Tagging & Validation

All Assets purchased by the University $5,000 and over must be tagged with an Asset Barcode number by Property Control and added to the department inventory, and is reported to the State.

If an item is impossible to tag with a barcode, such as software, the barcode or copy will be placed in the department's file and kept at Property Control.

Department Chairpersons, Administrators and Sponsors of each department are responsible for:

• All equipment and property purchased or constructed for and assigned to the department.

• Verifying and correcting all information contained on new equipment and property along with reporting any transfer or loss of inventoried equipment and property to Property Control using the Change in Status form.

Placing barcodes (tags) on equipment and University Property is a procedure for tracking assets.

Asset Management receives information on purchases from purchase orders, pcards, or vouchers on the PeopleSoft system. An asset identification number is then assigned to each item over $5,000. Information is obtained from the PeopleSoft system to Property Control who will then contact departments, schedule a day and time to place bar codes on equipment or property. The barcodes will be placed visibly on equipment with reasonable access during validation.

If an item is impossible to tag with a barcode, such as software, the barcode and/or copy will be retained in Property Control files.

Department Chairpersons, Administrators and Sponsors of each department are responsible for:

• All equipment and property purchased or constructed for and assigned to the department.

• Verifying and correcting all information contained on new equipment and property along with reporting any transfer or loss of inventoried equipment and property to Property Control using the Change in Status form.

Validation of inventory is held annually by Property Control and consists of assets $5,000 and over being physically identified by Property Control staff. All $5,000 assets found, missing, or stolen on the department's inventory are reported to the State.

An email is sent to the account sponsor, chair, dean and point of contact of a department notifying them of the upcoming Validation of Inventory.

An email will be sent after validation of inventory has been completed by Property Control listing the number of assets found, retired, stolen, or not found. A copy of this result letter is also sent to Internal Auditing.

A letter needs to be presented to Property Control from the Financial Director (or any higher position) listing the items requested and stating where they will be used at the State, Federal, or Public Institution.

• The letter needs to include the requesting party's State Agency number.
• Email address for Property Control to respond to
• The request must be on letter head
• Property Control evaluates the items being requested
• Property Control responds to all requests as soon as possible
• Property Control contacts the party requesting items
• Arrangements are then made to schedule a pick up time
• Eligible parties are located on the website below

Eligible Agencies List (HTML)

A Change in Status form must be emailed to Fixed Assets at fsfixedassets@ou.edu when equipment or property has been:

• Lost
• Stolen
• Cannibalized
• Destroyed
• Other (trade-in, etc.)
• Found (after previously reported lost or stolen)
• Transferred to another department on campus
• Relocated to another building or room