Accounting for Asset Inventory
RELATED POLICY STATEMENT(S):
July 1, 1993
April 8, 2011
Just as it is important to record all assets acquired by Creighton, it is equally important to update the financial system whenever there is a disposal or change in location of a fixed asset. The disposal process should be coordinated through the Purchasing Department, as specified in the Purchasing Policy & Procedure Manual in section 4.6, but the attached procedures are provided as additional guidance.
When the department determines that a tagged asset is to be disposed, it should initially contact the Purchasing Department (See FAPL 04) to discuss disposal alternatives, including sale, re-assignment to another department, donation to a charitable organization, or scrapping. Once an alternative is determined, an Asset Disposal/Move Form should be completed by the Department and forwarded to the Controller's Office. Without this notification, the department will continue to be responsible for the equipment as reported in the inventory system.
If a fixed asset is being moved from one room to another, to another building, to/from storage, or to another department, the Department should complete an Asset Disposal/Move Form. Whe completed the form should sent directly to the Property Accounting Assistant in the Controller's Office after the move has been completed.