Fixed Asset Guide
To review campus purchasing policies and procedures, visit the Business Services Website. Select “Purchasing”, then “Policies and Procedures”. Information Technology policies and procedures can be viewed at http://www.msubillings.edu/it/.
For both capital and non-capital property, a unique property number is assigned. A tag reflecting this number is affixed to the asset in a visible location. The number assigned cannot be re-used or re-issued. The asset tags are centrally kept, maintained and distributed. The following information (when applicable and feasible) will be maintained in the fixed asset records for each property tag:
- Tag number
- Asset description
- Asset type
- Acquisition date
- In-Use date
- Serial Number/VIN
- Location (building and room number)
- Responsible department
- Funding source
Due to its structure, shape or nature, some property may not be physically tagged. In these cases, the inventory tag will be affixed to the paperwork that is maintained in the Financial Services Office.
Missing Tags or Untagged Items
It is possible that a piece of property does not have a tag affixed to it because either the tag has been lost or the item was not originally tagged. In this case, research can be done to determine the tag number, if any.
In particular, departments must track items that are sensitive to theft even though the cost is less than $1,000. (See Capital Versus Non-Capital section). These items are also subject to audit by internal, state and federal auditors.
Any gifts or donations to MSU-Billings need to be arranged through the Montana State University- Billings Foundation, regardless of cost or value. If a department receives property meeting the criteria of either non-capital or capital property, the receiving department should also notify the Financial Services Office so that the property can be tagged and added to the inventory at its estimated fair market value.
Please contact the Financial Services Office for information regarding donations from MSU-Billings to other state agencies, educational institutions, companies, etc. There are specific guidelines that must be followed if a department wants to transfer property outside of MSU-Billings.
State statutes, specifically MCA title 18-6-101, provide specific ways in which surplus state property must be disposed of, regardless of the method of disposition. Any disposition of an asset, whether or not it has an inventory tag, must be approved in advance. A written request must be made to the Financial Services Office and the department must receive written approval before the property is disposed of. Under no circumstances should individual departments attempt to dispose of State property on their own.
Special Note: Library material, books and software are excluded from the surplus property regulations.