Current through all regulations passed and filed through December 16, 2024
(A)
Policy purpose.
The purpose of this policy is to document the responsibilities and requirements
related to capital asset handling and recordkeeping of university property,
including capital assets. The associate vice president for facilities planning
and operations is responsible for the administration of this policy, as well as
the development, implementation, and communication of the procedures necessary
for the sale and/or disposition of university property as provided
herein.
(B)
Definitions.
(1)
University property. All materials, supplies, and
equipment owned or leased by Kent state university, including capital assets,
regardless of the means of acquisition
(2)
Capital asset.
Any tangible personal property such as equipment, furniture, or other assets
with a value of five thousand dollars or more, including all costs to prepare
the asset for use (installation, shipping and handling, etc.), and an estimated
useful life in excess of one year. This definition excludes library books and
real property. Real property is land and any assets attached directly to land
such as buildings and building improvements.
(3)
Surplus
university property. University property that is in excess of department needs,
no longer in use by the department, technically or mechanically obsolete, no
longer functional, or has no intrinsic value.
(4)
Unit. Officially
recognized administrative structures of the university such as campuses,
colleges, schools, departments, offices, institutes, and
centers.
(5)
Campus surplus. A subdivision of university facilities
management delegated by the associate vice president for facilities planning
and operations to be responsible for the distribution, sale, or disposal of
university property.
(C)
Scope and
eligibility. This policy applies to all university property purchased or leased
with Kent state university funds or funds within the control of Kent state
university. This scope of this policy does not include the sale and other
disposal of motor vehicles owned or leased by the university for which
university fleet services retains sole control and authority.
(D)
Procedure and
implementation.
(1)
Acquisition. All university property must be procured
in accordance with applicable university policies including but not limited to
rules 3342-7-12 and
3342-7-12.1 of the
Administrative Code.
(a)
Capital asset identification. Upon delivery and/or
installation and prior to being placed in service, all capital assets must be
tagged and assigned an inventory control number by the controller's office in
the division of finance and administration. The unit acquiring the capital
asset is responsible for affixing the tag to the asset and completing the
related documentation to provide to the controller's office.
(b)
Inventory
control. Each unit is responsible for the university property under its
control, including applicable maintenance and repair, Capital asset
verification. The components of inventory control include recordkeeping and
maintenance of assets. Recordkeeping for capital assets shall be administered
through the controller's office. The acquiring unit is responsible for
maintaining the capital asset in a location and manner to avoid damage, theft,
or other loss of the asset. The acquiring unit is also responsible for
performing a physical inventory of all tagged capital assets every two years in
order for the university to maintain compliance with applicable federal and
state regulations. The bi-annual inventory is initiated by the controller's
office and the acquiring unit is responsible for verifying that every capital
asset listed on the report is still present in the unit and in good working
order. The unit shall notify the controller's office of any changes in the
capital asset status or location.
(2)
Sale of
university property, including capital assets. All university property must be
sold or otherwise disposed of in accordance with this policy. Units are not
permitted to sell or otherwise dispose of property in any other manner not
provided for by this policy.
(a)
Sale of university property acquired with university
funds (not from grants or sponsored programs). Campus surplus is responsible
for the sale of university property by one of the following methods:
(i)
Redistribute to
another unit of Kent state university as surplus university
property;
(ii)
Pursuant to competitive bidding procedures with the
university property being sold to the highest bidder;
(iii)
In an
advertised public sale or auction with the applicable university property
having a price assigned and sold or auctioned to the public at a stipulated
time and place. Net proceeds from the sale of surplus property will be used to
financially sustain the staffing and overhead costs of the campus surplus
operation. For items with a resale value over two thousand five hundred
dollars, a minimum of seventy-five per cent of the net proceeds will be
credited to the releasing department, with the remaining percent credited to
campus surplus (with exception to regional campuses and college of podiatric
medicine, where campus surplus shall only be credited with ten per cent of the
net proceeds or a flat twenty-five dollar fee, whichever is more);
or
(iv)
Exceptions must be approved by the associate vice
president for facilities planning and operations. For all capital assets, the
unit is responsible for notifying the controller's office of the sale or
disposal of any capital asset, but the unit is not permitted to transact a
capital asset sale or other disposal.
(b)
Disposal of
surplus university property acquired with university funds (not from grants or
sponsored programs). Surplus university property not redistributed within the
university or sold via public sale or other methods provided for in paragraph
(D)(3)(a) of this rule may be disposed of in the way most economical for the
university. Campus surplus shall be responsible for all surplus university
property received, and shall have the sole discretion to determine its
appropriate disposal for maximum benefit to the university, including
scrap.
(c)
University property, including capital assets, acquired
with funds from sponsored programs. Special recordkeeping and disposal
requirements often apply to university property purchased under a federal award
or other sponsored program. In cases where the terms of the grant or contract
are more restrictive than university policy, those terms shall govern. In cases
where the requirements imposed are less restrictive, university policy shall
apply. Disposition of sponsored program assets must meet all university and
sponsor requirements and be coordinated through the office of sponsored
programs to ensure appropriate approval before the university controller's
office and procurement department will give final approval. In the event of
relocation of a principal investigator (PI) to another institution, the PI may
be permitted to transfer equipment from the PI's ongoing grant(s) or
contract(s) with prior approval of the appropriate university authority in
conjunction with the terms of the grant(s) or contract(s). Additionally, it is
the PI's responsibility to work with the university controller's office and the
procurement department to ensure that all university asset disposition
requirements have been met prior to physically transferring the equipment.
Additional details regarding requirements specific to sponsored programs are
provided for in rule
3342-10-03.1 of the
Administrative Code.
(d)
Donations or sales of university property, including
capital assets, to private individuals, for-profit organizations, or other
state employees are prohibited unless sold in accordance in with paragraph
(D)(3)(a)(iii) of this rule.
(E)
Prohibition. In
accordance with the conflict of interest policy provided for in rule
3342-6-23 of the Administrative
Code, university employees may not personally benefit from the sale of
university-owned material or equipment.
(F)
Reporting and
records. Campus surplus shall maintain all records of sales and other disposals
of university property as provided for by this policy.
(G)
Violation. Any
violation of this policy may result in the department being subject to
supervised inventory control measures and any person who violates this policy
may be subject to disciplinary actions up to and including termination.
Replaces: 3342-5- 12.3