7.4.2 Donated Property

7.4.2

Donated Property

Last Update Approved: September 18, 2013

Edited/Revised: July 8, 2015

Revised Effective: August 7, 2015

Policy

Any property, equipment or consumable items donated to Middle Georgia State University should be recorded in the University’s accounting records. These acquisitions are subject to the same approvals as a regular purchase and are subject to the same capitalization thresholds as defined in Section 7.1.2 of the USG Business Procedures Manual (BPM).

Section 7.1.4 of the USG Business Procedures Manual (BPM) addresses donated capital assets.

Process

The Department Head is responsible for notifying the Controller’s Office of any acquisition of property, equipment or consumable items through gifts to the University.

The Controller’s Office will ensure the property is properly entered in the Asset Management module at the appropriate value. Items received as gifts should be valued at their fair market value on the date of the donation. (7.1.4 of USG BPM)

The Controller’s Office will coordinate with the Property Control Office to ensure the property/equipment is identified (decaled) in accordance with the same procedures for purchased capital items.