Main content

Office of Internal Control

Property Control Policies and Procedures

As an entity of the State University of New York, Purchase College is required to adhere to the property controls requirements of SUNY and New York State. The policies and procedures below are based on SUNY policy #7595. These policies and procedures are meant for internal users of Purchase College.

Definition of Asset

Within this policy, assets are defined as those tangible assets with a lifetime of one year or more. The College recognizes two kinds of assets as follows:

  • Assets costing $500 through $4,999.99 are reported and recorded through the College’s internal reporting system.
  • Assets costing $5,000 and above are reported and recorded through the SUNY Real Asset Management system or RAM.

Procurement and Custody

Assets may be purchased through the purchase requisition/purchase order (PR/PO) system through the Purchasing department, or through the Purchasing Card (P-card) system. When the P-card is used, split ordering is NOT acceptable as this contravenes the College’s Procurement policy.

The Account Manager (department) making the purchase (or on whose behalf the purchase is made – for example computers through CTS) is responsible for custody of the asset and the requisite reporting. That is, $500 through $4,999.99 procurement annual reporting, and, $5,000 and over biennial inventory and reporting.

Upon purchase of new assets, the responsibility to report to the Internal Control Officer (ICO) is as follows;

  • PR/PO – The Accounts Payable staff will submit scanned copies of the PO together with the backup documents (including the invoices and any other pertinent documents) via e-mail.
  • P-card – Purchasing staff will submit scanned copies of P-card logs, invoices and other pertinent documents via e-mail.

Reporting and Inventory

Internal Reporting

  • In continuation of established Purchase College policy, at the beginning of October each year, the ICO will submit a request, to those departments that have applicable Other Than Personal Service (OTPS) purchases, to report on the purchases ($500 through $4,999.99) for the previously completed academic year. The departments will have 3 months (ending December 31st) in which to tag, record and submit the reports to the ICO’s office. The request will include instructions and guidelines for this reporting. Departments should request asset tags from the ICO.

External Reporting

  • As required by SUNY guidelines, for assets costing $5,000 and above, once a year the ICO will submit current SUNY asset records to departments at the beginning of July to the department for inventory and reporting. The departments will verify the existence and location of each asset and report back to the ICO by the end of September (a three month window). The ICO will make updates to the asset records as necessary.
  • Once every 2 years, a physical inventory shall be taken by the ICO and/or designee and the results reconciled with the inventory records.
  • The ICO will also tag, photograph and record new assets ($5,000 and above) in the SUNY RAM system.

Donated Assets

When departments receive donated assets, the account manager/head of department should inform the ICO so that determination regarding the value of the asset may be determined, as required by SUNY, and a value established and recorded.

Asset Disposal and Surplus Assets

$500 through $4,999.99 Threshold

  • All assets are New York State property and should be treated as required by SUNY guidelines. Prior to disposal, departments should seek the approval of the head of department (via e-mail). The department head authorization should then be forwarded to the ICO who will coordinate with SUNY as necessary, and then advise the department regarding method of disposal or surplus.

$5,000 and over Threshold

  • Prior to disposal, departments should complete and submit the College’s Asset Disposal form and submit it to the ICO. The ICO will consult with SUNY property control and will then issue guidance to the department regarding disposal or surplus.
  • No asset (of $5,000 or over) should be disposed of without completion and submission of an asset disposal form. All asset disposal forms must be filled out fully.

Lost or Stolen Assets

The New York State Office of the State Comptroller (NYS OSC) Guide to Financial Operations (Section XII.10.F) requires all State agencies to report the theft, loss or misuse of State assets in excess of $1,000 (original cost) to OSC as soon as they are identified. To meet this requirement, departments are required to immediately report all cases of theft, loss or misuse to the College’s University Police department (UPD) with a copy submitted to the ICO. The UPD will handle the investigation while the ICO will provide a report to the OSC with a copy to the University Controller’s Office.

Loans of Assets for Off-campus Use

Loans of assets to students, faculty and staff for off-campus use are only to be done after written approval by the Division Officer (Vice President). Departments making off-campus use loans of equipment should maintain detailed electronic records of the loans to provide for a clear audit trail.

Updated May 2021