Fixed Assets

Policy

FIACCT 09-10_02 Fixed Assets – Lost or Stolen Assets

Effective: March 16, 1998
Revised: July 2, 2001

Purpose

This policy defines the procedures to follow when fixed assets are lost or stolen.


Policy

It is the responsibility of all agencies to notify the Criminal Justice Division of the state Attorney General’s Office and the Director of Finance of all lost or stolen assets for which the agency is accountable (including federal property).


Background

Lost or stolen assets must be reported for appropriate follow-up and disposition. Insurance claims will need to be documented. Criminal prosecution may be necessary.


Procedures

Responsibility

Action

Agency

When a fixed asset cannot be located either because it is lost or stolen, notify the Criminal Justice Division of the Attorney General’s Office of the loss immediately by phone. Then send a written notification to that office and to the Director of Finance. The letter should contain the following information:
1. Description of the asset
2. Serial Number
3. Responsible Person
4. Location
5. Date when asset was discovered missing
6. When appropriate, file an insurance claim with Risk Management.

Division of Finance

The Director of Finance or his designee, after appropriate investigation, will issue a letter authorizing the removal of the asset from the inventory records. This letter must be attached to the inventory control record and kept for one year.

Agency

When a letter is received from the Division of Finance authorizing the removal of the asset from the inventory records, the agency should process a Fixed Asset Disposition document to remove it from the system. Refer to the FA – Dispositions policy in this section of the manual.

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