INVENTORY

Effective: August 15, 2024

Purpose: To establish guidelines for managing and controlling university equipment and property.

Scope: This policy applies to all eligible University employees campus wide.

Responsible Office: Business & Finance Office; Controller’s Office

Policy Statement: University equipment is recorded and accounted for through annual physical inspections. All equipment with a purchase price of $5,000 or more is labeled with an identification number. University property may be removed from campus only for conducting University business and is not to be used to conduct private business or for-profit activities.

When equipment is lost, stolen, or destroyed, University Police and Safety shall be notified immediately and appropriate documents completed.

All University property must be disposed of according to state guidelines. University personnel have no authority to dispose of state property without prior approval of the Controller. This includes disassembling an item and using it for parts.

State owned inventory purchased from an externally sponsored research project or other external funding source may be transferred to a unit, where title to the property vests with the State of Kansas.

Definitions: All words and phrases shall be interpreted utilizing their plain meanings unless otherwise defined in University or Board of Regents policy or by statute or regulation.

Procedures: All procedures linked and related to the policies above shall have the full force and effect of policy if said procedures have first been properly approved by the University’s administrator in charge of Business and Finance.

[Business and Finance procedures - coming soon]

Related Policy Information: Property Management and Inventory Control Procedures