Donation Procedures

Procedure

Maintain record of all assets purchased by the college.

General

The purpose of the Fixed Assets System is to help account managers fulfill their responsibility to administer, account for, and preserve the institution's investment in property, plant and equipment. This responsibility extends across departments.

Associated Material

Banner System/Fixed Assets, Purchase Orders and Fixed Assets Extraction Report

Procedures

Tag and Update Assets in Banner/Fixed Assets System

  1. 1. Items are verified when orders are received and tagged with proper tag. Tagged item information is recorded on a log for later approval.
    • Items are tagged based on cost over/under $1000.00, regular account, grant account and it is recorded in its proper log for future approval in fixed assets module.
      • Items under $1000 = Purple Tag,
      • Inventory items = Silver Tag,
      • Grant under $1000 = Green Tag,
      • Grant-inventory items = Silver & Green Tag
  3. The department employee must send the departmental accounting report of donation form to the College President for approval. Once the President has authorized and signed, the original form will be sent to the Business Office and a copy will be sent to the department.
  4. The department employee will notify the party making the donation of acceptance and will await delivery of donated asset. Once the asset is received a letter of acknowledgement will be sent to the party making the donation.
  5. Once the asset is received, the department will notify the Fixed Assets department and asset will be tagged for inventory purposes. If the asset cost is $1000 or more, this asset will be recorded in Banner Fixed Assets System. If the asset does not meet the value of $1000, the asset will be recorded in Excel. A copy of (Form BO - 1500) will be filed for audit purposes.

Responsibility

Fixed Assets Departments

  1. The Fixed Assets department staff is responsible for approving all assets purchased for the College.
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