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Steps for Inventory Verification

1. Prepare the Inventory List
   • The inventory list will be sorted by building and room number so that items in the same room will be grouped on the list. However, you are free to sort the list to suit your department's needs.
   • It is advised to fill out the inventory list digitally in Excel; if you choose to print out the inventory list and write in the information, all notes will need to be transferred onto the Excel list before submission.
2. Locate, verify, and record the actual location for each asset on the list.
   • Work down the list locating each tag number.
   • If an asset cannot be located, inform the Property Custodian, and search after all other assets are located.
   • Once an asset is located:
     • Compare the equipment's tag number, description, and serial number to the information provided on the inventory list.
       • Use the Property Update form if information such as Serial Number or Description is missing or incorrect. (This will have to be confirmed by the Property Custodian)
     • Record the asset's location under the "Actual Building/Room Number" columns. (This must be recorded for EVERY tag number)
     • Record the asset's condition as
       • Good – New or in great shape
       • Fair – Mediocre
       • Poor – Bad shape
     • Complete necessary documents (See the document page)
3. Complete the Inventory Certification form
   • Each verifier must sign and date the inventory certification form before sending it to the Property Custodian.
4. Submit all documents to the Property Custodian
   • The Property Custodian must review and sign all appropriate documents.
   • All submissions lacking the property custodian's signature will be rejected.
5. Submit to Property Management
   • The following documents must be emailed to Property Management before June 15th:
     • The signed inventory certification
     • The completed inventory spreadsheet (as an Excel file)
     • Any relevant property forms

All submission and correspondence emails must include the Department name or abbreviation followed by "FY24 Inventory" in the subject line.

Definitions

Property Custodian:

• The individual responsible for the equipment that is a part of their department's inventory.
• This role is appointed to the Head or Dean of the department.

Equipment Manager:

• A departmental employee assigned to be the primary contact for Property Management.

Verifier:

• A full-time employee who conducts inventory verification.
• The Property Custodian cannot be the verifier.

The Inventory List:

• An Excel spreadsheet containing information on all tagged equipment within a department.
• Certain fields are intentionally left blank and are to be recorded by each department.

Asset:

• Equipment affixed with a LU property tag due to its cost or nature.

Government Code

TITLE 4. EXECUTIVE BRANCH
SUBTITLE A. EXECUTIVE OFFICERS
CHAPTER 403. COMPTROLLER OF PUBLIC ACCOUNTS
SUBCHAPTER A. GENERAL PROVISIONS

Liability for Property Loss

Sec. 403.275. LIABILITY FOR PROPERTY LOSS. The liability prescribed by this section may attach on a joint and several basis to more than one person in a particular instance. A person is pecuniarily liable for the loss sustained by the state if:

1. agency property disappears, as a result of the failure of the head of an agency, property manager, or agency employee entrusted with the property to exercise reasonable care for its safekeeping;
2. agency property deteriorates as a result of the failure of the head of an agency, property manager, or agency employee entrusted with the property to exercise reasonable care to maintain and service the property; or
3. agency property is damaged or destroyed as a result of an intentional wrongful act or of a negligent act of any state official or employee.

Added by Acts 1991, 72nd Leg., 2nd C.S., ch. 8, Sec. 2.30.

Reporting to Comptroller and Attorney General

Sec. 403.276. REPORTING TO COMPTROLLER AND ATTORNEY GENERAL.

1. If the head or property manager of a state agency has reasonable cause to believe that any property in the agency's possession has been lost, destroyed, or damaged through the negligence of any state official or employee, the head of the agency or property manager shall report the loss, destruction, or damage to the comptroller and the attorney general not later than the date established by the comptroller. If the head or property manager of a state agency has reasonable cause to believe that any property in the agency's possession has been stolen, the head of the agency or property manager shall report the theft to the comptroller, the attorney general, and the appropriate law enforcement agency not later than the date established by the comptroller.
2. The attorney general may investigate a report received under Subsection (a).
3. If an investigation by the attorney general under Subsection (b) reveals that a property loss has been sustained through the negligence of a state official or employee, the attorney general shall make written demand on the official or employee for reimbursement of the loss.
4. If the demand made by the attorney general under Subsection (c) is refused or disregarded, the attorney general may take legal action to recover the value of the property as the attorney general deems necessary.
5. Venue for all suits instituted under this section against a state official or employee is in a court of appropriate jurisdiction of Travis.

Added by Acts 1991, 72nd Leg., 2nd C.S., ch. 8, Sec. 2.30. Amended by Acts 2001, 77th Leg., ch. 1158, Sec. 18, eff. June 15, 2001.

Failure to Keep Records

Sec. 403.277. FAILURE TO KEEP RECORDS. If a state agency fails to keep the records or fails to take the annual physical inventory required by this subchapter, the comptroller may refuse to draw warrants or initiate electronic funds transfers on behalf of the agency.

Added by Acts 1991, 72nd Leg., 2nd C.S., ch. 8, Sec. 2.30.