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- 360 Property Management
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360 Property Management
SUBJECT: | PROPERTY MANAGEMENT |
NUMBER: | 360 |
AUTHORIZING BODY: | VICE PRESIDENT FOR FINANCE AND ADMINISTRATION |
RESPONSIBLE OFFICE: | UNIVERSITY SERVICES / PROPERTY MANAGEMENT |
DATE ISSUED: | MARCH 1988 |
LAST UPDATE: | MAY 2018 |
RATIONALE: To establish a consistent, efficient and timely process for managing Property at Oakland University (University), including acquisition, control and reporting. The Property Management Office (PMO), working with University operating departments, will ensure accountability for University Property. A well administered Property management process is a basic and necessary internal control for any organization. | |
POLICY: The University is the sole owner of Property purchased with University funds. No individual or subdivision (department, school or college) of the University directly owns Property. Such units may have responsibility for Property in their custody; but, title rests either with the University or with the outside agency that funded the Property to the University for specific purposes. Title to Property purchased with contract or grant funds is vested in accordance with the provisions of the specific contract, grant or agency policy. | |
SCOPE AND APPLICABILITY: This policy applies to all administrators, faculty, staff and students who are in possession of University Property. | |
DEFINITIONS: Capitalized Property: Any tangible asset, item or Property having a useful life of more than one year and an acquisition cost equal to or greater than the Capitalization Threshold. These items are recorded in the Fixed Asset module of Banner, the University’s enterprise system. Capitalization Threshold: $5000 Government-Owned Property: Includes all Property where the title is retained by the government. This may include Property purchased with government funds, or Property furnished by the government. Government-Funded Property: Includes all Property acquired with government funds (grant or contract) where the title vests with the University. Hazardous Waste: A waste with properties that make it dangerous or potentially harmful to human health or the environment or that exhibits at least one of the following characteristics – ignitability, corrosiveness, reactivity, or toxicity. Hazardous Wastes can be liquids, solids, contained gases, or sludge which are by-products of manufacturing processes or simply discarded commercial products, such as cleaning fluids. Principal Investigator (P.I.): In a research environment, the individual who ensures proper accountability and control of Property. This is the individual who is responsible for the grant or contract. Property: A tangible item owned by, or in possession of, the University which is nonexpendable - that is, not consumed in use and retains its original identity during the period of use. This typically includes vehicles, furniture, electronics and other equipment. It does not include real Property (land or buildings) nor expendable supplies.
Property Release Form: A University form used to reassign or release University Property. This form may be found on the Property Management website. Responsible Department: The operating department responsible for, or having custody of, University Property.
Request to Take Equipment Off-Campus: A University form used to temporarily remove equipment from campus for work directly related to University business. It is available on the PMO website. Surplus Property: A non-expendable item of Property which no longer has useful value to the Responsible Department and is being considered for repurposing or disposal. | |
PROCEDURES: A. General Financial reporting of fixed assets, is handled by the PMO and Controller's Office. Asset tag management and system updates for acquisitions and disposals are handled by PMO. Depreciation and other balance sheet transactions are handled by the Controller's Office. Federal Circular Number OMB 2 CFR 200, available on the website: www.omb.gov, prescribes uniform standards governing management of Property awarded by grants or agreements by the federal government. The University will observe these government standards when applicable. All University Property that is transferred, loaned, sold or otherwise disposed of, must be processed through the PMO prior to a change in status and regardless of perceived current value. OU AP&P #365 Surplus Property Disposal addresses the disposition of Property that is no longer deemed to be of value to a Responsible Department. B. Purchase When acquiring Property, departments are to abide by OU AP&P #1000 Procurement Policy. The following account codes should be used for purchases of Property:
C. Gifts In Kind (Donated Items) Property acquired by gift, with a documented fair market value that meets the definition of Capitalized Property is to be assigned a Property tag and recorded by the PMO. The date the gift is accepted is considered the date of acquisition. The acquisition amount recorded in the University’s fixed asset records is the fair market value shown on the Gift In Kind Review Form as documented by an appropriate third party. If the fair market value is not validated, the Gift In Kind will be recorded at a value of $1.00. Donated items must be processed through Development, and Alumni Relations (DAR) and are recorded only after approval by the Gift In Kind Committee and are in compliance with OU AP&P #500 Gifts, Pledges and Grants. Gifts of bound volumes, pamphlets, documents and other collections are recorded by the Library and do not become part of the Property Management records.
If the fabrication consists of components that have been purchased on Purchase Orders, the Purchase Order numbers should also be provided. E. Modular Furniture
F. Receipt of Property Generally, Property is received through the Central Receiving department unless constraining circumstances dictate that delivery be routed directly to the Responsible Department. The Responsible Department, upon receipt of the Property, must perform a thorough inspection of the Property to determine that it is as ordered and that there is no concealed damage. If the shipment is not correct, discrepancies are to be noted and the Central Receiving Department and the Purchasing Department are to be notified.
G. Identification and Labeling of University Inventoried Property
All Inventoried Property is identified, marked with an University Property tag and recorded in the University’s fixed asset database following payment of the associated invoice. It will remain so identified as long as it is in the custody or control of the University. This identification is to be removed or obliterated from the Property only when sold, scrapped, or otherwise disposed of. If a Property tag is missing or removed, the PMO should be contacted for a replacement. The PMO is responsible for initiating the application of the University Property tag to the asset. This physical application may be delegated to the Responsible Department.
Specifically, these requirements apply to the need for an effective Property management program to ensure that costly research Property is fully utilized and that unnecessary purchases of additional Property are avoided. Because of the variance in rules and regulations across agencies for managing government funded Property, it is emphasized that Principal Investigators and Research Office staff must be familiar with specific contractual requirements before initiating the following processes: (1) acquisition, (2) cannibalization, (3) disposal, (4) safekeeping, (5) vesting of title, and (6) accountability.
1. Equipment Screening and Acquisition
2. Identification of Government-Owned Property
3. Property Acquired Under Grants and Contracts
4. Record Keeping
5. Maintenance, Care and Accountability
6. Government Property Reporting
7. Subcontractor Control
8. Assessment and Audit related to Government-Owned Property
9. Contract Property Closeout
10. Financial Accounting -- Depreciation and Use Charges
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RELATED POLICIES AND FORMS: OU AP&P #365 Surplus Property Disposal OU AP&P #500 Gifts, Pledges and Grants OU AP&P #620 Environmental Health and Fire Safety OU AP&P #880 System Administration Responsibilities OU AP&P #1000 Procurement Policy OU AP&P #1050 Risk Management/Insurance Policies and Procedures OU AP&P #1370 Central Receiving | |
APPENDIX: | |