The Inventory Control Policy was created in an effort to better manage the purchasing, reporting, tracking, and disposing of equipment purchased by student groups in accordance with university and USM policies regarding the purchase and use of university owned property.
Please see the Inventory Control Policy document for more detailed information.
Frequently Asked Questions
What is classified as inventory?
- Inventory can be classified as any item that meets these criteria:
- Items with an estimated life of greater than one (1) year
- Not permanently attached to or incorporated in UMD building or grounds
- Used to conduct business of student organization
- Easily subject to theft or loss based on an analysis of cost, use, benefit and risk of misuse or misappropriation
What is the Inventory Control Policy?
- The Inventory Control Policy was created in an effort to better manage the purchasing, reporting, tracking, and disposing of equipment purchased by student groups in accordance with university and USM policies regarding the purchase and use of university owned property.
- Please see the Inventory Control Policy document for more detailed information.
Who are Inventory Control Officers (ICO)?
- An Inventory Control Officer (ICO) is any President or Treasurer who has completed Inventory Control training. Only the Inventory Control Officer is able to submit purchase requests for items per the Inventory Control Policy.
- The role of ICO’s is to
- Take care of property and use only for authorized purposes.
- Responsible for reporting damaged, missing, or stolen items to SORC Finance
- Provide access or proof of storage to inventoried items during semesterly audits or when requested to do so
- Comply with the policies and guidelines outlined in the Inventory Control Policy
What forms do I need to submit?
- Inventory Control agreement
- Only the president and treasurer must submit the “Inventory Control Agreement” found under “Forms in the SGA Financial Officers page in TerpLink
- Leadership Intent Form
- Each semester, groups will be required to either confirm that the current ICO’s will remain the ICO’s for the upcoming semester or are expecting a change in leadership.
- Groups will be required to submit the “Leadership Intent Form” in the SGA Financial Officers page no later than:
- The last business day in April for changes taking place before the fall semester.
- The last business day in November for changes taking place for the spring semester.
- SORC will send out reminder emails to ICO’s during the months of April and November.
- Missing/Damaged Property From
- If an item is missing, stolen, vandalized or broken, student groups must file a “Missing/Damaged Property Report” found in the SGA Financial Officers page immediately.
- If an item is stolen or vandalized, groups must file a police report and submit the report as an attachment with the Missing/Damaged Property Report.
- If the item is stolen or vandalized on-campus, contact UMPD
- If the item is stolen or vandalized off-campus, contact the police department for that jurisdiction.
What are inventory audits?
- In-person inventory audits will take place in September and February for the Fall and Spring semester respectively by a member of the SORC staff.
- The status and condition of all items will be checked during the audit. Student groups are responsible for all missing or damaged inventory.
How do I store inventory?
- Per university policy, all purchased items must be securely stored on campus (excluding residence halls).
- SORC registered groups can obtain free locker rentals within the Student Involvement Suite.
- Groups can get temporary permission to use items off campus.
- Please contact the SORC Finance Inventory Manager at sorcfinanceim@umd.edu for more information.