Reasons for Tagging and Databases Changes

Purpose

This document discusses how property changes are identified. It lists changes that require tagging and/or database modification.

Identifying Changes Requiring Modification

Property changes are identified in several ways:

Project Directors

Project directors may identify property changes at any time and should communicate this information to the campus property control custodian as soon as possible. Project directors are the best source of information related to changes in property. At project termination a request from a project director may initiate transfer of ownership for allowing continued use of the equipment. Project directors are the only source of information related to planned movement and consequent changed location. Project directors are also relied upon for notification of theft and loss.

Physical Inventory

Research Foundation policy requires that a complete physical inventory be performed every two years. Effective July 1, 1993, an annual physical inventory must be completed for insurable Research Foundation (RF) administrative property. Most changes requiring database modification are identified at the time of inventory and appropriate alterations in tagging and modifications in databases are made at this time. Inventory includes all property that the Research Foundation owns and all that it stewards for sponsors. New York State and other sponsors may require inventory at more frequent intervals. Property provided from these sources must be inventoried according to the sponsor's specified schedule. Property control offices may choose to inventory all property more frequently so as to keep better control over property changes.

Audit

Audit often reveals changes that are not detected at inventory. Auditors are aware of the most current version of procedures and serve as a check that procedures for tagging and recording changes are being followed.

Events Leading to Tagging and Database Changes

The following events may require tagging and database changes:

Reference

The following table indicates where more information about specific topics related to property changes may be found.

Information

Missing or damaged decals

Location change

Modifications to existing property

Ownership change

Condition change

 

 

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