Asset Management’s objective is to establish guidelines and procedures governing the accountability, control, transfer, and ultimate disposal of tangible personal property acquired by the University. We are committed to providing quality support services to the University Community complying with all applicable state, federal, and University rules, regulations and procedures.
Capital Asset Definitions
Accountable Property – Tangible, movable, personal property of a non-consumable, nonexpendable nature, with a value of $5,000 or more and which has a normal expected life of one year or more. Accountable property may also be referred to as Other Capital Outlay (OCO).
Attractive Property – Attractive items are University property costing less than the threshold amount of $5,000, but which are particularly vulnerable to theft and misuse. “Attractive” items will vary from department to department. These items should be marked as University property and catalogued by the user department. Special property tags are available upon request from Property Control.
Computer Software – Computer software programs valued $5,000 or more are listed in the property record with a special software code.
A yearly inventory of the University’s Accountable Property shall be conducted by Property Control.
Departments shall grant access to Property Control personnel to conduct the annual inventory. If a department has special needs, such as security in sensitive areas, arrangements with the Department’s Accountable Officer will be made to schedule access to those areas.
Unscheduled inventory verifications may be made by an Internal, State, or Federal Auditor and Property Control. It is the accountable officer’s responsibility to locate the property requested by the auditors and/or Property Control.
Note: The Office of Research and Economic Development (ORED) must approve all transfers and dispositions of assets acquired with Federal Grant Funds.
Custodial departments can decide to transfer from the Surplus Warehouse or to another department by completing an Asset Transfer Form
This is the exchange of OCO assets for credit towards the purchase of new OCO assets. A Trade-In Form, Report of Survey (ROS), and a copy of the vendor quote are needed for prior approval.
Cannibalization of Assets
Cannibalization is the use of working parts of an otherwise inoperative or obsolete asset to repair or prolong the useful life of another existing asset. A Cannibalization Form, and ROS Form are needed for prior approval.
Assets determined to be obsolete, inoperative, unserviceable, and whose continued use is uneconomical or inefficient, or serve no useful function to their department’s activity, may be sent to the Surplus Warehouse for disposition with a Surplus Form. The Surplus Warehouse, under the direction of the Procurement Division, makes the determination whether to scrap, recycle, repurpose, or auction these assets.
Departments must provide a Police Report and memo stating corrective action to prevent recurrence, along with a ROS Form for approval.
Property to be used Off-Campus
Accountable property may be used off campus only if such use will further the Mission of the University.
- Property that is used off-campus for less than one year, requires submittal of an Off-Campus Form
- Property that is used and remains off-campus, requires submission of an Offsite Form.