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UNIVERSITY OF TENNESSEE SYSTEM POLICY
FISCAL

POLICY NO: FI0131 SUBJECT:  CASH SHORTAGES AND PROPERTY LOSSES  
EFFECTIVE: 07/01/2006  

TOPICS:
General Policies Forms
Procedures Contacts

OBJECTIVE:

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To provide reporting requirements for cash shortages and losses of equipment or other university property when employee involvement is not suspected.


POLICY:

General Policies[top]

  1. This university is required to report any cash shortages or unauthorized removal of property to the state comptroller's office. If employee involvement is known or suspected, the reporting procedures in POLICY FI0130 should be followed. The policies and procedures below apply to cash shortages and losses of equipment or other university property in which employee involvement is not suspected. (See REPORTING PROCEDURES for losses of university resources.)


  2. Cash or property losses resulting from robbery or apparent burglary should be reported immediately to the campus/institute police department. If the campus or institute has no police department, the local police department and campus/institute business office should be notified.


  3. Cash shortages of $250 or more must be reported by telephone to UWA Audit and Consulting Services or the campus/institute internal auditor (or business office if the campus has no internal auditor).

  4. To ensure prompt inspection of any damage and facilitate the settlement of an insurance claim, all property losses must be reported within 30 days of the date a loss is first suspected to the appropriate budget entity business office or financial officer, who in turn will forward a report to the Office of the Treasurer. Claims for property losses will be processed in accordance with POLICY FI0135.


  5. The campus/institute chief business officer (or designee) must report all losses (except those with possible employee involvement) on the SUMMARY OF THEFT, MYSTERIOUS DISAPPEARANCE, BURGLARY, OR VANDALISM OF UNIVERSITY FUNDS AND PROPERTY (FORM T-65) which is sent monthly to UWA Audit and Consulting Services and the Treasurer's Office.

    Each month UWA Audit and Consulting Services sends the summaries of thefts and disappearances of university funds and property (Form T-65) to the state comptroller, the Equipment Records section of the Controller's Office, and the Risk Management section of the Treasurer's Office.

  6. If missing equipment or other university property is listed on the university's equipment inventory system, the department should prepare an EQUIPMENT INVENTORY CHANGE/DELETION REQUEST (Form T-64) after an investigation has been conducted. The form should be sent to the campus/institute business office or the Equipment Records section of the Controller's Office. A copy of the police report should be attached to the form T-64 (Also see POLICY FI0605, 22c.)

PROCEDURES
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Knoxville:  http://web.utk.edu/~dfinance/fiscal-policy.shtml
Health Science Center:  http://www.uthsc.edu/policies/w932_document_list.php?app=FSC
Space Institute:   
Chattanooga:   
Martin:  http://www.utm.edu/departments/finadmin/procedures.php
FORMS
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FOR MORE INFORMATION
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  Mark Paganelli  (865) 974-6611  mpaganel@utk.edu