Property Control System Manual (PCS)

Effective: 11/15/02

Revised: 7/1/2004

PCS 601–04: Retiring Missing Assets

Purpose

To provide ASU departments with every opportunity to locate missing assets

To state a procedure for retiring missing assets when all efforts to locate them have been exhausted

Sources

Arizona Constitution Article IX,7

Property Control

Policy

ASU Property Control will record as missing and remove from any future departmental asset reports items reported as missing on the Not Found inventory reports. Department personnel are encouraged to review the assets they have recorded as missing by accessing Property Control’s Web Reports.

Assets will be recorded as missing for a period of two years or until two one-year inventory cycles have occurred. This allows time for departmental personnel to locate the assets or for assets to be scanned during bar-code inventory cycles. After this period of time, assets that remain missing will be retired from the unversity’s property control system, with notification to the comptroller and the chairs/deans of that department's college.

Note:

Prior to retiring missing sponsored-owned assets, Property Control will review the retirement with the sponsored property coordinator.

Procedure

The department indicates on the Not Found report that an asset is missing and returns the signed Not Found report to Property Control.

Property Control records the missing assets in the Missing (M) status and leaves the asset assigned to the department code. Future Not Found reports will not include assets previously reported as missing. Departments may access our Web Reports online to view their missing assets.

If missing assets are subsequently discovered, the department notifies Property Control.

Property Control continues the inventory bar-code scanning cycle. If missing assets are discovered during the inventory bar-code scanning cycle, Property Control reports missing assets to department personnel.

If missing assets are not discovered after two years of bar-code scanning, Property Control reviews the missing assets for disposition.

Property Control officially retires the missing assets from the university’s property control system.

Note:

Prior to retiring missing sponsored-owned assets, review the retirement with the sponsored property coordinator.

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