The Catholic University of America

Finance: Finance
Property Administration Policy

 

Approved by: President
History: Issued   -- March 14, 2002  
  Revised -- November 10, 2014  
  Additional History
Related Policies: Grants and Contracts: Capitalization and Depreciation:
Additional References:  
Responsible Official: Director, Environmental Health and Safety tel. (202) 319-5789
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I.     Introduction

University property must be accounted for properly for financial recordkeeping purposes.  University property also must be disposed of in accordance with information security requirements and, where applicable, environmental regulations.  For these reasons the Department of Environmental Health and Safety within the Division of Finance oversees the administration of University property.

Departmental Managers (defined below) are accountable for the University Property under their purview and must protect University Property by observing the rules of prudent use outlined in this policy. Departmental Managers are responsible for ensuring the accuracy of property records and for notifying the Department of Environmental Health and Safety of any adjustments resulting from new acquisitions, or the transfer of University Property to another department.

University Property that is no longer needed by a department/school/office must be disposed of in accordance with section IV of the policy.

II.     Definitions

A.         Computers and Data Storage Devices mean desktop or laptop computers as well as devices capable of storing data, such as tablets, magnetic tape, discs, or flash or thumb drives.

B.         Department Managers mean heads of departments, schools, or offices, including deans and chairs.

C.         University Property means all assets constructed by, purchased by, or donated to, the University, including but not limited to: Furniture, computers and data storage devices, electronic equipment, scientific equipment, and vehicles.  University Property is considered the property of the entire institution and not that of any individual or department/school/office. University Property to be accounted for as a “Capital Asset” is described and defined in the Capitalization and Depreciation Policy.

III.   Inventory and Tagging Assets

University Property shall be inventoried and tagged in accordance with the classification criteria set forth below. Departmental personnel are responsible for assisting in this process as needed, and for notifying the University’s Asset Program Manager (tel. 202-319-5602) promptly of any loss, damage, theft or transfer of University Property to another University department.

Group I – Capital Assets.

Group II – Property acquired from funds provided by the Federal Government and with title of the property remaining with the Government.

Group III – Property transferred to the University by a governmental agency.

Group IV – Property that is leased or loaned to the University.

Group V – Property that is donated to the University.

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 personnel within the Division of Finance. Examples of such property include: Printers, Data Projectors, Audio/Visual Equipment, Furniture, Scientific Equipment (if such property meets the above acquisition cost threshold).

Group VII – Computers, regardless of acquisition cost.

Inventory and tagging of books and artwork is performed by the University Library and its subdivisions and/or the Law School Library.

The Department of Environmental Health and Safety is responsible for recording any additions, deletions, or relocations of University Property in the asset management system, forwarding the inventory tags to the department using the University Property, and conducting random physical inventories.

Since personnel in the department that obtained the University Property are most knowledgeable of its location and physical appearance, an appointment will be made with the designated contact person for each department. This individual will be responsible for providing access to the designated University Property so it may be affixed with an asset tag.

Property assigned to the University but owned by the Federal Government will be tagged as "University Property," but the electronic asset record will indicate third party ownership.

Departments must inform the Department of Environmental Health and Safety of any relocation of University Property within the unit, transfer of University Property to another department/school/office, or loss or theft University Property.

The Department of Environmental Health and Safety will perform a full physical inventory of University 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 Office of Accounting and Financial Reporting.

IV.    Disposal of University Property

Departments may not sell or otherwise dispose of University Property without the approval of the Vice President for Finance and Treasurer or his/her designee.

A.         University Property other than Computers and Data Storage Devices

To dispose of University Property other than Computers and Data Storage Devices that is no longer required, the department/school/office should contact the University’s Asset Program Manager at tel. (202) 319-5602 or CUA-EHS@CUA.EDU to arrange for pick-up of the University Property.  The University will dispose of University Property 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 IRS-recognized charitable organizations.

6.         Scrapped as having no value.

Funds received from the sale of disposed assets will be deposited into a general institution org account.          

B.         Computers and Data Storage Devices

Computers and Data Storage Devices, as defined in section II, may contain confidential information and thus require special disposition.  To dispose of Computers and Data Storage Devices the department must contact Technology Services at tel. (202) 319-4357 or TECHSUPPORT@CUA.EDU to arrange for the equipment transfer.  Technology Services will recover any usable hardware and permanently delete any data stored on the equipment in preparation for disposition or storage, as appropriate.

            C.         Disposal of Non-University Property

The University does not dispose of non-University property.  Disposal of non-University property, including any associated costs, is the responsibility of the individual bringing the property to campus.  The University reserves the right to charge individuals or departments for disposal of non-University property.