Inventory Requirements

Inventory Requirements

POLICY OF BOARD OF TRUSTEES OF PEARL RIVER COMMUNITY COLLEGE 

Adopted: Tuesday, December 7, 1993 
Revision Number: 1
Revised: Thursday, June 14, 2022 
Reference: Financial Resources

Policy:

Inventory control of Pearl River Community College property will be maintained according to State requirements.

Procedure:

All equipment purchased for use in classrooms or for support activities is controlled by the individual department responsible for daily use.

1. Primary inventory:

Primary inventory includes all equipment purchases of $1,000.00 or more (and all exception items – see list below) that are required to be numbered and included on the property inventory list of any department. It is the responsibility of the Business Services Office to attach labels to all primary inventory items. It is the responsibility of the department chairperson or his/her designee to assist the Business Services Office in identifying and labeling these items. The College label shall remain on the equipment until it has been decommissioned by the Business Services Office. Removal of a College label is prohibited unless authorized by the Business Services Office.

2. Inventory Database:

Items requiring an inventory tag, as described above, will be entered in the computer program designed to track this information. Information to be entered will include, but is not limited to, the description, quantity, funding source and department location.
Upon request, a listing by department can be produced to be used for verification and reconciliation.

3. Inventory Audit Frequency:

An inventory list by department will be generated biennially (every two years) after the close of the fiscal year. Each department is responsible for verifying that all equipment assigned is accounted for and signed by the Department Chair. A copy of this list is submitted to the Inventory Accountant for review. Any updates (transfers or deletions) are reviewed and if approved, entered in the computer program designed to track this information. In addition to the biennial inventory audit, unannounced 10% audits may be conducted at the discretion of the Inventory Accountant.

4. Consequences for failure to produce all items listed on inventory:

Section 29-9-17, Mississippi Code of 1972, Annotated, states if any officer or employee of any state agency shall refuse or fail to make any inventory available in the manner prescribed by the State Auditor, the State Auditor shall proceed to make, or cause to be made, the inventory, and the expense thereof shall be personally borne by said officer or employee, and he/she shall be responsible on his/her official bond for the payment of the expense. In the event that an examination conducted pursuant to this section finds items included on an agency’s inventory, which are missing, and otherwise unaccounted for, the State Auditor has the authority to proceed under the provisions of Section 7-7-211, Mississippi Code of 1972, Annotated to recover the value of the missing items. The demand shall be made against the head of the agency, the agency’s Business Services Officer and/or the appropriate officer or employee, if identified.

Section 29-9-21, Mississippi Code of 1972, Annotated, provides for more accurate, detailed and readily available inventory information on all state property, said records to be maintained on machine equipment in the office of the auditor of public accounts. It shall be the duty of the Auditor to maintain his/her records complete and current and make such reports to the Governor and the legislature whenever required, or when the said Auditor, in his/her discretion, finds it necessary to make other and additional reports. As a result of this directive, the fixed assets reporting system was developed for the use by the state agencies and universities in order to provide statewide property information.

5. Transfer of Property – State:

Property may be transferred to any institution, department or agency of the State of Mississippi, or any political subdivision or local governing authority of the State. An Inventory Control Form must be initiated. All transfers of property must be channeled through the College Business Services Office. Transfers of equipment to Public Schools are to be transferred to the School District not to individual schools. The school district fixed asset manager must be aware of the transfers. Any electronic storage device that is capable of retaining data must be destroyed (beyond repair) to prevent data transference. The only exception to this destruction is that a designee from IT can securely wipe the device prior to repurposing or release.

6. Transfer of Property – Department:

When there is a transfer of property between departments within the College, the employee responsible for the property shall initiate an Inventory Control Form Transfer.

This transfer notice will identify the granting employee, effective date of transfer, description of equipment, university property number, serial number (if applicable), the gaining employee, and the new location of the transferred property and will be signed by both the granting and gaining employee. Each employee or designee will retain a copy of the transfer notice, and the original will be forwarded to the Business Services Office so that the transfer may be completed. Any electronic storage device that is capable of retaining data must be destroyed (beyond repair) to prevent data transference. The only exception to this destruction is that a designee from IT can securely wipe the device prior to repurposing or release.

7. Lost or Stolen Property:

Any department chairperson or designee who discovers that an item of equipment is stolen or lost should immediately notify the College Police Department by telephone. A police investigator will be dispatched to the department to complete a theft report and will leave a copy with the department. The department is responsible for forwarding this report along with the Inventory Control Form and a Lost or Stolen Property Affidavit Form to remove the item from inventory to the Business Services Office.

8. Damaged Equipment:

Equipment that is damaged due to normal use should be reported as such and removed from inventory using an Inventory Control Form. An explanation of how the item was damaged should be attached to the Inventory Control Form and signed by the department head and appropriate Vice President. When possible, pictures showing the damage should also be attached.

9. Disposal of College Equipment:

An Inventory Control Form must be completed and signed by the responsible employee and the department head, appropriate Vice President, or chair. Prior to submitting an Inventory Control Form, it is the department’s responsibility to certify that the property is:

1. College owned,
2. Not accountable to a current grant or contract. After disposal, the Business Services Office will remove the asset from the College’s inventory. Electronic equipment is disposed of through a certified recycler which has been approved by the State of Mississippi in accordance with SB 2754 (now Section 49-2-101 et seq. of the Miss. Code Annotated). Any electronic storage device transferred to salvage that is capable of retaining data must be destroyed (beyond repair) to prevent data transference. The only exception to this destruction is that a designee from IT can securely wipe the device prior to repurposing or release.

10. Sale or Trade of Property:

Property may be sold by public auction, sealed bids, or private treaty negotiated sale.

Property that is no longer utilized by the College or which is obsolete or inoperable and still has a residual value may be traded in to acquire new equipment. Any electronic storage device that is capable of retaining data must be removed, destroyed beyond repair or securely wiped prior to release to any outside entity to prevent data transference. The only exception to this destruction is that a designee from IT can securely wipe the device prior to repurposing or release. The employee responsible for the item being sold or traded must notify the Business Services Office and complete an Inventory Control Form prior to removal/sale of the item(s) from inventory.

All information from the sale of an item must submitted to the Business Services Office.

List of items to be added regardless of price:

• Weapons
• Cameras and camera equipment (greater than or equal to $250)
• Two-way radio equipment
• Televisions (greater than or equal to $250
• Lawn maintenance equipment
• Cellular telephones
• Computer and computer equipment (greater than or equal to $250)
• Chain saws
• Air compressors
• Welding Machines
• Generators
• Motorized vehicles

Updated on August 15, 2023

Each community college president is asked to bring two (2) wrapped door prizes, minimum value of $50 each. We will have a station set up at the conference for you to drop off the door prizes.

Each community college is asked to provide name tags for their Board members, administration, and staff attending the conference.