Two new Property Policies Approved by Board of Trustees

Two new Property Policies have recently been approved by the Board of Trustees.  Both Policies have been written in an effort to provide further clarification in the stewardship of University Property.

Policy 3‐041: Accountability for Noncapital Equipment, approved 4/13/2010

 
This new Policy provides guidance for management and disposition of equipment valued between $1,000 and $4,999.  Highlights of the new policy include departmental responsibility for:

  • Yellow Property Tags for Noncapital equipment at purchase
  • Maintaining inventory records, including location and condition, for Noncapital equipment
  • Maintaining records of Off Campus use of Noncapital equipment
  • Biennial inventory of Noncapital equipment in service 5 years or less
  • Disposition on Noncapital equipment through University Surplus

Guidance and forms used by departments with regard to Noncapital equipment can be found at the Information and Forms link on the Property Accounting home page, or at FBS Forms.

FBS TipNOTE: It is important to communicate that while Noncapital inventory requirements have been changed to a biennial (every other year) review in new Policy 3-041, and supersedes Section III.K.3. of Policy 3‐040, we will continue to expect annual inventories for Capital property.

Policy 3-044: Museum and Library Collections and Non-Museum Decorative Items, approved 6/7/2010

This new policy articulates the University’s commitment to the preservation of art, artifacts, and rare books in the Museum of Fine Arts, the Museum of Natural History, and the University Libraries, as well as the education of the public on these items. This policy acts as an umbrella over more detailed internal policies and procedures regarding acquisition, display, and preservation – as prescribed by these entities’ accrediting bodies. 

While the major focus of the policy deals with collections as described above, it also addresses non-museum decorative items acquired for the purpose of providing an inviting and appealing environment to students, faculty, staff, patients, and visitors.

What other changes are coming regarding Property Policies?

These two new Policies, in addition to 3-043 Accountability for Intangible Assets (approved 2/9/2010), complete new policy documentation regarding different property categories.  A significant effort to re-write Policy 3-040, Property Accounting will follow during the next year.  The result will be that 3-040 will be scaled down to clarify principles only concerned with Capital property, valued at over $5,000.

If you have questions or concerns, please If you have questions or concerns, please ask us

Subscribe to the FBS News E-mail ListSubscribe to the FBS News E-mail List