Asset Donation Procedures

Procedure

Maintain a record of all assets donated to the College.

General

The purpose is to account for and preserve the institution’s assets, which include assets donated to the College.  This will assist all Cost Center Managers and Asset Coordinators in fulfilling their responsibility of safeguarding their assets.  The Central Receiving and Fixed Assets staff will utilize the College’s asset system to create all donated assets.

Associated Material

Workday Business Assets System Reports, Business Office Report of Donation Form (BO-1500), Key Receiving Form, and Inventory Tag.

Procedures

The Central Receiving/Fixed Assets Department will account for donated assets upon delivery, issue an inventory tag, and create the assets in the College’s asset system.  The process is as follows:

1. The Central Receiving and Fixed Assets Department will receive the Business Office Report of Donation Form (BO-1500) from the Business Office after it is completed and signed by the President.
2. Upon receiving the donated asset, the Central Receiving/Fixed Assets staff will verify the assets received and assign the proper asset identifier (inventory tag).
   1. Donated items are assigned an asset identifier (inventory tag) based on whether the asset is valued above or below $1,000.  The asset value and identifier (inventory tag) information are as follows:
      

      Funding	Asset Type	Value	Inventory Tag
      Unrestricted	Non-Inventory	At $100 and below $1,000	Purple Tag
      Grant	Non-Inventory	At $100 and below $1,000	Green Tag
      Unrestricted	Inventory / Capital	At $1,000 and above	Silver Tag
      Grant	Inventory / Capital	At $1,000 and above	Silver and Green Tag

3. The Central Receiving/Fixed Assets staff will complete the following process to properly record a donated asset in the asset system
   1. The Fixed Asset staff will manually register, assign the accounting information to the donated asset, and utilize the Workday Find Purchase Order Report to identify the donated asset in the asset system. 
   2. To complete the donated asset registration process, the staff will need to create the asset, add the asset identifier (unrestricted and/or grant budget inventory tag number), security tag number (if applicable), serial number, location name, Worker’s name, and cost center manager/asset coordinator in the asset system.
   3. After the process is completed, the donated asset will appear in the cost center managers/asset coordinators' inventory. 

Responsibility

Central Receiving/Fixed Assets Department staff are responsible for properly tagging donated assets and creating the assets in the asset system.