracts.
Temporary Out-of-Office Use of Equipment
Out-of-Office is defined as any location other than the primary workspace, i.e., on your person, a university-owned vehicle, personal residence, personal vehicle, private shop, private lab, private office, etc. When it is necessary to remove equipment from the assigned department in order to conduct official University business, a Property Location/Loan Receipt documenting the move should be kept on file by the department. This receipt is valid for one year only. Renewal of the Property Location/Loan Receipt requires that the departmental property custodian physically view the item(s) and sign/date the renewal receipt along with the primary user of the equipment.
Electronic Property Location/Loan Receipts are available in the Forms section of this website.
Marking of Motor Vehicles
All State vehicles, owned or leased by any agency of the State, shall have a permanent decal or be painted on both sides of the vehicle in letters at least three (3) inches in height and on the rear in letters not less than one and one-half (1½) inches in height, stating the name of the state agency. The marking must be in a color that contrasts with the color of the vehicle. This is set forth in Section 25-1-87, Mississippi code of 1972, Annotated.
The USM Physical Plant Department will provide and apply University of Southern Mississippi decals to all new vehicle acquisitions.