Asset Management

Purpose

This policy will provide guidance on the Asset Management lifecycle process with a focus on accountability for assets and explaining roles, responsibilities and expectations for managing assets throughout their useful life to final disposition.

Policy Narrative

NIU possesses and oversees a substantial portfolio of assets, including many assets of high value and critical importance. The primary goal in asset management is to adhere to the state expectation that public institutions exhibit comprehensive and proficient management of assets throughout their lifecycle. Achieving this necessitates a dedicated and unified effort from every division and employee within our university.

The main goals of the Asset Management Policy are to:

• Serve as an effective guide to tracking and managing the university’s assets.
• Define the roles and responsibilities of employees/others and the expectations for managing university assets.
• Maintain an accurate asset inventory to effectively track assets and minimize the loss of assets.
• Ensure that IT Assets are properly wiped of university data prior to reallocation or disposal.

This policy applies to and defines the university’s assets as:

• Movable or fixed unit of furniture or furnishings, an instrument, a machine, an apparatus, or a set of articles that generally retains its original shape and appearance with use, including assets identified as “High Theft/Risk”, regardless of cost.
• Purchases that have a unit cost greater than the nominal value as defined by the State Property Control Act [30 ILCS 605/6.02].
• An item that has a useful life of more than two years and is non-consumable.

Expectations

Everyone is expected to protect the assets under their control, regardless of cost. To effectively manage assets and minimize the risk of loss:

• Avoid leaving workspaces unlocked while unattended.
• Secure small and valuable equipment when not in use.
• Work with assigned Responsible Officer whenever tracked items are relocated to help ensure inventory efforts can effectively account for items annually.
• Promptly report stolen equipment to assigned Responsible Officers and the Department of Police and Public Safety.
• Submit off campus use of equipment forms to assigned Responsible Officers, as necessary.

Responsible / Secondary Officers

Responsible or Secondary Officers are delegated the responsibility of maintaining proper accountability and control of the assets within their jurisdiction. The role of a Responsible Officer is pivotal in ensuring the strategic management and oversight of a university’s assets. This policy defines the responsibilities as follows:

• Serve as the lead for assigned sectors to account for tracked property items, as required. Work closely with property custodians/users and department IT personnel (specifically for computer assets) to account for the location of all equipment tracked and ensure that the equipment is reasonably secure from possible theft or hazards.
• Work with Property Control to transfer items to other locations, implement the annual inventory validation, complete missing item investigations, record off-campus utilization and process end-of-life disposals.

Records Maintenance

An electronic management system will be used for maintaining asset records. When notified by Responsible Officers, Property Control will process asset transfers to ensure proper movement of assets across campus locations.

Personally Owned Property

University personnel who bring personal property to campus do so at their own risk. Personal property of any individual brought to university premises is the responsibility of the individual. The university can assume no liability for loss, theft or damage. Such property should bear a note or tag showing that it is personal property and listing the owner's name. Employees desiring to protect their personal property from damage or loss should make their own arrangements for insurance.

Additional Information

Detailed information regarding assets, inventory, training materials and other property control processes/procedures can be found at NIU Property Control.

Significance of Compliance

The university, as a state entity and being funded with taxpayer resources, is obligated to comply with Illinois’ applicable State Property Control Act (30 ILCS 605). As such, university employees are likewise obligated to ensure the proper accountability of property items as described by the statute.