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PCS Audit/Inventory Process

The Property Control Coordinator will conduct an annual physical inventory of assets with a threshold of $1000 or more. This inventory will be coordinated with the Department’s Equipment Coordinator. Upon completion of the physical inventory, each department within the building will receive a report of any assets not located.

Theft/Loss of State Assets

Volume X1, Section 7.0200 of the New York State Accounting System entitled “Special Procedures – Theft/Loss of State Assets” requires agencies to promptly report actual or suspected losses of State assets to the Office of the State Comptroller. Specific SUNY procedures were established to ensure compliance with theft/loss reporting requirements.
It is each department’s responsibility to report all actual or suspected losses to the SUNY Potsdam University Police Department immediately for investigation. The University Police Department will follow up on the report of lost equipment. With immediate notification to the University Police department, it is possible the lost item can be recovered. This then becomes public record. The University Police Department will advise Property Control of any such loss/theft. Inventory Control must report theft or loss of state assets to the Office of the State Comptroller.

Items to be reported include, but are not restricted to:

  1. Actual or suspected theft/loss of supplies and equipment.
  2. Theft or loss of keys to a secure area.
  3. Unauthorized of improper cash disbursements.
  4. Equipment retired from the Property Control System that has not previously been reported as lost or stolen. Equipment in this category would include those items on inventory records that have not been found during three (3) or more prior annual inventories and are considered unaccountable.
  5. All other lost or stolen equipment items not controlled by the Property Control System.
  6. Losses or thefts other than equipment. Examples of losses or thefts in this category would be burglary or other theft of cash or property, unexplained discrepancies in cash balances, unauthorized disbursements, employees improperly paid on agency payrolls, improper listing of time, or leave and accrual records resulting in overpayments, etc.

In addition to being responsible for the audit of monies and other assets of State agencies, the State Comptroller is also accountable for the monies and assets of auxiliary organizations where State officials have a direct or indirect administrative responsibility. Therefore, any actual or suspected losses of auxiliary agencies and/or accounts where State officials have responsibility should also be reported promptly. This would include assets of Faculty Student Associations, Student Activity Funds, Research Foundation Accounts, Income Reimbursable Fund Accounts, and any other accounts directly or indirectly related to State agencies or departments.

Detailed reports must also be sent to the Senior Vice Chancellor, Public Safety (SUNY Central), University Audit and SUNY Central Administration. We also send copies to our Vice-President for Finance and Budget and to our Director of University Police. If applicable, we should advise the Bureau of Insurance at the Office of General Services of the theft so that we may accomplish recovery under provision of the blanket fidelity bonding program. The quarterly reports are prepared based on information provided by the University Police Department.