Asset Management and Disposal

1.0    Purpose

This policy establishes guidelines for recording, protecting, and disposing of goods, materials, and capital assets owned by the college. Management and disposal of technology products such as computers, mobile devices, printers, etc. are covered in the Informational Technology Asset Management and Disposal policy.

2.0    Revision History

3.0    Persons Affected

3.1    All employees

4.0    Policy

The policy of Casper College is to ensure the following.

4.1    The college has a means to control and monitor college equipment, materials, and capital assets.

4.2    The college has a process to dispose of damaged, worn, obsolete, or surplus property.

5.0    Definitions

5.1    Asset. Any item with a value greater than or equal to $2500 purchased, owned, or donated to the college.

5.2    Tagged Asset Inventory. This system is used to track all tagged assets. The college tags all assets with a value of $2,500 or greater.

5.3    Capital Asset Inventory. This system is used to track capital assets. All property with a value of $5,000 or greater must be included on the Capital Asset Inventory. Donated items are valued at fair market on the date of donation.

5.4    Responsible Person. This is any employee assigned responsibility for the safekeeping of college property.

5.5    Ownership. Casper College owns all property purchased with college funds or donated to the college. Casper College exercises the responsibilities of ownership for property purchased with grant funds, even though the college may not be listed on the title. Regardless of how an item was ordered, funded, or expensed, no school, department, unit, or employee may hold principle ownership.

6.0    Responsibilities

6.1    The Accounting and Financial Management (AFM) Office is responsible for ensuring that assets are properly tagged, recorded, and tracked.

6.2    The vice president of administrative services is responsible for maintaining compliance with this policy.

7.0    Procedures

7.1    Assets Purchased

7.1.1    AFM flags item purchases of $2,500 or more, excluding purchases that are part of a larger unit or a repair part, to be tagged.

7.1.2    Shipping and Receiving (S/R) tags all items valued at $2,500 with a CC Asset ID tag. They report the following information on tagged assets to AFM: CC Asset ID number, PO number, description of equipment (including model and serial numbers, if available), building name and room number where equipment will be located, and date received.

7.1.3    AFM enters the information on the tagged item into the Tagged Asset Inventory. They also enter any item valued at $5,000 or greater into the Capital Asset Inventory. Recorded asset cost includes any ancillary expenses (shipping, insurance, installation, etc.). AFM depreciates capitalized assets (except building improvements, ground improvements, and infrastructure) annually using the straight-line method. They depreciate building improvements, ground improvements, and infrastructure with an aggregate value of $50,000 or more. If the aggregate value is less than $50,000, the cost is expensed in the fiscal year it incurred.

7.2    Donation of Assets

7.2.1    Deans and directors notify AFM when they have accepted a physical donation valued at $2,500 or more, as determined by the donor.

7.2.2    AFM notifies S/R to tag the item. S/R reports the following information on tagged assets to AFM: CC Asset ID number, PO number, description of equipment (including model and serial numbers, if available), building name and room number where equipment will be located, and date received.

7.2.3    AFM enters the information on the tagged item into the Tagged Asset Inventory. They also enter any item valued at $5,000 or greater into the Capital Asset Inventory. Recorded asset cost include any ancillary expenses (shipping, insurance, installation, etc.). AFM depreciates capitalized assets as outlined in 7.1.3.

7.3    Asset Transfers and Moves

7.3.1    Responsible persons notify AFM within 10 calendar days of a tagged asset being permanently moved to a new location.

7.3.2    AFM records the change in the Tagged Asset Inventory and the Capital Asset Inventory, if applicable.

7.4    Missing or Stolen Assets

7.4.1    Responsible persons must report missing or stolen assets to Campus Security and AFM.

7.4.2    AFM records the change in the Tagged Asset Inventory and the Capital Asset Inventory, if applicable.

7.5    Asset Disposal

7.5.1    Disposal of assets must be through public sale, auction, bid, or by Board approval. Assets may not be sold, transferred, or given to a private person, firm, or corporation outside of a public sale, auction, bid, or Board approval. The VPAS may approve a trade-in if the trade-in value is advantageous to the college.

7.5.2    The responsible person submits a work order to have Physical Plant to pick up any damaged, worn beyond economical repair, obsolete, or surplus item.

7.5.3    The Physical Plant determines if the asset should be sold, stored for future use, used as parts, or disposed of. Physical Plant notifies the Purchasing Office of items available for sale.

7.5.4    The Purchasing Office may sell items by public sale, auction, or bid or dispose of items valued less than $2,500 without Board approval.

7.5.5    For items valued at $2,500 or greater, the VPAS will request approval from the Board to sell or dispose of the items. The Purchasing Office may sell approved items by public sale, auction, or bid or have Physical Plant dispose of the item.

7.5.6    The Purchasing Office notifies AFM of any tagged items sold or disposed of, so that they can update the Tagged Asset Inventory and Capital Asset Inventory, if applicable.

7.6    Assets Inventory

7.6.1    AFM sends a tagged asset list to deans and directors once a year with the location, description, ID number, and tag number for each asset. Deans and directors should bring any discrepancies to AFM’s attention.

7.6.2    AFM develops an inventory verification schedule based on location. Once a year, they provide the Purchasing Office with a randomly selected list of capital assets for locations on the inventory schedule for that year. The list will include the location, description, ID number, and tag number for each asset.

7.6.3    The Purchasing Office schedules a time to inventory the assets on the list with the responsible persons.

7.6.4    The Purchasing Office notifies AFM of any changes to the list. AFM records the change in the Tagged Asset Inventory and the Capital Asset Inventory, if applicable.