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Business and Financial Policies and Procedures

Comply with Unit Head Property Custodial Responsibilities

Before You Begin

The University is subject to and complies with the Illinois State Property Control Act (30 ILCS 605). Under this act, all University property, regardless of funding source, is considered State-owned and subject to the regulations of the Department of Central Management Services. Units may not use University funds to purchase items for personal use or ownership. No one may use any University property for any personal purpose.

Units do not have legal title to the property assigned to them for their use. Other units may use the property at the same time and for other purposes, as long as their use does not impede the original unit's activities.

Unit heads are responsible for all equipment owned or assigned to their unit.

Begin

To comply with unit head property custodial responsibilities:

  • When the unit head or unit property accounting contact changes, submit the Property Accounting Contact Change form.
  • Although unit heads may delegate, they must ensure these tasks are performed:
    • Maintain adequate measures for the security of all equipment assigned to their units (whether or not recorded on inventory records and whether on or off-campus). The University insures buildings only. For insurance on your building contents, see Insure Equipment and/or Building Contents.
    • Keep property records in Banner Fixed Assets up to date and label all moveable items as belonging to the University of Illinois/State of Illinois. If the unit relies on a record-keeping system other than Banner Fixed Asset, reconcile the parallel system to Banner Fixed Assets at least monthly. For self-supporting operations this includes ensuring that entity codes are up to date.
    • Complete physical inventories at least biennially.
    • Ensure that faculty, staff, and students know that equipment acquired for a specific individual's use remains University-owned property even if the individual's position is terminated.
  • Develop a process to alert the unit property accounting contact about:
    • New equipment purchases
    • Changes to equipment location, custodian, condition, etc.
    • Anticipated transfers
    • Disposals
  • Dispose of unneeded equipment according to policy. Ensure that it is not stolen nor used for personal purposes or gain.
  • Approve, document, and maintain the appropriate records for loans of University equipment to employees, students, or other institutions.
  • Approve, document, and maintain the appropriate records for transfers or changes in custodianship.

Forms Used in this Procedure

Property Accounting Contact Change Form
Entity Code Change Request

Related Policies and Procedures

Complete a Biennial Inventory
Dispose of Unneeded Equipment
Insure Equipment and/or Building Contents
Determine Capitalization Thresholds
Loan Equipment to Faculty, Staff, or Student Employees
Loan Equipment to Another Institution
Keep Property Secure

Additional Resources

Importance of Accurate Equipment Coding
Equipment Audits
Illinois State Property Control Act (30 ILCS 605)
For guidelines on safeguarding unit equipment, consult your campus police:
    Urbana
    Chicago
    Springfield
Entity Codes - Accounting Entities for Self-Supporting Fund-Defined by Banner Fund Code Hierarchy in GL 105: Introduction to Self-Supporting Funds Training Guide

Last Updated: June 1, 2011 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011

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