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501(c)3 charitable organizations

Finance

View policy pdf: 501-C-3 Charitable Organizations Policy

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

UGA is allowed to donate surplus to local charitable (IRS 501(c)3) organizations in lieu of adding to and paying for waste disposal. This option can be used for equipment that has scrap value but is not physically destroyed on site.

Form/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

Record Retention

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

Responsibilities

Responsible University Senior Administrator: Vice President for Finance & Administration

Responsible University Administrator: Associate Vice President for Finance Division

Policy Owner: Asset Management

Policy Contact: Craig Mathews

Phone Number: 706-542-4390

Date Issued:

Last Reviewed/Updated: