Asset Disposal Policy

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PLEASE NOTE: For items purchased with grant funds, additional rules and external regulations apply. When you begin to plan for the future disposal of grant-purchased items, please contact the Office of Sponsored Programs (OSP) first before proceeding.

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Definition:    "Asset" refers to items that must be tracked through ASC’s financial systems. These items are either owned by or in the custody of ASC, and they:

•    Are non-expendable
•    Stand alone
•    Have a normal useful life of one year or more
•    Qualify as tangible personal property (can be appraised for value) with an acquisition cost of $5,000 or more.  These items will also be tagged with ASC number for identification

Assets related to land, land improvements or buildings:

1.    Property is sold:  Vice President of Business and Finance brings to the Office of Accounting a copy of the closing documents from the sale of any property owned by Agnes Scott College.  The property is identified by the address and is removed from the fixed asset inventory for the college.  This removal includes any improvements or additions to the property since the original purchase.

2.    Equipment removed from service:  Facilities is to send a Fixed Asset disposal form to Accounting when equipment related to any buildings or vehicles are removed from service.  This could be the result of upgrade or replacement.   If the equipment has an Agnes Scott College tag, this tag should be removed from the equipment or vehicle and brought to Accounting.

Assets related to furniture, equipment, and art:

1.    When equipment, furniture or art that is tagged with an Agnes Scott College fixed asset tag is disposed, the office / department that is disposing of the asset is responsible to bring the tag from the asset with a description of the asset and the reason for the disposal to Accounting.  
If this equipment, furniture or art is sold the bill of sale should be included in the documentation that is brought to Accounting.

2.    Accounting verifies the reasonableness of the disposal of a fixed asset.  A review is done of the purchase date, the length of service and the depreciable life.  If the disposal is deemed to be reasonable, the asset is removed from the fixed asset database.  If the disposal is not deemed to be reasonable, Accounting contacts the chair of the department to discuss the disposal of this asset.  A written explanation must be sent to Accounting to justify the disposal to ensure that there is no theft or fraud involved with the asset disposal.

3.    After all disposals are completed a report is forwarded to the Controller for review and verification.

To update the Office of Accounting during the disposal of an asset, please use the fixed asset disposal form

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