Financial Services & Payroll
Fixed Asset Guide
Sale
The University may dispose of surplus property through sales to governmental entities and the general public. Sales to the general public may be in the form of garage sales, auctions or bid solicitation. If a department wishes to dispose of property through such a sale, a prior written request must be made to the Financial Services Office by filling out the Department Surplus Form. The Financial Services Office will arrange pick-up of the property through Facility Services.
University employees can purchase surplus property at sales open to the general public. It is not permissible for University or other state employees to purchase the property outside of such sales.
Departments can retain proceeds from the sale of their property only when the following criteria are met:
- An individual item is sold for $500 or more; and
- It can be determined that the item was not purchased from the State General Operating Fund or federal funds. If the funding source cannot be identified for certain, proceeds will be returned to the General Fund.
Transfers--Across Campus & Across State Agencies
If a department wants to transfer a piece of equipment, whether non-capital or capital, the Financial Services Office and the receiving department need to be notified in writing beforehand so that the inventory records can be updated to reflect the new department and the new location of the property. The notification should include:
- Asset tag number (if applicable)
- Description of the asset (includes make, model, manufacturer)
- Serial Number or VIN
- Previous Location (building, room number and responsible department)
- New Location (building, room number and responsible department)
- Signatures of both the originating department property manager and the receiving department manager. (Please see Accountability section).
For on-campus transfers, please fill out the Fixed Asset Transfer Form.
Transfers can be made between state agencies when it is determined that such a transfer is in the best interest of the State. Prior written approval for such transfers must be obtained from the Financial Services Office.
Software
If a department wishes to dispose of software, they must fill out a Department Surplus Form and forward it to the Financial Services Office. The department will then receive a response from Financial Services indicating that the disposal has been approved. They will then be given directions on what to do with the software.
Grant and Contract Purchased or Furnished Property & Equipment
Grants and contracts often furnish property to the University to perform certain grant or contract requirements. This property can only be used on the grant or contract it is intended for unless otherwise stated. Accurate records need to be maintained by the department as to the use, location and maintenance of the equipment.
Please notify Financial Services when grant and contract purchased equipment has been received. Financial Services will then tag the property if it meets the requirements of a capital asset or a non-capital asset (see Definitions section) and report the purchased equipment to the Grants and Contracts accountant.
Never trade, cannibalize, transfer or otherwise dispose of property purchased with grant or contract funds without prior written approval from Financial Services and the Grants and Contracts accountant. Contact Financial Services for procedures to dispose of inoperable or unwanted property.
Accountability
University property and equipment may be used only in the performance of University duties. University property and equipment should not be loaned out for personal use.
Title and ownership of all University property are with the Montana University System. Possession, use, and accountability are maintained on the departmental level.
Within each department, college or functional unit at the University, there is a property manager. The property manager is either the fund controller that is responsible for the property or the dean or director of the department. The property manager is responsible for:
- Ensuring the proper use and maintenance of property under their supervision.
- Promptly reporting any property loss, misuse or conditions requiring repair or which create a hazardous working condition.
- Assigning property within their area of responsibility.
- Tagging of property within their area of responsibility.
- Inventory of property
Previous Page | Next Page | Fixed Asset Guide Table of Contents