Department of Procurement and Contract Services
Department of Procurement and Contract Services
PURCHASE OF FURNITURE AND EOUIPMENT
Furniture and equipment purchased through the Purchasing Department from budgeted departmental appropriations, restricted funds, or special appropriations will be assigned an inventory number, the number attached, and the item accounted for. Items that cost less than $1000.00 or with a fair market value of less than $1000.00 will not be reported on the Furniture and Equipment inventory records.
The exceptions to the $1000.00 rule are:
PROPERTY PURCHASED WITH USM FOUNDATION FUNDS
Property purchased by the USM Foundation for departments are subject to the same university controls as any other property. Departments are responsible for reporting these items to Property Accounting. A complete description of the property, cost or value, and a statement that it was purchased by the USM Foundation will be included in the report. The exceptions to the $1000.00 rule include the same items listed under “Purchase of Furniture and Equipment” Property Accounting will number the item if it meets the criteria set forth by the State and record it in the fixed asset file.
GOVERNMENT-OWNED PROPERTY IN USM'S POSSESSION
Government-owned property in USM's possession is subject to the same University controls as any other property. Departments are responsible for reporting these items to Property Accounting. A complete description of the property, cost or value, government identification number and a statement identifying which governmental agency furnished the specific item will be included in the report. Property Accounting will assign a University inventory control number.
SHOP-MADE FURNITURE AND EQUIPMENT
Furniture or equipment manufactured in a department's own shop or in the Physical Plant shop will be reported to Property Accounting if the item cost was $1000.00 or more. The unit cost of such items may include the value of salaries and wages, overhead, fringe benefits, supplies and component equipment parts. These items are subject to the same University controls as any other property. A complete description of the property, date manufactured, number of items, cost or value, and a statement that it is shop-made will be included in the report. The exceptions to the $1000.00 rule include the same items listed under “Purchase of Furniture and Equipment.”
GIFT OR DONATION OF PROPERTY
Items given or donated to the University must be acknowledged by the Foundation Office before it is accepted. A description of the gift, the name of the donor, and the intended purpose or use of the donated item must be included. If the item is usable by the University, can be placed in use without significant preparation costs and can be maintained at a reasonable cost, a current market value of the item will be determined. Property Accounting will number the item if it meets the criteria set forth by the State and record it in the fixed asset file. The department receiving the equipment will receive an acquisition receipt and report.
TRANSFER OF PROPERTY FROM ANOTHER AGENCY
Furniture or equipment received by a department through transfer from another State or Federal agency will be reported to the Property Accounting Department. A complete description of the property, serial number, name of the manufacturer, number of items, original cost, original date of purchase, name of transferring agency, and any other documentation or information concerning the property will be included in the report. Property Accounting will number the item if its meets the criteria set forth by the state and record it in the fixed asset file. The department will receive an acquisition receipt and report.
Property Accounting is responsible for attaching the assigned inventory number where it can be readily located on each item of furniture and equipment. The department is responsible for locating and producing the inventoried item with its number attached when requested by Property Accounting, the State or Federal Property Auditor, or the University Internal Auditor.
CARE, MAINTENANCE, REPAIR, AND STORAGE
It is the responsibility of the department using the property to protect property against loss, damage, and use other than that authorized. The responsible department is also required to provide the care necessary to maintain all property properly, excepting normal wear, in order that the greatest useful life may be secured. If repairs to property are required, they should be completed expeditiously in order to maintain the property in good working condition; however, sound judgment should be used to determine whether the property warrants the cost of repairs. Records for property requiring routine maintenance should be kept on file within the department in order that the required maintenance, calibration, etc. are conducted on schedule.
When property is temporarily idle but required for authorized future use, it must be stored in accordance with good housekeeping practice and with adequate protection from corrosion, contamination and damage to sensitive parts. Sludge, chips, and cutting oils are to be removed from equipment prior to storing. The responsible department records should contain pertinent data accounting for storage location, adequate justification for storage, the date placed in storage, and the anticipated date for removal from storage. Equipment stored for more than one year should be reviewed annually to confirm the justification for storage.
CONTROL OF UNIVERSITY EQUIPMENT AND MATERIALS
I. No equipment or materials that are part of the inventory of the University of Southern Mississippi are to be used for personal use or taken from the campus for personal use even though equipment is returned. There are certain campus departments, such as the library, data center, Instructional Technology center, that are authorized to loan equipment and materials, as part of their operations. These departments shall establish appropriate control policies and procedures.
II. Equipment and materials that are to be used by a staff member may be taken from the campus if the following criteria are met:
The equipment or materials must be used within the scope of staff member’s duties.
The staff member’s department head must approve the change in location by using a Property Location/Loan Receipt which includes a description of the equipment or materials, serial number, tag number, location of equipment or materials, and the dates it will be used off campus.
Equipment must be returned to campus for repairs and/or maintenance.
III. Inventories are the responsibility of the department head and shall be updated quarterly when the printout is furnished to the department head by the Property Accounting Manager. When it is determined that an item listed on the equipment inventory is lost or stolen, the department head should report it to the Property Accounting office and UPD with full details.