Property Control System Manual (PCS)

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Effective: 11/15/02

Revised: 3/1/2021

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PCS 601–04: Retiring Missing Assets

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Purpose

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To provide ASU departments with every opportunity to locate missing assets

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

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Policy

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When CAM and the responsible department have exhausted all efforts to locate missing capital equipment, 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 the book value of its total inventory, the department will submi a corrective action plan to the VP for Finance and Deputy Treasurer

    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 Workday Business Assets in an active status.

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

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