7.4.7 Property/Equipment Received From Surplus
| Added: | 09/18/2013 |
| Revised: | 07/08/2015 |
| Last Reviewed: | 07/31/2018 |
| Effective: | 08/07/2015 |
Any property, equipment or consumable items obtained from state or federal surplus facilities 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).
The Department Head is responsible for notifying the Controller’s Office of any acquisition of property or equipment received from state or federal surplus facilities.
The copy of the state transfer form or federal transfer paperwork must be provided to the Controller’s Office.
The Controller’s Office will ensure the property is properly entered in the Asset Management module at the appropriate value.
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.
Federal regulations and procedures should be reviewed and any restrictions properly communicated regarding property/equipment acquired from federal surplus. There may be restrictions related to use and period of use.