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Handbook of Business Procedures

Date published: 
Last revised: 
Issued by: 

February 17, 2005
July 7, 2014
Inventory Services

 

Part 16. Inventory Control and Property Management - Table of Contents


16.3.5. MISSING OR STOLEN PROPERTY

A.Missing Equipment

When a unit administrator becomes aware that an item of equipment is missing, a diligent search must be performed until the item is found or until it is established that the equipment is lost or has been stolen. Missing equipment is often found after a period of time. Therefore, ensure that due diligence has been done to locate the asset before marking the item as missing in *DEFINE or FRMS Departmental Inventory Portal. This means checking with individuals in the department and reviewing departmental off-campus or checkout logs. After indicating that the item is missing, the department should continue to look for missing items for two years or two inventory cycles. At the end of the two-year period, any items marked as missing will be programmatically removed by the system.

Each department, whose total missing and stolen property has a depreciated value in excess of 2 percent of the department’s total depreciated inventory value at the end of a fiscal year, may be assessed a penalty of 50 percent of the excess of 2 percent of the department’s depreciated total inventory. The penalty will be collected from the official unit (xxxx-0000). A letter from Inventory Services will be sent to the Budget Office instructing them to reduce the department's budget by the amount of the penalty for that fiscal year. If a department recovers or accounts for lost or missing property to the satisfaction of Inventory Services, these funds will be returned.

B. Stolen Equipment:

Stolen property that has been inventoried by The University of Texas at Austin must be reported to the proper police authorities within 48 hours of identifying that a theft of university property has occurred for items involving negligence.  Although a police report is not required for federal, state, or private owned equipment that has been stolen, a sponsoring agency may request a summary of events or police report to complete the disposition process.  For insured items please refer to Risk Management regarding police report requirements.  An Inventory Removal Request upload template must be completed and sent to Inventory Services as soon as the police report is available and should be sent within 48 hours of the incident. If an item is stolen, take the following steps:

  1. If the incident occurred on campus and requires a police report as noted above, call The University of Texas at Austin Police Department (UTPD) at 512-471-4441. If the incident occurred off campus, contact the local police department. Report the item as stolen.
  2. Obtain a copy of the police report from UTPD, or if the incident occurred off campus, obtain a copy of the police report from the police department that has jurisdiction over the area where the item was reported stolen. The police report should contain the barcode tag, item description, and/or serial number.
  3. Provide a summary of events. The summary must include the incident details, such as a description of the stolen item, the place, date, and time of the incident, the people involved, and any other pertinent details. If the item stolen is a computer, the stolen computer or laptop must be reported on the Information Security Office (ISO) using the ISO Stolen Equipment Report form.
  4. Complete an Inventory Removal Request template upload.
  5. Within 48 hours of the incident, send the completed IRR upload template, summary of events, and a copy of the police report to:
    The Office of Accounting, MAI 132
    Inventory Services
    Mail code: K5300

Incidents involving employee negligence must be reported by unit administrators and/or inventory contacts to Inventory Services through the IRR disposal process and include a police report (stolen with negligence) or summary of events describing the incident.  The incident will be referred to the Attorney General’s Office and the employee may be required to pay related damages.

University of Texas at Austin Inventory Forms
Legislative Budget Board State Property Accounting (SPA) Process User’s Guide Chapter 2: General Policies, Appropriation Reductions for Lost Property
Budget Office
Inventory Services

 

 

Part 16. Inventory Control and Property Management - Table of Contents