Asset Management Policies and Procedures
Purpose of this Policy
New York University requires every school, department, or unit to acquire, record, inventory, and dispose of capital assets according to the guidelines provided in this document.
Capital assets comprise a significant part of New York University’s resources and are integral to various involve considerable University funds, capital expenditures must follow an established review and approval process to ensure their appropriateness. Capital assets are also subject to various legal provisions (e.g., building codes, copyright laws, property rights, etc.) as well as specific Internal Revenue Service (IRS) requirements (the IRS for instance has specific rules on how capital assets given to the University as gifts are used, disposed of, recorded, and reported). To ensure University compliance therefore, all individuals involved in any transaction related to capital expenditures must know and understand all applicable laws, regulations, and requirements of donors and the government, as well as to maintain records related to the acquisition, recording, inventory and disposal of the University’s capital assets.
This Policy and Procedures Manual has been prepared to provide information about the Asset Management Office and the University's requirements for the tagging of capital equipment. It provides both an overview of how Asset Management operates in order to maintain accurate inventory records, and describes the role of University departments in this process.
Scope of this Policy
This policy applies to all schools, departments and units of the University.
Procedures for Implementation
The Asset Management Office is responsible for maintaining the University's capital equipment inventory. Capital Equipment refers to durable, self-sufficient movable property with a useful life of more than one year and a unit cost of $3,000.00 or more. Components with unit costs of $3,000.00 or more may be considered capital equipment if they are easily separable and can function apart from the main unit, regardless of University funding (i.e., sponsored).
* Any itempurchased with University funds is owned by the University and is intended for University use only.
* It is theUniversity's policy that University owned items cannot be given or sold toemployees or students regardless of condition.Our objective is to provide current and accurate asset inventory information, to authorize disposal of University owned equipment and to offer quality surplus items to the University Community, in a courteous and professional manner. If you have any questions please feel free to contact us at email@example.com or call us at 212-998-1040.
The Policy and Procedures Manual has been prepared to provide information about the Asset Management Office and the University's requirements for the tagging of capital equipment. It provides both an overview of how Asset Management operates in order to maintain accurate inventory records, and describes the role of University departments in this process. From time to time procedures will be added and/or deleted, and others updated.The Asset Management website, http://www.nyu.edu/asset/, offers quick access to a variety of information including:Asset Management policies, procedures, forms, who's who, frequently asked questions and more.
SURPLUS FURNITURE AND EQUIPMENT
* To inform departments of surplus items.
* To providea mechanism which allows for the viewing of available items.
* To encourage recycling.
* To save the cost of purchasing new items.
* To relocate and recycle usable furniture and equipment
Asset Management posts a listing of surplus items on the Asset Management Web Site, http://www.nyu.edu/asset/. Departments may choose an item(s) from the list and either submit an online “Surplus Request Form” or call Asset Management at 212-998-1040 or email us at firstname.lastname@example.org to inquire about available items.
RELINQUISHINGSURPLUS FURNITURE AND EQUIPMENT
Thedepartment contacts Asset Management by completing and forwarding an Asset Surplus Form. Items submitted as surplus must first be made available to other NYU departments before they are donated or sold to outside organizations. The Senior Asset Inventory and Equipment Assistant follows the procedure for posting surplus furniture and equipment outlined above.
See Forms Page: Asset Surplus Form
Asset Management staff reviews the Asset Surplus Form and arranges for a physical inspection. The staff member inspects the item, determines its recyclable value and either post a digital photo of the item(s) to the Asset Management Surplus web page, or designates it for disposal. If the item is capital equipment, Asset Management uses the information from the Asset Surplus Form to update the inventory database.Once an item is designated for disposal, the department should then contact FCM Client Services Center at 212-998-1001 to remove it from the premises. Under no circumstances should the department allow a University employee to remove the "disposed" item for personal use.
Acquiring Surplus Furniture and Equipment
Surplus items such as desks, chairs, files, bookcases, etc. are available to all University departments. We encourage you to visit our web site at http://blogs.nyu.edu/asset/surplus/ to view digital photos of quality used items. Upon selection of an item(s), the department completes a Surplus Request Form and submits it online. Moving/relocation services will also be provided and charged to your department account.
See Forms Page: Surplus Request Form
Click here for the complete Asset Management Policies and Procedure Manual.