Property Accounting

To ensure adequate control of capital equipment is maintained, annual physical inventories are required. The Division has established this policy to ensure that the inventory of equipment does not result in audit exceptions. The Division expects each unit to actively participate and complete its inventory process in a manner that demonstrates accountability for Division property. The Division Property Accounting Office is responsible for maintaining accurate inventories of Capital Equipment, Low Value Equipment, and real property.

 

• Scanning Inventory

The Division Property Accounting Office will determine and notify the Business Asset Trackers of the system for scanning and forward login information with asset lists. Asset Tiger Inventory System is the current system for inventory scanning via mobile application. Instruction with a video on how to use can be found at Asset Tiger | AAES Business Office (uada.edu)

 

• Rescheduling Inventory

When circumstances arise that make it unfeasible for a unit to perform its inventory by the scheduled time, the unit should contact the Property Accounting Office to reschedule as soon as possible.

 

• Non-Scanned Equipment

All unscanned inventory items will be available for viewing on Asset Tiger. The unit then has two (2) weeks to research and justify the items on the list. If the unit has not resolved its non-scanned equipment within those two weeks and has not made any contact with Division Property Accounting for assistance with the process, the unit may face a penalty of $500.00. The unit can request an extension if more than two weeks are needed to resolve the inventory issue.   If the extended deadline is not met, the unit may face a penalty of $500.00.  This penalty may be paid from departmental funds.

 

When property on record cannot be located, the business asset tracker shall update the property record to indicate that the items have been determined to be missing, cannibalized without permission, or discarded without permission the UADA form located under Property Accounting on the UADA Business Office webpage. UADA-Lost-Stolen-Missing Form

 

After all records have been updated, Division Property Accounting will send a final confirmation letter to each unit head with the unit’s final list of improperly disposed equipment. The unit chair shall sign and return the letter to Division Property Accounting. The signed letter certifies that the unit has investigated the case and is presenting the facts to Division Property Accounting. The letter states that in accordance with the Arkansas Financial Management Guide, Title 19 – Public Finance Chapter 4 – State Accounting and Budgetary Procedures Subchapter 15, the appointed individual has proceeded in the following manner:

1. Obtain the full identification of the missing property and last recorded location from Property Accounting, (which is provided on the Non-Scanned Equipment List).
   
   
2. Check the last recorded location and adjacent areas. An interview should be conducted with all individuals assigned to the area where the missing property was last located according to the property records.
   
   
3. Conduct a search of property disposal and transfer documents to see if the property could have been turned in to the Surplus Warehouse, Marketing and Redistribution or transferred to another agency.
   
   
4. Establish whether the property involved may have been temporarily loaned to other activities. If so, the activities identified should be searched to locate the missing property.
   
   
5. If the above actions fail to locate the missing property, all areas occupied by the unit should be searched beginning with the activities most likely to have a use for the property.
   
   
6. If at any time during the investigation it is suspected that a theft has occurred, the matter should immediately be brought to the attention of the department head. If after notification the department head also suspects theft, the appropriate law enforcement official(s) should be contacted for investigation and further action as warranted. (See the section below captioned “Stolen Equipment”)
   
   
7. If at any time during the investigation process the missing property is located, the proper location shall be recorded Workday.
   
   
8. At the conclusion of the investigation the appointed investigator shall re-run the Missing Assets in Asset Tiger. Notations should be made on all the remaining items on the list and sent to Property Accounting.

If the Assistant Vice President for Finance and Administration is satisfied that the remaining missing property cannot be located after the investigation report, a “Credit for State Property” Form (P3-19-4-1503) along with copies of the investigation report and the police report in the case of stolen property shall be prepared and submitted to the Arkansas Department of Finance and Administration-Office of Accounting for approval. Upon receipt of an approved “Credit for State Property” Form, P3-19-4-1503, the Division may remove the missing property from the capital asset records. This approval becomes part of the documentation to be used on the audit of the Division's property records by the Division of Legislative Audit. The Assistant Vice President for Finance and Administration shall take any action he/she considers appropriate to prevent recurrence.