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    Policy Statement
    The University of Georgia is required by the Board of Regents of the University System of Georgia and state and federal regulations to inventory and track moveable assets.  Assets are acquired from a variety of sources and must be used for institutional purposes and they must be disposed of in accordance to state guidelines. The Department of Administrative Services defines surplus property as “any item that is non-consumable and non-expendable that is no longer needed”.  These items may or may not be inventoried by the University of Georgia.  There are several options for disposing of state property.
    Reason for policy

    Ensure all UGA assets are disposed of properly.

    Procedures
    When loss of an asset is discovered, the item should be removed from inventory.  If theft is suspected, then please follow the procedure in 15.5.2.  If theft is not suspected, then the item can be removed from inventory with a request from the department head as long as the item is not considered ‘new or relatively new’.  Items considered ‘new or relatively new’ are those that were purchased in the past five fiscal years (not including the current fiscal year).  New or relatively new items require a police report for the item to be removed from inventory records. Should the removed items be recovered and returned to the original custodian, the master record will be corrected at that time.
    Forms/Instructions

    All Property Control Forms can be found at the following site: http://www.busfin.uga.edu/forms/

    Additional contacts

    Property Control Office, 706-542-4390, property@uga.edu

    Policy definitions

    New or relatively new equipment

    Items purchased in the last five fiscal years excluding the current fiscal year.

    Responsibilities

    Responsible University Senior Administrator:Vice President for Finance & Administration

    Responsible University Administrator: Associate Vice President & Controller

    Policy Owner:UGA Property Control

    Policy Contact:Craig Mathews

    Phone Number: 706-542-4390

    Record Retention

    For all assets all documentation should be retained for 5 years after disposition of equipment. [0472-01-005]

    FAQs

    For what reasons are inventory items deleted from my inventory?

    The most common reasons for deleting items of inventory from the equipment holdings of a department are:

    1. Items are reported stolen.
    2. Items are reported lost, most commonly by way of the annual inventory, and qualify for deletion, i.e., are over five years old.
    3. Items are surplused to the University of Georgia surplus warehouse or to the State Department of Administrative Services.
    4. Items are sold in lots through Surplus Property’s bid process.

    In instances where the barcode is reported as missing, a new number is assigned; the old inventory number is no longer used and is deleted from our database.