Creighton University

Accounting Procedures

PROCEDURE TITLE:

Accounting for Asset Inventory

PROCEDURE NUMBER:

FAPR 03

RELATED POLICY STATEMENT(S):

FAPL 04

DATE ISSUED: 

July 1, 1993

DATE REVISED:

April 8, 2011

OVERVIEW

 

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.

REQUIRED FORM(S)

 

Asset Disposal/Move Form

 
PROCESSING STEPS

 

DISPOSALS

 

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.

MOVES

 

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.