Fixed Asset Guide
Frequently Asked Questions
I have some equipment in my office that I want to get rid of. How do I do that?
Fill out the Department Surplus Form in its entirety, making sure the appropriate signature is obtained, and forward it on to the Financial Services Office. Financial Services will then contact Information Technology (if computer equipment is involved) and/or Facility Services to arrange pick-up.
There are some items in my office/department that I would like to get rid of. There aren’t any asset tags (PAMS) on them. Can I just throw them away?
No. Each piece of University property must have written approval for disposal BEFORE the disposition occurs. It does not matter if the property is tagged. Fill out the Department Surplus Form and forward to the Financial Services Office. Financial Services will contact Information Technology (if computer equipment is involved) and/or Facilities Services to arrange pick-up from your office.
I would like to buy a piece of equipment in my office. Is that possible?
Our department just bought a piece of equipment and we would like to place an inventory tag on it. Will one be affixed?
It is not permissible for a University employee to purchase University equipment outright. There are several steps that need to be followed beforehand. The steps are outlined below:
- It needs to be determined that the property is no longer needed at the University. If it is not transferred to another department, then;
- It needs to be determined that the property is not needed at another educational institution. If it is not transferred to another educational institution, then;
- It needs to be determined that the property is not needed at another state agency. If it is not transferred to another state agency, then;
- The item may be either placed in a surplus property sale or put up for bid. In this case, the general public needs to be given equal opportunity to purchase the property
Inventory tags are sent to the departments on a regular basis. Feel free to call Financial Services and request a tag for those items costing $1,000 and up. If the item is considered a “sensitive” item (see Sensitive Property section under “Asset Tagging), please contact the Financial Services Office (or Information Technology in the case of computing equipment) for more information.
May I take my office computer home to use for University business purposes?
In situations where it is necessary to take state-owned property off campus, a signed memo by the Dean, Director or Department Chair granting authorization must be kept on file in the department, and a copy should be forwarded to the Financial Services Office (and Information Technology in the case of computing equipment). See “Off-Campus Use” section.
I think some equipment has been stolen from my department. What do I do?
Contact the Campus Security Office immediately.
My department has some items that we would like to sell in the next surplus sale. We would like the money deposited into our index. What do we need to do?
Campus policy states that in order for money to be deposited into an index for the sale of property, the following conditions must be met:
- The sale of the individual item generated revenue of $500 or more; and
- The asset was not purchased with state or federal funds. If the funding source cannot be determined, the revenue will be reverted and will not be given to the department.