Each department manager should assign an asset custodian. This need not be a full-time position, but it must be a significant part of the custodian's performance measurement. If asset management and control is a once-a-year assessment, it will never be effective. Procedures must be put in place to hold the department manager and the asset custodian responsible for the proper utilization of assets in their areas.
Responsibility for the maintenance of asset records and their location must be measured.
Each asset custodian will receive a monthly report of new acquisitions. The custodian must verify the accuracy of the information, ensure the item has been placed in use, and affix inventory tags as appropriate. This monthly report should be a turnaround document, which goes back to the accounting and inventory management staff, so they may update the file. Although the requisition to purchase the item will have included much of the information, it may not have included all items. For example, a new motor vehicle will not have its state-issued license number on the requisition. This must be added, together with the vehicle's specific location, and other required information which is known to the asset custodian.