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Finance: Finance
Property Administration Policy


Approved by: Board of Trustees 
History: Issued -- March 14, 2002
  Revised --
  Additional History
Related Policies: Grants and Contracts: Capitalization and Depreciation:
Additional References: Standard Practice Guide for Campus Users 2
Responsible Official:

Treasurer and Vice President for Finance and Administration  202-319-5606

I.  Introduction

All assets purchased by, or donated to, the university are considered the property of the entire institution and not that of any individual person or department.  Departmental Managers and Chairs are directly accountable for the property assigned to their unit and must make every effort to protect the institution’s assets by observing the rules of prudent use.  Further, Departmental Managers and Chairs are responsible for ensuring the accuracy of property records and for notifying the Business Services Office of any adjustments resulting from new acquisitions, the transfer of assets to another department, or the disposal of surplus items. 

 

This policy applies to all faculty, staff and student organizations.

 

II.  Definitions
N/A

 

III.  Procedures and Regulations

University property shall be inventoried and tagged in accordance with the following classification criteria:

    1. Group I – Property having an original acquisition cost of $5,000 or more and with a useful life of two (2) years or more. 
    2. Group II – Property acquired from funds provided by the Federal Government and with title of the property remaining with the Government.
    3. Group III – Property transferred to the university by a governmental agency.
    4. Group IV – Property that is leased or loaned to the university.
    5. Group V – Property that is donated to the university.
    6. Group VI – Property having an original acquisition cost of $1,000 to $5,000 and a high propensity for being misplaced or stolen as determined by the Property Administration Office.  Examples of such property include:  Printers, Data Projectors, Audio/Visual Equipment, Furniture, Scientific Equipment
    7. Group VII – Computers, regardless of acquisition cost. 
  1. The Business Services Office is responsible for recording any additions, deletions, or relocations of property in the asset management system, forwarding the inventory tags to the department using the property, and conducting random physical inventories.
  2. Since personnel in the department that obtained the property are most knowledgeable of its location and physical appearance, inventory tags will be sent to the designated contact person for each department.  This individual will be responsible for attaching the tag to the designated property. 
  3. Property assigned to the university but owned by the Federal Government will be tagged as “Federal Government Property.” 
  4. Departments must inform the Business Services Office of any relocation of property within the unit, transfer of property to another department or stolen property.
  5. The Business Services Office will perform a full physical inventory of property at least every two (2) years.  As required by the Capitalization and Depreciation Policy, a full reconciliation between the physical inventory and the university’s accounting records will be performed by the Controller’s Office.
  6. During the years when a full physical inventory is not conducted, the Business Services Office will send each Departmental Manager or Chair a listing of property recorded for that unit.  The Departmental Manager or Chair is responsible for verifying the accuracy of the list and returning a signed verification to the Business Services Office.
  7. Departments may not sell or dispose of equipment without the approval of the Business Services Office. 
  8. Property no longer required by a department will be disposed by the Business Services Office in accordance with the following priorities:

    1. Use by another department in lieu of a new purchase.
    2. Trade-in as redemption for cash value on a new purchase.
    3. Sale to a student, faculty, or staff member by way of a public auction.
    4. Sale to the general public.
    5. Donation to charitable organizations.
    6. Scrapped as having no value.

 

 



Last Revised 26-Jun-09 12:34 PM.