51吃瓜网视频

Policy 5.1.1

Policy 5.1.1

SUBJECT: ACCOUNTABILITY AND RESPONSIBILITY FOR UNIVERSITY PROPERTY

Administration and Fixed Asset Inventory - The furniture and equipment fixed asset inventory of 51吃瓜网视频 Baptist University is controlled in compliance with FASB and GAAP guidelines.

If property must be deleted from the fixed asset inventory system due to loss, theft, destruction, etc. the vice president of enrollment management will inform the chief financial officer.

The president of the university is accountable for all real and personal property possessed by the university. This accountability is delegated by the president to the appropriate administrator. Each administrator is responsible for the equipment and furniture assigned to his or her unit.

To assure that university inventory records and inventory control are maintained, the following procedures are prescribed:

1. New equipment and furniture - All equipment and furniture meeting the criteria for the fixed asset inventory control system will be entered into the program on a monthly basis by the chief financial officer's office from payables processed in accounts payable.
2. Removal of university property from the premises - A memo from the executive director of property management, approved by the vice president of enrollment management, is required before any university equipment or furniture may be removed from the campus. Removal of property without such written authorization is considered a security violation and may be considered misuse of funds. If university property is removed from the premises, the individual removing it must assume financial responsibility unless he or she is otherwise specifically relieved of such responsibility by the appropriate administrator. University property or equipment may not be used for personal gain or in competition with private enterprise.
3. Equipment to be discarded - When equipment becomes obsolete, broken beyond reasonable repair, or otherwise useless, the administrative officer responsible for the equipment should notify the vice president of enrollment management.
4. Trade-in equipment - When equipment is to be traded-in on new equipment, a description of the item or items to be traded-in shall be shown on the requisition for each purchase of such new equipment.
5. Damaged or stolen property - Departments are required to report any damaged, stolen, or missing items as soon as they are discovered to the executive director of property management for proper action.
6. Annually, each department head and external campus executive director/dean will be responsible for taking a physical inventory of their department or campus equipment and submitting the equipment asset form to the director of property management for insurance purposes.

Uses of General University Property - University property shall be used only for official business.

External campuses - Any use of university equipment must have proper authorization and prior approval from the vice president of external campuses, the vice president of enrollment management, or the executive director of property management.

Insurance on University Property - No fire insurance or other insurance shall be carried on university property without the advance approval of the president. In all cases where insurance is carried, the policy will be transmitted to the business office.

The executive director of property management shall be responsible for insurance on university property. The business office shall provide sufficient information pertaining to the acquisition of property and the loss of property shall be handled by the director of property management. The executive director of property management will file claims and list the items for inclusion under an insurance policy.

Gifts of Property or Equipment - All gifts or offers of gifts of property or equipment to the university must be reported immediately to the president. Property acquired through gifts must be added to the university's fixed asset inventory system.

Contact for Interpretation: Vice President of Enrollment Management

This policy statement supersedes all previous policy statements on this subject.

Revisions:

-   08/14/2017 - Revision-title changes


-   01/05/2011 - Revision-title change and GAP to GAAP


-   02/16/2009 - Revision-layout change


-   04/25/2007 - Review


-   09/15/2004 - Revision-title and layout changes


-   09/15/2001 - Reissue as 5.1.1


-   09/15/2001 - Revision-title editorial change      


 -   12/16/1994 - Inception as policy 3.1.2

Printable Policy 5.1.1

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