asset custodian

For an asset, a party who is typically responsible for one or more of the following tasks at any point during the asset's lifecycle:

• maintaining an accurate record of inventory and asset information
• tracking regulatory compliance
• tracking financial information, such as depreciation
• tracking its receipt, storage, operation, or disposal
• generating required reports

Large and complex assets can have multiple custodians, with each tracking different pieces of information. At an any given time, one custodian is specified as the owner custodian who is ultimately responsible for the asset. The chain of custody system historically tracks the various owner custodians an asset has during its lifetime as asset transactions in the asset_trans table; the system does not historically track the assignment of other associated custodians.

A custodian or owner custodian must belong to a team and therefore must be someone who has been previously defined in the Employees, Contacts, or Vendors tables and then added to the Team Members (team) table. The Custodian Status field of the Teams table (team.status) tracks if a team member is currently a custodian, and the Custodian Type field tracks if the party is an owner custodian.