Property Audits

Title 4: Auditor Part 6: Property Audits Part 6 Chapter 1: Regulation Regulating Property Inventory Rule 1.1 All state agencies, colleges and universities are required to maintain complete and current inventory lists of each property with a cost of $1000 or more. If the price paid to acquire an item of property is unknown or if an item of property is donated, then the entity shall include the item on its property inventory if it had a fair market value of $1000 or more at the time of the acquisition. Source: Miss. Code Ann. § 7-7-211. Rule 1.2 The following property items shall be included on inventory regardless of the price paid to acquire the item or the fair market value of the item: (1) Weapons (2) Cameras and camera equipment (3) Two way radio equipment (4) Televisions (5) Law maintenance equipment (6) Cellular telephones (7) Computer and computer equipment (8) Chain saws (9) Air compressors (10) Welding machines (11) Generators (l2) Motorized vehicles Note: State departments and political subdivisions may be more restrictive than the provisions contained herein, but they cannot be less restrictive. Source: Miss. Code Ann. § 7-7-211. Rule 1.3 Items acquired through Surplus Property shall be added to an agency’s inventory list in accordance with Rule 2.01 of this Chapter: that is, Surplus Property items are added at the price the agency paid to acquire the item, not the original price of the item, nor the price it would take to purchase the item from a normal vendor. Source: Miss. Code Ann. § 7-7-211. Rule 1.4 In the event an agency is required to include an item on its property inventory list using the item’s fair market value, the agency will be required to maintain adequate documentation to justify how they arrived at the fair market value. Source: Miss. Code Ann. § 7-7-211.

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