Okla. Admin. Code § 753:11-15-2

Current through Vol. 42, No. 6, December 2, 2024

Section 753:11-15-2 - Inventory control

(a) Tangible assets shall be recorded in the Trust inventory system [74 O.S. § 110.1] which shall be maintained by the inventory control officer. In circumstances where unique assets or transactions are identified as not clearly covered by 74 O.S. § 110.1, the appropriate Trust personnel will document internal guidance in accordance with relevant industry and generally accepted accounting principles. Identification of the inventory control officer shall be provided in writing to OMES by January 15 of each year, with any change in identification of the inventory control officer submitted to OMES within thirty (30) days of the change.

(b) Tangible assets that are movable shall be tagged with a unique identifier of durable material in a location ensuring accessibility by an inventory control officer.

(c) If a movable tangible asset is transferred from one location to another, the transferring tenant shall report such movement to the appropriate Trust personnel and the new location shall be recorded in the system.

(d) Assets may be given or sold to the Joint Operator of the University Hospitals per Title 63, which donation in whatever form shall be recorded on the inventory system identified in these rules.

(e) The report generated from the inventory system shall be signed by the CFO, include tangible assets owned as of June 30 of the preceding year, and submitted to OMES by August 15. The report shall include for each asset:

(1) The name of the University Hospitals Authority or University Hospitals Trust, as the case may be;

(2) The tag number;

(3) The model and serial number, if any;

(4) The manufacturer;

(5) The description;

(6) Product name;

(7) Acquisition date and cost;

(8) Whether the asset is on loan;

(9) Whether a tag cannot be affixed to the asset;

(10) If the property was given or sold to the Joint Operator of the University Hospitals per Title 63, a designation of that fact; and

(11) If the property has been disposed of, a designation whether it was traded in, was transferred, reached the end of its useful life, or was otherwise disposed of in accordance with these rules.

(f) Inventory records for motor vehicles shall specifically include:

(1) A detailed description of each vehicle, including its original cost;

(2) The vehicle identification number;

(3) The license tag number;

(4) Mileage; and

(5) The make, model, and year of the vehicle [74 O.S. §1103 ].

(g) Supporting documents identifying tangible assets shall be maintained. Such documents shall include acquisition, date, acquisition cost, digital photographs or images, or other documents that provide identification information. If federal funding sources are used in the acquisition of a tangible asset, the asset shall be identified with a federal source code. Federal awarding agencies may impose additional requirements for asset tracking and disposal. These requirements shall be followed in accordance with funding award documents and the Code of Federal Regulations.

(h) Trust shall maintain a report of any assets that are missing, stolen, or destroyed by vandalism. Any notice reporting a loss to the insuring entity and any report to a law enforcement agency in the event of theft or vandalism shall be included in the report.

(i) For purposes of these rules, a tangible asset is one that meets the federal useful life and cost criteria specified in the Office of Management and Budget Circular A-21, as may be amended or superseded.

Okla. Admin. Code § 753:11-15-2

Adopted by Oklahoma Register, Volume 40, Issue 23, August 15, 2023, eff. 9/1/2023