Asset Management (AM) ensures that all assets acquired by the University have been appropriately accounted for and are reconciled to the general ledger.
The PeopleSoft AM module stores two types of information: financial and physical. Financial information includes cost, books, depreciation method and convention, and life. Physical information includes tag number, location, custodian, manufacturer, and specifications.
Surplus Equipment (non DMV items)
All surplus assets that are not re-utilized by the campus is made available to the public and campus community through an online auction). Each item has a minimum bid established and all items are sold “AS-IS”. Assets are available for inspection by appointment only.
Auction Website: Publicsurplus.com
Surplus Vehicles (DMV Registration)
All vehicles not re-utilized by the campus will be made available to the public for sale. Vehicles are sold via a sealed bid process. The vehicle auctions last 1 day from 8 AM to 4 PM (Dates to be announced based on surplus inventory). All bids are submitted in a sealed envelope and stamped with date & time (in the event there are 2 winning bids for the same amount, the first bid submitted will be considered the highest bidder). All winning bidders will be notified within 24 hours of the closing time of the auction. All vehicles must be registered to the winning bidder prior to removing any vehicle from campus (scrap yards are exempt from this requirement). The winning bidder will have 10 days from notification of winning the auction to have the vehicle registered and removed from the campus. The winning bidder must provide a copy of the registration of the vehicle showing the transfer. Please note that all vehicles are sold “AS-IS”. Payment must be made in the form of cash or certified check.
All state equipment, whether it is obsolete, replaced or simply junk, must be removed from a department inventory through the Survey Process. Equipment no longer used by one department is then made available to the campus community through re-utilization.
To initiate this process a " Request for Property Survey Report " (F315-02) must be filled out and forwarded to the Asset Management Office in Procurement and Support Services, Building 75. The form will be processed and pick-up of the equipment will be arranged by Distribution Services/Receiving. Equipment is stored for re-utilization or disposal as appropriate considering the current condition of the equipment.
When surveying equipment: please do not remove power cords and keyboards whenever possible. If parts were removed from equipment, be sure to indicate this on the survey form. If any equipment contains freon, or any type of fluids, arrangement should be made by the department through Facilities Management to have fluids appropriately removed. A written notification from Facilities Management that freon and/or fluids were removed should be attached to the survey; otherwise, it will delay the pick-up of equipment.
The Inventory Office is responsible for performing an annual campus wide inventory audit of all capitalized equipment and sensitive "high risk items."
The Inventory Officer has set up a tentative rotating inventory schedule that will require the physical inventory of all schools and administrative divisions once a year.
- The physical inventory will be conducted on a department-by- department basis within each school and division.
- Worksheets and Inventory Reports will be retained for audits and will show the date of inventory and the signature of the inventory designee.
At the conclusion of the physical audit, departments with missing equipment are required to complete a missing property report. At any time equipment is determined to be stolen, it is the department's responsibility to report the theft to University Police and file a police report.
The Missing Property Reports are then reviewed by the Property Review Board to determine if the department was negligent in the loss of state property. The Property Review Board can recommend the immediate processing of surveys of state equipment to remove the equipment from the property data base, or it can recommend further investigation regarding the circumstances of the loss.
State property is capitalized for accounting purposes when certain conditions are met. Capitalization means to record the property in the accounting records as assets.
CAPITALIZED PROPERTY CRITERIA
- a normal useful life of at least one year,
- a unit acquisition cost of at least $5,000,
- and used to conduct state business.
All "capital" assets will be tagged with a CPK# and red Property CPP tag.
SENSITIVE/HIGH-RISK PROPERTY CRITERIA
The authority to establish and maintain a system of internal controls to safeguard non-capitalized state property has been delegated by the CSU to the university president (EO 649). As a result, Cal Poly Pomona has adopted a policy for sensitive/high risk assets.
For the purpose of this policy, "sensitive/high risk" items will be any:
- video recorder
that meet the following criteria:
- has an acquisition cost of $500.00 through $2,499.99 (will be tagged with CPK tag and GOLD CPP tag)
- has an acquisition cost of $2,500.00 through $4,999.99 (will be tagged with CPK tag and RED CPP tag)
- an expected useful life of at least one year, and
- used to conduct state business.
