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Procedure for Disposing of Fixed Assets

May 26, 2011

  1. Surplus arrives at RSM (surplus area).
  2. Surplus is checked by Inventory Control to determine fixed asset or non-fixed asset.
  3. If item is found to be a fixed asset:
    1. Asset is physically placed in holding area.
    2. The following information is documented and sent to Brenda Penrod in Financial Operations (by e-mail):
      1. Asset tag (and all tags/sub assets associated with the main asset)
      2. Description
      3. Serial Number
      4. Purchase order
      5. Purchasing cost center
      6. Most current responsible cost center
    3. Copy of e-mail sent to Financial Operation will be attached to asset master within SAP.
    4. Asset will remain in holding area until released by Financial Operations.
  4. Financial Operations will send an e-mail to Inventory Control (Walt Gill and Michele Fatora), either:
    • Releasing the asset to be sold through IUP Surplus Policy and Donation Guidelines
      1. Copy of e-mail will be attached to asset master record within SAP

    or

    • Assigning the asset to the appropriate grant accountant to contact the funding agency for determination of proper disposition of asset:
      1. Grant Accounting will notify Inventory Control with copy to Financial Operations (Brenda Penrod) of how the asset should be disposed.
      2. Surplus item will be disposed of according to the instructions of the grant accountant per the funding agency.
      3. Inventory Control will attach all correspondence to the asset master record within SAP.
  5. All fixed assets to be disposed by IUP Surplus will be highly considered for online auction prior to being made available to 501c3 organizations or placed on the IUP Surplus Sale.
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