Financial Services & Payroll

Fixed Asset Guide

Trade-Ins

Requests for trade-ins (regardless of cost) must be made in letter format to the Purchasing Department with a copy to the Financial Services Office.  The request must include the following information for the property to be traded:

  • Asset tag (if there is one)
  • Detailed description
  • Make
  • Model
  • Manufacturer
  • Serial number
  • Trade-in value (a quote can be obtained from the vendor)
  • Explanation as to why the trade-in will benefit the University and the State of Montana

Once approval is received, the request should be attached to the requisition/purchase order and forwarded to the Purchasing Department.  Property requested to be traded in will be subject to the State’s Property and Supply Bureau approval.  The Property and Supply Bureau may wish to sell the property at auction and, under certain guidelines, return the money to the University.

No trade-ins are allowed on vehicles.

Lost/Missing

If it is believed that a piece of property has been lost or is missing, immediately notify in writing the Campus Security Office and forward a copy to the Financial Services Office.

Theft

If theft or illegal conversion is suspected of equipment or inventoried items, the Campus Security Office must be notified IMMEDIATELY.  The Campus Security Office will forward a copy of the incident report to the Administrative Vice Chancellor’s Office so that the Attorney General, the Legislative Audit Division and other authorities, if required, can be notified.  Financial Services will obtain a copy of the incident report so that the item can be removed from the inventory listing.  Any maintenance contracts on the stolen property should be cancelled in writing with the Purchasing Department. 

Damaged/Destroyed Property

If property is damaged or destroyed as a result of something other than normal wear and tear, the responsible department should notify in writing the Campus Security Office.  They will forward a copy of the incident report to the Administrative Vice Chancellor’s Office who will, in turn, provide a copy to the Financial Services Office for removal from the inventory records.  If it is determined appropriate, the property may be authorized for salvage or spare parts.  The department will receive written authorization before disposition takes place.

Salvage/Scrap

Certain property that is deemed to have no value may be approved for salvage or scrap. Requests to salvage or scrap property must be made in writing to the Financial Services Office beforehand.  If salvaging or scrapping the property is deemed appropriate, the department will receive written authorization before disposition takes place.

Cannibalization

Cannibalization is the dismantling of property so that serviceable parts can be removed and used in another functional piece of property.  Requests for cannibalization of University property should be forwarded to the Financial Services Office in writing with complete information regarding a description of equipment to be cannibalized (includes make, model, manufacturer, serial number, etc.) and parts to be removed.  When approved, the department will receive written authorization and then the property may be dismantled, serviceable parts removed, and the remaining pieces scrapped or disposed of as described above for salvaged/scrapped property.

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