Disposal of assets purchased with land grant or other restricted funds requires the approval of the responsible compliance office.
Asset custodian
Purchasing
Fixed Assets Accountant
Banner fixed assets module
Disposal form
Annually as part of physical inventory process or as disposals are identified
Asset custodians identify assets that are no longer serviceable to the department and report to department management, Purchasing, and Public Safety, if applicable. These assets may be:
Purchasing provides information to Fixed Assets Accountant for:
Information Technology provides information to Fixed Assets Accountant for computer items appropriately destroyed for data protection.
Department management and Public Safety, if applicable, investigate lost or stolen assets and report results of investigation to Fixed Assets Accountant, CFO, and VP/Dean/Provost of reporting area.
Functioning but unneeded equipment to be surprised or donated,
Obsolete, damaged, or non-functioning, equipment to be disposed, (route IT for technology equipment), or
Unlocated (route to Public Safety).
Surplus items to be held for use in other campus departments.
Subsequent transfers from Surplus to the new department when redeployed.
Items sold by public auction or sealed bid with proceeds deposited to general fund,
Items donated items to another government agency,
Damaged/destroyed items disposed according to applicable environmental regulations.
Files and tracks insurance claims for lost or stolen assets.
Transfers assets to/from surplus custodian:
Verifies additional approvals for land grant asset disposals.
Records disposals and Banner forms to dispose assets against accumulated depreciation: