371.1 Property Control

371.1 Property Control

A. Background

Furman University has significant resources invested in physical, fixed assets. Deliberate management of those assets, normally furniture, fixtures, and equipment, is essential for the long term fiscal health of the University.

B. Policy

The Budget Services Department will serve as the primary coordinator for ensuring that the financial records of the University reflect any and all changes to the physical assets of the University and that this policy is followed by the various departments on campus.

Computing and Information Services will serve as the authority and set standards for all computing equipment. Facilities Services will advise on general furnishings/equipment and the Marketing Department will advise on office machines, copiers, faxes, etc.

C. Guidelines

A. Department Owned Assets--Property or equipment that a campus department claims regardless of its physical location

1. Department Owned Assets can belocated with facilities managed by the department or centrally stored by Facilities Services. Facilities Services will charge a nominal annual fee for the storage of Department Owned Assets.

2. Upon determining that an asset needs to be stored, the person in the department authorized to procure/dispose of property will notify Faciliities Services.

3. Upon determining that a Department Owned Asset is no longer needed, an authorized representative of the respective department will complete a Fixed Asset Transfer/Disposal Request to be submitted to the Budget Services Department. The appropriate department (Facilities Services, Computing & Information Services and/or Marketing) will determine the asset classification as either "Surplus or Obsolete.

B. Surplus Assets--Property or equipment not claimed by a department, but having sufficient current or future value that it is to be retained by the University,

Surplus Assets will be centrally stored by Facilities Services. Periodically, the inventory of surplus assets will be communicated to the Furman community in attempt to find a useful purpose for the surplus asset. Ownership rights to surplus assets are relinquished when it is declared surplus. If a department determines that it would like to obtain a surplus asset, a Fixed Asset Transfer Request will be completed. There will be no value attached to surplus items and cost to the department obtaining the asset. A small nominal moving charge may be required to move the asset from storage to its new location. The surplus asset will be categorized as a Department Owned Asset upon approval of the Fixed Asset Transfer Request.

C. Obsolete Assets--Property or equipment not claimed by a department and not having sufficient value to be retained by the university.

Those assets determined to be obsolete will be centrally stored by Facilities Services and will be disposed of in the following priority order. An Asset Transfer/Disposal Request must be completed for all obsolete assets that are disposed.

1. Annual auction (online, sealed bid, or on site) open to the Furman Community and General Public.

2. Sold for scrap at a salvage yard.

3. Donated to local charities.

4. Provided to employees on a first come basis.

5. Recycled or disposed as waste.

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