371.1 Property Control

371.1 Property Control

A. Background

Furman University has invested significant resources in 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 property control clerk, Department of Financial Services, is the focal point for property transfers between departments and is responsible for designating property no longer needed by the university as surplus and directing its approvals.

Computing and Information Services (IS) will serve as the authority and set standards for all computing equipment. Facilities Services (FS) will advise on general furnishings/equipment and the purchasing manager will advise on office machines, copiers, faxes, etc.

Ownership rights to surplus property are relinquished when it is declared surplus or replaced by newer furniture or equipment serving the same function. There will be no value attached to surplus items and no transfer of funds between budget unit heads. Any proceeds from the disposal of surplus property will be returned to the University's general revenue fund.

C. Guidelines

1.Department Responsibilities:

The person in the department authorized to procure/dispose of property will prepare a fixed asset transfer and deletion form indicating the ID number (if any) and item description(s) or the items. The form is routed to the Property Control Clerk.

The Property Control Clerk will consult with the appropriate authority, IS, FS, etc., to determine serviceability and disposition. If the items are determined to be eligible for re-deployment within the university, they will be transferred to another budget unit (at no cost) or stored for future needs.

Because storage space is limited, Facilities Services, Computing and Information Services, etc., cannot normally store items to be returned to a department at a later date. Storage requests will be handled on a case by case basis.

Property Control will coordinate with the campus courier (Facilities Services) to have the property picked up, delivered or disposed of as necessary. Serviceable items will be warehoused only for a limited time due to storage space constraints. Excess property will be disposed of through periodical excess property sales with proceeds returned to the university's general fund or by donation to outside agencies. The Vice President for Business Affairs will make final determination on property disposed of by donations. With the exception of operating system software and software determined by IS is to be no longer useful to the university, no software licenses will be transferred with equipment that is sold or donated to other organizations.

All items not determined to be serviceable will be disposed of in a manner as to not create a future liability for the University because of improper disposal.

Computer equipment and other items no longer viable for university business will be assimilated and disposed of as excess property.

The University will not support equipment of any type once it has been disposed of even if the purchaser uses the equipment for university business at home.

The University will attempt to fill department requests for new equipment from the pool of available equipment, if that equipment meets the needs of the requester.

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