Introduction
The management of the University's assets is the responsibility of and resides in the Office of Asset Management(AM). This manual sets forth the official University procedures for property management and control. These procedures are designed to meet Federal and University audit standards. Additionally, this manual is intended to be a comprehensive tool for use by University employees to ensure that questions raised in daily activity can be answered by reference to the manual.
In keeping with the goals and objectives of this manual, AM, Internal Audit, and/or federal auditors will conduct periodic field visits and audits to verify that departmental practices are consistent with this manual. Since each department has the opportunity to maintain its own unique record keeping practices, the purpose of these field visits and audits will be to verify overall compliance with University procedures and prevent audit disallowances. AM will also make recommendations about each department's control system in an effort to improve methods where such improvement is warranted.
The objectives of WPI's Property Management System are as follows:
- to provide an effective management tool
- to develop accurate record keeping and asset control procedures
- to ensure compliance with federal (OMB circulars A-21, A-110, and FAR 45 see glossary), non-federal and University property management regulations
- to provide a basis for minimum property liability insurance coverage
Last modified: May 31, 2007 10:19:45