Maintenance of Assets

Property Custodians

Each department needs to have a Property Custodian if property is owned by the department. The Property Custodian acts as a central point of contact for Asset Services.

Through cooperation and collaboration, the Custodian:

  • Informs Asset Services of all new purchases, donations or gifts
  • Monitors the physical location of all department assets and safeguards them from loss or theft
  • Notifies Asset Services and UPD, if necessary, of changes in equipment inventory
  • Maintains records of equipment taken off-campus for business use
  • Assists Asset Services during Physical Inventory events
  • Prepares and submits Property Survey Reports to Asset Services for equipment that is no longer used or needed

Missing Property

Upon discovery of missing property, the department’s Property Custodian will complete the Missing Equipment Report [pdf] and submit it to UPD. The Custodian will also notify Asset Services of the loss.

If the asset is not recovered or found, the Custodian must complete and submit a Property Survey Report [pdf] to Asset Services, so that the asset can be removed from CFS.

Physical Inventory

A campus-wide Physical Inventory is performed every three (3) years.

Property Custodians will be notified in advance of the inventory date so that they may prepare for the event. Prior to the inventory date, the Custodian should review the list of assets owned by the department (available in CFS) and confirm their locations.

The Property Coordinator or an external vendor will conduct the Physical Inventory visiting all known locations of assets, equipment and property.

Once the inventory is complete, the Property Coordinator will contact each department’s Property Custodian, who must account for all property/equipment not found within ten (10) business days, either by locating the equipment or filling out a Property Survey Report.

During the non-Physical Inventory years, building-by-building inventories will be conducted each month to monitor the security of the university’s assets and to avoid/identify lost, misplaced or stolen equipment.

The Property Custodian may complete these inventories using a print-out of assets, or the Property Coordinator may conduct the searches.