Policy 41 - Permanent Inventory of University Furniture and Equipment

Approved Executive Committee of the Board of Governors 67.23

PERMANENT INVENTORY OF UNIVERSITY FURNITURE AND EQUIPMENT

1. The maintenance of a permanent inventory is essential for keeping a record of all University goods and as a reference in case of a loss.

2. The University holds an insurance policy protecting all furniture and equipment in its buildings. A list of these goods appears in the permanent inventory kept at Materials Management Services (MMS).

3. In the case of loss of University property covered by its insurance policy, the University will submit a claim by reference to the inventory.

4. This policy is to be read in conjunction with Procedure No. Materials Management 4-4.

RESPONSIBILITY

5. Each faculty, school and service is responsible for the regular ongoing update of an inventory listing of all furniture and equipment on premises and submitting it to MMS. An exact and complete inventory list must be forwarded annually in accordance with the guidelines set forth by this Service.

6. It is the responsibility of MMS to coordinate the inventory by obtaining the description of all University goods at the prescribed times, and by updating the related records.

7. A representative of the University's Internal Auditor periodically goes on location to verify the assets inventoried by each faculty, school and service.

EXCEPTION

8. No exception may be made to this policy without the written consent of the Administrative Committee.

Revised September 22, 1993

(Procurement Services)

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