Property Control System Manual (PCS)

Effective: 11/15/02

Revised: 7/1/2012

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

Purchasing and Business Services

Property Control

Policy

When Property Control and the responsible department have exhausted all efforts to locate missing capital equipment and/or assets, such lost assets will be retired with the following stipulations:

1. there are no reasonable expectations that the assets are still in the possession of ASU
2. each missing asset is accompanied by a detailed history of all efforts made to locate it, and approval by the department head
3. if the department’s lost assets exceed 5% of its total inventory, a corrective action plan must be drafted by the department head and approved by the executive director of Purchasing and Business Services within 30 days, and implemented within 60 days

   and

4. financial penalties may be leveraged if the amount of lost assets is excessive.

If assets are located in future inventories, they are added back to the Property Control database in an active status.

Ultimate responsibility for missing capital assets lies with the department head.

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