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Loss of University Property

Revised:  October 07, 2008

Policy

All University property losses over $100 are to be reported to the Financial Services Department immediately upon discovery of the loss. Property loss includes theft, damage, and other loss of property. It does not include items that have worn out, broken, or simply no longer work properly.

Procedures

  1. If theft has occured, notify the police upon discovery of the loss.
  2. Losses under the $100 threshold should be paid from Department funds.
  3. The Property Loss form found here is to be completed by supervisors immediately upon discovery of the loss with as much detail as possible.
  4. The Property Loss Form is to be submitted to Financial Services upon discovery of the loss. Failure to complete and submit the form in a timely manner may result in rejection of the claim and forfeiture of any reimbursements for the item(s).
  5. If reimbursement is justified, Financial Services will forward the claim to the insurance company.
  6. Financial Services will contact the claimant if a replacement item needs to be procured (in accordance with University purchasing policies and procedures) before the claim can be completed and reimbursement received.
  7. Financial Services will work with both the insurance company and the claimant in order to complete the claim in a timely fashion.
  8. When insurance proceeds are received by Financial Services, the funds will be deposited into the Department account using an insurance proceeds category code.