Disposal of assets purchased with land grant or other restricted funds requires the approval of the responsible compliance office.

Responsible position(s):

• Asset custodian
• Purchasing
• Fixed Assets Accountant

Required documents and access:

• Banner fixed assets module
• Disposal form

Frequency and timing:

• Annually as part of physical inventory process or as disposals are identified

Steps:

• 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.

• Fixed Assets Accountant:

• oFunctioning but unneeded equipment to be surprised or donated,
• oObsolete, damaged, or non-functioning, equipment to be disposed, (route IT for technology equipment), or
• oUnlocated (route to Public Safety).
• oSurplus items to be held for use in other campus departments.
• oSubsequent transfers from Surplus to the new department when redeployed.
• oItems sold by public auction or sealed bid with proceeds deposited to general fund,
• oItems donated items to another government agency,
• oDamaged/destroyed items disposed according to applicable environmental regulations.
• oFiles and tracks insurance claims for lost or stolen assets.
• oTransfers assets to/from surplus custodian:
• oVerifies additional approvals for land grant asset disposals.
• oRecords disposals and Banner forms to dispose assets against accumulated depreciation: