Section 602 - Inventory Management
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Each department is responsible for equipment assigned to it to ensure
its proper use and security. To help with this, a physical inventory
of the College’s fixed assets will be completed annually. An inventory
of all equipment will be completed every three years.
Physical Inventory
- Each department will receive a report of all equipment assigned
to that area. Equipment location is recorded according to room number.
Departments will locate and document equipment at the request of the
Business Office and return the documentation to the Business Office.
Upon request, inventory reports are available for ongoing monitoring
of equipment.
- A spot check of inventory will be conducted by the Business Office
annually; assistance may be necessary to locate equipment.
- Equipment that is unaccounted for will be documented on the Stolen,
Lost, Damaged or Recovered Property Report and signed by a supervisor.
The Report will be kept on file in the Business Office for review
by MnSCU officials upon request.
Property Tag
- For fixed assets, a property tag is assigned and used in tracking
inventory. At time of purchase, the Business Office determines whether
or not a numbered property tag is to be issued. If so, the tag number
is recorded on the purchase order and on an Equipment Inventory form
(CW-FA 100).
- The Equipment Inventory form along with the property tag is delivered
to Maintenance/Receiving Department. Upon delivery/receipt of the
equipment from the vendor, and before delivering to the recipient,
the Receiving Department will affix the numbered property tag where
it can easily be seen. Pertinent information is then entered on the
Equipment Inventory form and returned to the Business Office by the
Receiving Department.
Movement and Disposal of Equipment
- If a department decides to relocate or dispose of equipment, prior
to doing so, the Equipment Relocation form [CW-FA 102] must be completed
and submitted to the Business Office. The form should indicate the
plans for it per guidance that follows.
- If equipment is no longer wanted by a department and is deemed to
have only scrap value, it can be moved to a central location by indicating
that on the Relocation form. The exception is vehicles or large items
that require special handling.
- Equipment deemed to have a value can:
- be moved to a central location.
- offered to another MnSCU agency and will be done via e-mail
by the Business Office.
- be sold to the general public. Sale to the general public, with
the approval of the Chief Financial Officer and Administration,
will be done by garage sale, competitive bid process or auction.
The competitive bid process requires a minimum of three bids.
- used as a trade-in. Trade-in requires approval of the Chief
Financial Officer and Administration.
Property tags must be removed and returned to the Business Office when
equipment is disposed of.
Donated Equipment
The Southeast Technical College Foundation will handle the acceptance
of all donations. Donated equipment may have stipulation requirements
for usage and disposal imposed by the donor. Contact the Business Office
to determine any conditions/stipulations.
Other Information
The original value of equipment may be upgraded. A “betterment”
is an add-on or a replacement component with a value that is at least
$5000 more than the value of the original equipment. This information
will be tracked in the inventory report.
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