DISPOSITION OF FIXED ASSETS

How to be done after you’re done.

Fixed Asset Life Cycle

Purchase process Received

Recorded in fixed asset system

Tagged

Use and depreciation

Disposition

Removed from fixed assets system

Disposition

Sold through surplus

Donated

Discarded/Destroyed

DISPOSITION OF SURPLUS ITEMS

POLICY

Approved by: Presidents Council

Date of approval: March 24, 2014

All items which are no longer of use to the University are to be disposed of according to this policy. Items with asset tags require a "Relief of Accountability"(ROA) to account for the sale, disposal or donation. When an item is sold, the net proceeds will be returned to the authorized fund of the department submitting the item. Items that are not sold after 30 days will be reduced in price by 25 percent. Price will be reduced by another 25 percent after 60 days and another 25 percent after 90 days. After 120 days, items will be donated or discarded at the discretion of Surplus Operations personnel.

Process for removing tagged assets from inventory

Fill out a Relief of Accountability form Byui.edu/financial-services

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SURPLUS POLICY

Disposable Surplus :

Disposable surplus must be discarded and may not be given to employees or others. Surplus will pick up any items you deem disposable and will try to recycle where possible or work with E-waste where applicable.

Donations :

Requests may come from various entities for donations of surplus items. The following guidelines address these requests:

1. The first option for surplus items is to provide value for the University or other Church entities. Items can be donated to other entities if they are not sold after 30 days or there are compelling reasons for the University to make a donation before the 30 days is up.

2. The University does not make donations to For-Profit entities.

3. Donation requests from Public Schools or Government entities takes precedence over requests from non-profit entities.

4. Donation approval will be provided through the Donation Advisory Committee comprised of representatives from Financial Services, Internal Audit, Public Relations, Information Technology and University Services.