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Destroyed Asset Management

Finance

View policy pdf: Destroyed 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. There are several options for disposing of state vehicles.

Reason for Policy

Ensure all UGA assets are disposed of properly.

Procedures

Vehicles will be removed from inventory as ‘destroyed’ when declared ‘totaled’ and payment for the vehicle is received from an outside insurance agency, and that agency takes possession of the vehicle. When a state vehicle is declared ‘totaled’ and fault lies with a UGA employee/department the vehicle will be sold and the inventory record will be deleted from the custodial departments listing.

Forms/Instructions

All Asset Management Forms can be found at the following site:

http://www.busfin.uga.edu/forms

Additional contacts

Asset Managment, 706-542-4390

property@uga.edu

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: