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Asset Management Roles

The success of the operation of the system requires coordination among the representatives of the Property and Asset Management team, Information Technology Services, Purchasing and Strategic Contracting, the Office of Research Administration, the University Controller’s Office, and the various other administrative and academic departments.

Asset Custodian

All primary users of university assets are Asset Custodians. As such, they are responsible for the proper use, care, maintenance and safekeeping of assets assigned to them. It is important to safeguard movable equipment by locking office and storage unit doors and placing hardware in locations to lock down movable equipment whenever possible.

Inventory Coordinators

Inventory Coordinators are appointed by unit heads and situated throughout the university in departments or functional areas. Inventory Coordinators work with the university’s Property Coordinator as key members of the Property and Asset Management team.

Inventory Coordinators are tasked with knowing the location, primary user and condition of university equipment. Each Inventory Coordinator is responsible for all tagged equipment within their area of responsibility, and the accurate reporting of any inventory changes to the Property Coordinator within five business days. To facilitate this reporting, a complete equipment report will be provided to the Inventory Coordinator on a quarterly basis to ensure the proper listing of equipment in the department. 

See Inventory Coordinator Roles and Responsibilities for more detail. Contact Inventory@uml.edu to request the name of the Inventory Coordinator for your department or area.

Property Coordinator

The university’s Property Coordinator and the Property and Asset Management team is charged with primary responsibility for maintaining and operating the Asset Management System.

The Property and Asset Management Department is responsible for:

  • operating and maintaining the asset management system
  • monitoring system compliance
  • reviewing system reports
  • maintaining and reconciling control logs
  • performing periodic inventories
  • maintaining the university’s surplus property redeployment program and
  • taking corrective actions on reviews/audits from cognizant agencies
  • providing property reports to the Office of Research Administration

The Property Coordinator, along with Information Technology personnel, will be responsible for ensuring that any device containing private or sensitive information is disposed of via a secure asset disposal process.

Office of Research Administration

The Office of Research Administration is responsible for sending the Property & Asset Management team all modifications to Government Furnished Equipment, regardless of value.

The Office of Research Administration is also responsible for notifying the Property & Asset Management team when there changes in the status of an asset (i.e; delivery of an asset to a sponsor).

Purchasing and Strategic Contracting Department

The Purchasing and Strategic Contracting Department is responsible for reviewing procurement requisition documents and requests for completeness, accurate account coding, and providing information concerning all equipment acquisitions purchase orders to the university Property and Asset Management team.

Controller’s Office

The Controller's Office or its designee shall be responsible for reconciling the equipment inventory subsidiary records with the plant fund of the general ledger, and reviewing the depreciation charges.

Deans/Department Chairperson

Deans/Department Chairpersons or their designees are responsible (with the support of their area’s Inventory Coordinator) for periodically reviewing and certifying the accuracy of their department inventories. Accordingly, they must:

  1. Review and certify department inventory listings with designated department responsible persons
  2. Identify changes in the database through timely notifications to the Property Coordinator
  3. Screen department inventory reports before purchase new equipment items meeting the capitalization policy; and
  4. Notify the Property Coordinator of new equipment acquisitions, which do not involve the normal purchasing procedures (e.g., donations, transfers from other institutions, etc.).
Principal Investigators (PI)

PIs are responsible for equipment purchased under their grants and contracts. The Property and Asset Management team provides support to the PI and the Office of Research Administration when responding to equipment-related matters.