Every department has a designated property manager who is responsible for working with property to complete the department's annual inventory in a timely manner. The property manager's responsibilities include:

• Ensure University property is physically protected from loss or damage
• Notify the property accountant when there is a change in the property's location.
• Notify the property accountant when there is a change in the property manager.
• Submit completed forms to the property accountant for all property transfers, relocations, or removal of property from its recorded location and updating departmental property records
• Submit completed forms to the property accountant for all property determined to be lost, stolen, damaged or destroyed.
• Submit completed forms to the property accountant for all requests to have property sold, scrapped, cannibalized or otherwise disposed of.
• Conduct the department's annual inventory.
• Verify the department's inventory listing as provided by the property accountant.
• Contact the property accountant and University Police as soon as property may have stolen.

Property Accountant
Property Accountant has the responsibility to establish procedures that help ensure accountability for and safeguard of University property. The property accounts responsibilities include:

• Oversee and record the assignment, accountability, and disposal of University property.
• Maintain the property records in Banner for all University property
• Schedule and coordinate the University annual physical property inventory
• Reconcile acquisitions with expenditures for accountable property in the Banner fixed asset master file
• Record the disposition of property in the University property records
• Oversee the depreciation process for all University property records
• Record construction in progress and the capitalization of buildings

• Purchase of property should be made in accordance with University procedures. A requisition to purchase should be forwarded to procurement services following the guidelines in Section 4 - procurement services.
• Freight installation and other charges incurred in securing and placing the item in use should be included in the acquisition cost.
• When purchasing an item that will add value to an existing property item the existing property ID tag number should be included on the requisition to purchase.
• The property accounts receives a copy of all purchase orders from procurement services for review to verify proper use of account codes. All purchases that are for property should use an account code in the 7500 pool.
• All items identified as tangible personal property will be assigned a property ID tag. The ID tag is attached to the purchase order forwarded to central receiving for tagging upon arrival. Central receiving sends the purchasing order and packing slips to the property accountant when the item has been received and tagged.

Donated Property

Property may be donated to the University without expenditure of funds other than shipping costs. Donated items must be processed through one of the University's direct support organizations, i.e., University Foundation. The direct support organization will determine if the acquisition is in the best interest of the University and ensure the transaction is handled in accordance with applicable State & Federal regulations, especially for property benefiting a contract or grant organization. The direct support organization should report the donated property to the property accountant for recording into banner's fixed asset master file. The information accompanying the donation must identify the donor, describe the item, the date of acquisition and include an invoice or estimate of the items fair market value.

Exchange or Trade-In

Property acquired through an exchange/trade-in is subject to normal procedures for process newly purchased property. In addition, a disposition form for the item to be exchanged or traded-in must be completed through the usual disposition process.

Returns

• Repair: Property returned for repair should be sent back through central receiving and should be noted on the department's inventory records.
• Credit/Replacement: Returns for credit or replacement should be sent back through central receiving and a relief from property accountability form should be completed for the item returned and submitted to the property accountant for processing. The replacement items must be tagged and the new serial number should be (if applicable) recorded.

Central Receiving is responsible for tagging all property acquisition. The property accountant is responsible for monitoring that all tangible property is properly tagged, reporting any deficiencies in the procedure. The property accountant tags property items that have been delivered directly to the requisitioning department as with heavy or large items.

ID Tag

All property items will be assigned a property identification tag number. All items of property, for which it is practical, will be physically tagged with a unique property id tag number that also identifies FGCU as the property owner. The property tags should be uniformly located on similar items. Items that, due to their nature, are unable to be physically tagged will have their tags placed in the untaggable property file maintained by the property accountant. These items are verified with a property verification form by the department during annual inventory.

Property Transfer Form

This form is to be completed when property is permanently transferred between University departments or is permanently moved to a new location.  When the form has been signed by all necessary parties it should be forwarded to the property accountant for processing.

Property Check-Out Form

This form is to be completed when property is removed temporarily for use off-campus.  The form should be completed and submitted to the property accountant prior to the items removal from campus.  These items must be inventoried annually along with the departments regular inventory.  All check-out forms are filed by the property accountant for use in tracking the physical location of all items.

Relief from Property Accountability Form

This form is to be completed to request the release from accountability for a property item.  The completed form should be forwarded to the property accountant.  The property accountant will review the request and appropriate action will be taken based on the reason for the relief request.  The request will then be forwarded and reviewed by the property advisory board.  Upon approval by the property advisory board, a copy of the form will be sent to the requesting department and central receiving.  The property advisory board and its procedures are defined by Florida Gulf Coast University Board of Trustees Rule 6C10-7.00 Surplus Property.

Reasons for Relief from Property Accountability

• Stolen - Lost - Damaged Property: When property is stolen lost or damaged the property accountant and University Police should be notified immediately.  The relief from property accountability form should include a copy of the Police Report.
• Obsolete or Worn Out Property: Property that has been deemed worn out or obsolete.
• Property that is usable only for Cannibalization: to cannibalize property and use its component parts for the repair of other property
• Broken and Uneconomical to Repair: when the cost to replace property is less than what it would cost to repair the item in question
• Exchange or Trade-In: This form should include the following
  
  • Description of property to be traded
  • Statement of Condition
  • Trade in or Exchange Allowance
  • Property ID number, serial number and model
  • Location

The property account is responsible for coordination a physical inventory annually.  The property manager is responsible for maintaining internal procedures to account for acquisitions, transfer and dispositions of tagged assets.  An annual inventory meeting is held by the property accountant for the property managers to present the inventory schedule and to review all inventory policies and procedures.

Off-Campus Equipment located at off-campus sites will be inventoried annually, these items require a property check-out form to be completed annually.  These items are included in the departments inventory list.

Property that is not located after making a diligent effort to search doing the annual physical inventory should be reported as missing/stolen.  A relief from property form should be filled out and a Police Report should be filed by the property manager who has accountability for the item.

Inventory Results

A report of progress, completion and any exceptions resulting from the physical inventory will be sent to each property manager during the annual inventory process.  Upon completion of the department's annual inventory a final report of all unaccounted for items will be forwarded to the department head or accountable office in the department.  Receipt of the final inventory findings should be signed and returned to the property accountant by the property manager.

On or before June 30th of each fiscal year, the University's completed annual inventory results listing all unaccounted for items by department should be submitted to the University Controller and the Vice President for Administrative Services for review.