(Additionally, if requested, other "sensitive/high risk" items identified by individual departments may be tagged and inventoried, but not capitalized.)
All "sensitive/high risk" assets will be tagged with a CPK# and gold Property of CPP tag.
INSTRUCTIONAL EQUIPMENT CRITERIA
In addition, to aid in the processing of the Instructional Equipment report, property meeting the following criteria will be tagged as instructional equipment, but not inventoried or capitalized:
- an acquisition cost of $500.00 through $4,999.99,
- an expected useful life of at least one year,
- used to conduct state business, and
- purchased for use by an instructional department.
All "Instructional" assets will be tagged with a CPK #
NON-SENSITIVE PROPERTY CRITERIA
All "non-sensitive" state assets with an acquisition cost of $500.00 through $4,999.99 will be tagged only with the gold CPP tag.
I. All loans of state equipment to faculty, staff and students must be initiated through the department chair/director/dean, and require completion of the "Loan of State Property" Form (F183-02), specifying the purpose of the loan, and a loan period. Loans cannot exceed one year and are subject to prior approval.
II. The borrower agrees to assume responsibility for university property taken off campus until such time as the equipment is returned to campus, and the "Return of Equipment Form, Section III" is completed and forwarded to Asset Management releasing the borrower from liability. The borrower also agrees to return the equipment to the University for physical inventory purposes as requested.
III. Loan Periods for State Property are as follows:
• Ninety days or less (Delegated, decentralized process)
• Ninety days up to one year (Centralized)
NINETY DAYS OR LESS
• A "Loan of State Property" Form must be completed. Written justification is not required on loans under 90 days.
• Department chair/director/dean approval is required and must be made prior to equipment being taken off campus.
• The original loan form must be on file for documentation of loans during a physical inventory and/or State audit.
• The approving official retains the original loan form until equipment is returned.
• When the equipment is returned, the approving official will verify the equipment has been returned; and the borrower must complete the "Return of Equipment Form, Section III" (on the original loan form), to release liability for the equipment. The form is then forwarded to AM/Procurement, Building 75.
NINETY DAYS UP TO ONE YEAR
• A "Loan to State Property" Form must be complete.
• The "Written Justification" Section II must be completed for loan over 90 days.
• Department chair/director/dean approval is required. The approval form is then forwarded to the Director of Procurement and Support Services for review and acknowledgement of loan.
• Asset Management will forward a copy of the 'Loan of State Property" form along with correspondence acknowledging the loan to the approving official for their files. A copy will be retained for the Inventory Officer's files.
RETURNED EQUIPMENT FOR NINETY DAYS UP TO ONE YEAR
• When the equipment is returned to campus, approving official will verify that the equipment has been returned to the University; and the borrower must complete the "Return of Equipment" Section III (on the original loan form), to release the liability for the equipment. The form is then forwarded to Asset Management/Procurement, Building 75.
• Asset Management will notify the department within two weeks of the expiration of a current loan.
• "Loans" of state equipment must be renewed every year. If an extension is necessary, a new "Loan of State Property" form must be completed following the above procedures for Loans over Ninety Days. The equipment should be physically inspected and inventoried by the approved official before a renewal is approved.
IV. LOST, STOLEN, DAMAGED PROPERTY WHILE ON LOAN
The borrower of State property has agreed to assume responsibility for the property on loan, and has agreed to reimburse the University in the manner prescribed by the University Property Review Board should this equipment become lost, stolen or damaged while in the custody of borrower.
Any property that is lost, stolen, or damaged property during the loan period should immediately be reported to the department chair/unit head.
• The department chair/director/dean should immediately notify Asset Management, Procurement & Support Services, in writing, identifying the equipment, property number, and serial number with an explanation of circumstance for the loss of, or damage to, the property on loan.
• If stolen, a police report should be attached to the above correspondence. It is the borrowers responsibility to obtain a police report.
• A "Missing Property Report" will be completed and forwarded by the Inventory Officer to the Chair of the Property Review Board for review. Recommendations for any type of reimbursement will be made on a case by case basis. All parties will be advised of the board's recommendations.