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PURPOSE:
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To provide direction regarding procedures and requirements for assessing the University’s Property Management and Control Systems effectiveness through the performance of periodic internal reviews and audits.
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AUTHORITY:
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Powers and duties of the University President, ABOR Policy 3-801 and 3-802
Federal Acquisition Regulations 52.245-1(f)(3)
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POLICY: The University’s property management and control system will undergo periodic reviews and audits to ensure its performance effectiveness and compliance with University policies, federal regulations and generally accepted accounting principles.
PROCEDURE
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RESPONSIBILITY
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ACTION
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PROPERTY MANAGEMENT
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- Monthly, reconcile the amount of assets in the equipment account of the General Ledger to the amount in the Capital Asset Module (CAM). This ensures that all assets are included in the Fund Balance.
- Monthly, reconcile the amount of Capital Equipment expenditures to the Income object code. This ensures that for every capital expense there is a corresponding increase in the Fund Income object code.
- Quarterly, reconcile the status of assets listed on the quarterly Surplus Property System report to the status of the assets in the Property Record System. This ensures that all equipment assets processed through the Surplus Property System are listed in the correct status in the Property Record System.
- Quarterly, print out an Invalid Room Number Asset Report. Contact the responsible departmental property custodian to obtain the valid room numbers of these assets. Update the asset locations in the Property Control System.
- Quarterly, print out a Federal Out-of-Compliance Report, a report that lists all federally titled assets that are missing a serial and/or model number. Contact the responsible departmental property custodian to obtain the serial and/or model numbers of these assets. Update the asset serial and/or model numbers in the Property Control System.
- Periodically verify, through physical inspection, all newly purchased or furnished Federally titled equipment to insure that its assigned “S” tag and its “Property of the Federal Government” label are affixed.
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FINANCIAL MANAGEMENT
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- Periodically, review (a) the performance of the Property Management Office, and (b) accuracy and completeness of the Property Management System. Significant results and findings from this review that pertain to Government-owned property shall be submitted to the Office of Naval Research.
- Periodically, the Property Management System undergoes examination and audits by Internal Auditors of the University and the Arizona Board of Regents and External Auditors of the Arizona Auditor General’s Office, Federal Agencies, and other outside, independent auditors. Significant results and findings from these audits that pertain to Government-owned property shall be submitted to the Office of Naval Research.
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