Disposal of assets (lost, stolen, damaged/destroyed, transferred, retired, or sold) will be reported to the accounting office with all available documentation regarding the identification of the asset and the details of the disposal.
Fixed assets that are not located in the annual physical inventory will be investigated and reported as lost or stolen to public safety, department management, and the accounting office.
Fixed assets that are no longer serviceable to the assigned department will be reported to department management, the accounting office, and the purchasing department. The purchasing department retains sole authority to redistribute marketable surplus property to other departments on campus, to other government agencies, or to sell at public auction or by sealed bids. Departments are not permitted to discard, donate, or sell tagged fixed assets. Proceeds from fixed asset sales are recorded in KSU's general fund.
Disposal of assets purchased with land grant or other restricted funds requires the approval of the responsible compliance officer.
Purchasing Policy