Surplus and Excess Property
Fixed assets are those which possess the following attributes;
- Real or personal property.
- Useful life of more than one year.
- Cost (or estimated fair value if actual cost is not available) of one thousand dollars ($1000.00) or more at the time of acquisition.
Acquisition cost includes the purchase price, freight charges, installation charges, (plus any trade in allowance), and any other charges directly related to placing the item into service.
When placing a purchase, only items covered under the above descriptions should be ordered under a Colleague 63000 equipment purchase object code number. Any other item such as software, books, laboratory and or office supplies should be ordered as a consumable supply 64000 object code number, preferably ordered on a separate requisition.
Items ordered which are an enhancement to existing equipment, such as memory upgrades to computers, engine replacement for mowers and/or vehicles, should be ordered from a 63000 equipment object code number. A description plus the university property tag number of the item being enhanced should be noted on the requisition.
Improvements, additions and major repairs are normally ordered from a 63302 building improvement object code not as equipment enhancement. These would include but are not limited to such items as carpeting for a room or building, replacing existing heating and/or air conditioning units, or replacing a roof.
Gifts & Donations (from Lincoln University Rules and Regulations)
All gifts to the university in the form of money and securities or in other forms, whether for the benefit of the entire institution or any of its departments or activities must be reported to the President of the University and the Board of Curators. Gifts to the university may be accepted by the Board or President of the University or his or her designee. No officer or member of the staff of the university is permitted without express permission of the Board of Curators to accept a gift for building purposes or to accept a gift, the maintenance of which will add to the ordinary operating budget of the university.
Each gift is accepted subject to the general policy of the Board of Curators that the wishes of the donor(s) with respect to the disposition of the gift shall be observed, so long as in the opinion of the board such wishes do not conflict with the proper administration of the university.
Accepting Gifts (from Lincoln University Rules and Regulations)
The University shall assign the accepting and recording of gifts to a central office to ensure uniformity and consistency in applying university policies.
Restricted gifts shall be accepted on condition that the university may use the funds or gift for other purposes if it becomes impractical or impossible to use the funds or gift for the original purpose.
The University reserves the right to dispose of gifts or tangible personal property as it deems appropriate and discourages such gifts that are made subject to the conditions that they be kept for a certain period of time.
- Assets determined to no longer be of use by a department or the University.
- Assets determined to no longer be required within an area of a department may be moved within that department, transferred to another department or transferred to surplus property at Shipping and Receiving.
- All moves require that a Property Inventory and Change Report be prepared and sent to the Property Officer at Shipping and Receiving building.
- All moving of university assets require a work request to university maintenance department, plus a copy of the Property Inventory and Change Report.
- Assets determined surplus to the university would be transferred to State Agency for Surplus Property, sold through sealed bid, or auction as deemed appropriate by university Purchasing department.
Obtaining Assets From State Agency For Surplus Property:
State Agency for Surplus Property is made up of two different areas, State Surplus and Federal Surplus.
The University family may view and place on hold items from both state and federal surplus areas.
The University requires a requisition and purchase order for items requested from State Agency for Surplus Property.
State Agency for Surplus Property will hold items for ten (10) working days after being put on hold.
Periodic Physical Inventories:
The key to accurate fixed asset records is complete data. Complete data can only be achieved through accurate physical inventories. Rule 15 CSR 40-2.031 requires the university to perform an annual physical inventory of all fixed assets. Lincoln University performs its annual physical inventory in the fall of each year. All staff involved in the inventory process are expected to do a complete and thorough inventory (based on physical verification, not paper records).