The purpose of this policy statement is to respond to a state of Kansas directive
that state agencies establish a policy for the safeguarding of state property.
Preamble
Only property items with a value of $5,000 or more with a useful life exceeding one
year are reported on the University's fixed asset listing; however, the University
is responsible for safeguarding all state property. In this regard, each University
employee has stewardship responsibilities for University property assigned to said
employee or otherwise in the employee's control.
Policy
The University owns all property purchased with state of Kansas funds and all property
received as gifts, regardless of which University organizational unit ordered the
item, the source of funds or the particular budget expensed.
Although title to property purchased with grant or contract funds may not be legally
vested with the University, the University should exercise the responsibilities of
ownership for such property.
University property may only be used in the conduct of official University business.
University departments are responsible for ensuring that University property items
costing less than $5,000 are safeguarded and later disposed of in accordance with
state and University policies on the disposal of surplus property. See Section 13.12 of the WSU Policies and Procedures Manual.
A University employee discovering the theft of University property must report the
theft to the employee's supervisor as soon as possible, but no later than three calendar
days from the date of discovery. The supervisor must then notify the Office of Financial
Services and the University Police Department.
Equipment acquisitions with a life expectancy exceeding one year and a cost of $5,000
or more and capital improvement projects costing $100,000 or more should be coded
as capital assets (4XX0). Equipment acquisitions with a useful life expectancy of
one year or more and a total cost less than $5,000 and capital improvement projects
with a total cost less than $100,000 should be coded as non-capital assets (4XX9).
For capital asset reporting purposes, only software and software projects costing
$250,000 or more are to be classified as capital assets.
The University will have a "property management officer." The duties of the University's
property management officer shall include:
Maintaining the University's official property inventory system;
Coordinating the additions of capital assets into the Banner Fixed Assets system and
managing the assignment and affixing of property numbers to the equipment;
Coordinating changes of inventory items and the disposal of capital assets (see Section 13.12);
Coordinating the annual physical inventory of state property.
Implementation
This policy shall be included in the WSU Policies and Procedures Manual and shared with appropriate constituencies of the University.
The Director of Financial Services shall have primary responsibility for publication,
dissemination and distribution of this University policy.
