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Business Processes for Internal Control Manual
(Policy, Procedure, & Processes for Division of Fiscal Affairs)
Title: Lost, Stolen, Or Missing Items
Date Created:
Functional Area: Fixed Asset Mgmt/Property Ctrl
Last Updated: 13 April 2009
Purpose: To provide procedures for handling equipment items that have been lost,
stolen, or that are missing, and updating the inventory record of such at SSU
Documents (Info) Needed:
Primary Position Responsible:
Reviewed By <or> Reviewed By:
Process Frequency:
Prerequisite Process:
Subsequent Process:
POLICY:
In accordance with Board of Regents Business Procedures manual, 11.7.4, when University
property equipment is lost, stolen, and/or damaged, the custodian of the University
property must notify Savannah State University property control personnel of the lost,
theft, or damage and the circumstances surrounding such. For items which have been
stolen, the custodian will file a police report, with a copy to property control for inventory
record adjustment.
PROCEDURE:
1. The equipment custodian should file a police report with the Savannah State
University Public Safety division, if item was stolen while on campus. If the item is
stolen away from campus, under the circumstances that the equipment had been
authorized for off-campus use, the custodian should file a police report with the
local authority (police department).
2. If a police report is filed, the custodian is responsible for ensuring a copy of the
report is provided to the institution’ property control coordinator.
3. If evidence clearly indicates that the equipment item has been stolen, and/or
damaged by another party other than the custodian, and not merely misplaced or
improperly moved to another location on campus, property control will prepare the
necessary documents for forwarding to DOAS, and adjustments to inventory
records. If the evidence does not clearly indicate lost or theft, the item will remain
on inventory records until next physical inventory. If after the next physical
inventory the item is not located, the item will be removed from inventory records.
4. If the loss/damage is expected to exceed $5,000, prompt notice must be provided to
DOAS, Risk Management Services. The notice must include a description of the
property involved and how, when and where the loss or damage occurred. If the
loss/damage is expected to be $5,000 or less, this notice to DOAS must be made
within 6 months from the date of loss/damage.
#SSUFAM00008
Business Processes for Internal Control Manual
(Policy, Procedure, & Processes for Division of Fiscal Affairs)
5. The property control coordinator should insure that the inventory records are
updated to properly reflect the status of the item.
6. If the item is insured, the property control coordinator and the institution’s business
office will submit a claim to DOAS. If the item is not insured, the custodian may be
required to reimburse the University for the Value of the item lost/damaged.
7. If the item is eligible for reimbursement, DOAS will reimburse the institution for the
remaining use value of the equipment.
Last Updated: Monday, April 13, 2009