It may be necessary to place property in storage. While property is in storage, care should be taken to ensure the method and location of storage is adequate for the type of items being stored and that they are secured in a manner which will prevent loss, damage, or destruction to the property.
Capital equipment in storage during physical inventory must be accounted for, or physically verified, during the inventory process. All capital items moved to storage must be reported to Financial Services and Operations. Storage of items should be justified to minimize unnecessary retention. Items in storage should be periodically reviewed by the department for continued retention. If no longer needed, the items should be made available to other departments or processed as excess for disposition.
Sponsored funded equipment no longer in use is required to be reported as excess to Financial Services and Operations prior to storage. Financial Services and Operations will process any excess equipment reports to the sponsor when required.
General maintenance is required in order to keep the asset in good operational condition and extend its useful life. Calibration is primarily required for testing and measurement equipment and tools which should be performed in accordance with the manufacturer’s specifications.
Records are required to be kept by the PI of any maintenance performed and deficiencies revealed during periodic inspections for all agency or government-owned equipment.