State of Georgia Laws
Laws of the State of Georgia (Official Code of Georgia, numbers 50-16-160 through 50-16-161.1) require the Department of Administrative Services (DOAS) to maintain an accurate University Inventory Report, of movable items with an item acquisition cost of $3,000.00 or more, owned by the State of Georgia. This inventory must be kept current and available for inspection. Changes must be documented in detail, kept current, filed, and made available for inspection.
Georgia Board of Regents Policy
The Board of Regents Business Procedures Manual (Section 11), refers to the need to comply with the laws through maintenance of a detailed Central Inventory Record at each University.
University of West Georgia Asset Management Inventory
The Manager of Asset Management of the Business and Finance Division is responsible for maintaining a perpetual Central Inventory Report from information provided on a continuing basis by University Departments and the Department’s Annual Inventory Reports. The Manager of Asset Management records acquisitions, tags items, and prepares Department Annual Inventory Reports.
Defining Asset and Equipment types
- Assets with a cost greater than or equal to $5,000.00 will be coded with the appropriate 800000 code from the UWG Chart of Accounts listing. These assets will be tagged and received by Asset Management prior to payment for the asset.
- Equipment (Small Value Property) with a cost between $3,000.00 and $4,999.99 will be coded with the appropriate 700000 code from the UWG Chart of Accounts listing. These SVP items will be tagged and received by Asset Management prior to payment for the SVP item.
- IT Equipment containing a hard drive or data storage device (such as Computers) that are less than $3,000.00 must be tagged. Please notify the Asset Management Department by email if you receive new IT Equipment that has a cost less than $3,000.00, and an Asset Management employee will arrange to tag the item.
- The Departmental Authorized Approver is accountable for all property assigned to their individual units with regards to inventoried, non-inventoried, and supply items. This responsibility cannot be delegated but the Authorized Approver may appoint a current employee to be the Department’s inventory designee. For equipment and other items purchased with individual cost less than $3,000.00 not meeting the above criteria, the department has responsibility to safeguard the item(s) and maintain a departmental inventory schedule under the oversight of the Approval Authority.
Exceptions to the Non-Inventoried Items Definition
The following items are inventory controlled without regard to the $3,000.00 minimum cost:
- Original works of art.
Items Received regardless of Source of Receipt (Gifts, Donations, or Grant)
Items received regardless of source of receipt become property of the University. These items are to be assigned a value based on either value established by the donor or at estimated fair market value. The fair market value can be estimated from a recorded price of a similar item previously reported or other sources of information available locally. When the estimated cost is $3,000.00 or more, seek guidance from Asset Management for proper handling. Please provide appropriate documents to show the source, description of item, value of the item, model number, and serial number. This information will be used to add the item to the Department's Inventory Record and for UWG decal tagging of the item.
Items Received from Surplus of other Federal or State entities
Items received from Federal or State Agencies with a value greater than or equal to $3000.00 must be placed on the institution’s Asset Management Inventory Records at the greater of either the actual cost on the issue invoice or at an estimated value.
Surplus Property Process
Laws of the State of Georgia require that all property (inventoried, non-inventoried, and supplies) be disposed through the Surplus Property System of the state. This does not include items that are normally considered to be trash or waste.
To Surplus UWG Property
- Go to the UWG Asset Management Home Page
- Use the Transfer of Equipment Form
- Provide specific descriptive information in all fields on the form
- Hit the submit button.
- Asset Management Staff will contact the department to arrange to take possession of the surplus property.