Morgan State University is an agency of the State of Maryland and is required by law to regulate and control all property and equipment in its possession. State of Maryland administrative procedures require that the University capitalize and carry on its inventory all equipment that has an acquisition value of $500 or greater (sensitive items $250.00 or greater). Non-capital equipment is not reportable for financial reporting purposes.
To efficiently control the amount of dollars involved in the administration and control of fixed assets, equipment and departmental materials, the State and the Office of the Vice President for Finance and Management recommended the following:
Department Chairpersons are the Property Officers for Fixed Assets located within their departments. They may assign responsibility to an Accountable Officer. However, the Department's Chairperson is ultimately responsible for the asset.
Administrative Departments: Department directors are the Property Officers for the equipment located within their departments. They may assign responsibility an Accountable Officer. However, the Director is ultimately responsible.
The State provides policy and procedures that the University's President administers. He has delegated the responsibility and authority for carrying out these duties to the Director of Property Control. The department is responsible for maintaining all records regarding the acquisition, disposal, transfer, and location (building and room number) of all Morgan State University capital assets (including trade-ins, foundation, grant acquisitions, gifts and donations). In addition, Property Control is responsible for managing and ensuring that other University departments conduct a physical inventory at least once every three (3) years and a sensitive item inventory every year. Accurate records must be maintained of all transactions.
Each Property/ Accountable Officer is required to maintain an accurate inventory of all property within his/ her area of responsibility, to adhere to all procedures and regulations pertaining to State/ MSU property and to cooperate with the Property Control Department in ensuring that all property is physically inventoried. Each department's Property Officer will appoint an Accountability Officer. The Accountability Officer is responsible for the department's property accountability and compliance with established procedures and acts as a liaison between the department and Property Control. The Accountability Officer handles all paperwork and maintains records for the department. All personnel within the custodial department will go to the department's Accountability Officer when they need to report stolen/missing property, or need to move, transfer, dispose, etc., of any State/ MSU property. The Accountability Officer must also notify Property Control of any property acquired through other than normal channels (MSU Purchase Order), such as construction or contractual agreements, surplus property, gifts to the school, transfers from other state agencies, and even the recovery of stolen property. This includes non-capital (less than $500) equipment. If the person(s) handling this assignment is newly appointed or changes, Property Control must be notified. The Property Officer and Accountability Officer will be appointed in writing.
The following section contains a complete set of procedures regarding the handling of State/ Morgan State University Property. Should there be any questions, call Property Control on extension 3114 or 1605.