Lost or Stolen Property

 

The following statement provides procedures for reporting lost or stolen property.

 

 

State of Kansas Statutes requires the University to be accountable for all property under its control. While the University strives to provide adequate safeguards for all of its property (regardless of value), it is recognized that rarely the need will arise for departments to report property as either lost or stolen.

 

Departments are responsible for working with the Financial Services and KU Public Safety to complete all required documentation related to lost or stolen property.

 

 

An employee discovering the theft of property must report the theft to their supervisor.  This is to be done as soon as possible, but no later than three days from the date of discovery.  The supervisor should notify the KU Public Safety Office as well as Financial Services.  A KU public safety officer will investigate, complete a report and forward a copy of the report to the Accounting Services.

  

Departments are responsible for completing a “Disposition of Property” form for both lost or stolen property.  The form and instructions for its use can be found under the Accounting Services website (https://property-accounting-services.ku.edu/forms)

 

In addition to submitting the completed Disposition of Property form, a copy of the filed KU police report is required for all stolen property.  For “lost” property, a letter of explanation signed by the department chair/dean/director/ that includes the steps taken to locate the property as well as the department’s internal controls in place to prevent the same type of occurrence is required to be submitted along with the Disposition of Property form. Property not located for two consecutive years is also considered “lost” and must be retired by a completed Disposition of Property form and accompanying explanation letter.

 

REMINDER – Departments may not dispose of property with an original cost of $5,000 or more unless they have received approval from the Property Accounting Office via the Disposition of Property process.  All trade-ins regardless of original cost are also required to complete the Disposition of Property process.

 

Departments are required to maintain within their departmental equipment database any items highly vulnerable to theft regardless of the $5,000 threshold.  Examples include individual workstations, projectors and digital cameras.