What is Property Management
Salem State University is committed to assure that all of the university's physical assets are managed in an efficient and effective manner. Property Management is a subsection of Purchasing and Materials Management which maintains inventory records on all non-expendable, movable property and equipment that is university owned, and has a single item cost of $1000 or more, or is a gift to the university with equal value. With the help of each individual department, Property Management establishes and maintains records for such property and equipment, as well as being responsible for affixing inventory barcodes. Current inventory records are of critical importance to the university for several reasons
- Records help departments keep track of their equipment and allow them to have current information readily available.
- Barcoding is an excellent deterrent to theft.
- The records kept by Property Management are heavily weighted in the equation the government uses to calculate indirect costs on federal grants. Therefore, the more accurate the inventory records, the more monies the university, as a whole, can receive.
- Departments are required to inventory their property on an annual basis at the beginning of each fiscal year, assist in updating records, and cooperate in periodic independent audits. Departments are strongly encouraged to use the Property Management Control System to track all their equipment by keeping records of the barcodes affixed to their property.