Definitions

PROPERTY OFFICER shall mean any person that the state agency or university reports in writing to the State Property Office who has designated responsibility as its property officer.  The property officer shall submit regular reports to the State Property Office.

PROPERTY is defined as all furniture, vehicles, equipment and other personal property having a useful life expectancy of at least one (1) year and the cost is $1,000 or more.  It does not include carpeting (excluding area rugs), draperies, plants, installed floor-to-ceiling partitions, window shades or blinds, mattress/box springs, water heaters, installed drinking fountains, museum acquisitions, library books, film or archival collections.  All items under $1000 value are not required to be placed on inventory, excluding exception items.  However, they are required to have an agency or university sticker applied.

STATE PROPERTY OFFICE shall mean the Division of Property, which is a department of the Office of the State Auditor located in Jackson, Mississippi.  Its function is to enhance the credibility of the statewide information being reported by agencies and universities to the State Auditor.

FORM 873 is a form prepared by the Purchasing and/or Property Department requesting authorization to dispose of property by methods of transfer, sale or trade by state agencies and universities.  A signed receipt for property sold, traded-in or transferred must accompany Form 873.

FORM PSR-961 is a report prepared by the University Property Office requesting authorization to salvage and/or delete property which has become obsolete, worn out, non-usable, and of no value to a state agency.  Form PSR-961 must be accompanied by a notarized affidavit, law enforcement entity’s report and a NCIC report when property is lost or stolen.

FORM CP2 is a report prepared by the University Property Office requesting authorization to salvage and/or delete computer or telecommunications related property which has become obsolete, worn out, non-usable, and/or of no value to a state agency.  Form CP2 must be accompanied by a notarized affidavit, law enforcement entity’s report and a NCIC report when property is lost or stolen.

NOTARIZED AFFIDAVIT is a written statement notarized by a notary public detailing the loss of equipment.

BUILDINGS shall include portable and temporary building structures and will be included on inventory regardless of the purchase price.  Cost shall include all labor, material and professional services to construct together with insurance, interest and other indirect cost.  Improvements are generally absorbed into the value of the building.  Equipment and furnishings whose expected life is less than that of the building are not usually included in the cost of the building, but are placed in the category of “equipment”.

EQUIPMENT as an asset category is reserved for expenditures that are visible tangible personal property, are non-consumable in nature, have an anticipated life of at least one (1) year, and costs $1,000.00 or more.

The following items will be reported as equipment regardless of their purchase price:  Weapons, two-way radio equipment, lawn maintenance equipment, cellular telephones,  chain saws, air compressors, welding machines, generators and motorized vehicles.

The following items will be reported only if purchase value is $250.00 and greater: Cameras and camera equipment, televisions, computers and computer equipment (computer systems, printers and external hard drives – does not include monitors purchased separately, GPS systems, or Ipods/MP3 players).

FIXED ASSET is assets of a long-term character, non-consumable in nature, and is intended to be held or used.   They include land, buildings, improvements, machinery, furniture and other equipment costing $500 or more.

STATE AGENCY shall mean and include all the various state agencies, offices, departments, boards, commissions and institutions.  It shall also include any agency or agencies financed entirely by federally granted funds.

FURNITURE shall be construed to include desks, chairs, tables, seats, filing cabinets, bookcases and all other items of a similar nature, as well as dormitory furniture, appliances and all other items of personal property generally referred to as home, office, or school furniture.

LEASE PURCHASE Acquisitions acquired pursuant to Section 31-7-10 (state agencies) and Section 37-101-413 (universities) are required to be maintained on a leased purchase inventory.
When the lease purchase contract matures, lease purchase items should be added to the regular capitalized inventory.