Ohio Admin. Code 3358:11-4-29 - Asset disposition policy
(A)
Purpose. It is
the rule of Owens community college to comply with state and federal
regulations and governmental accounting standards in maintaining accurate asset
records from acquisition to final disposition of an asset. The purpose of this
rule is to address the disposition of moveable and fixed assets that no longer
fulfill the purpose for which acquired.
(B)
Definitions.
(1)
A moveable asset is tangible personal property that can
be moved without impacting the building or structure. This includes but is not
limited to: furniture, equipment (office, lab, audio/visual), computer
hardware, and vehicles.
(2)
A fixed asset is a permanently attached building
fixture or equipment that cannot be removed without disrupting the building or
structure. This includes but is not limited to: lab fixtures, light and
plumbing fixtures, mechanical equipment, safety and security
equipment.
(C)
Responsibility. Each office, department, academic
school or program is responsible for stewardship and obtaining approval for the
proper disposition of an asset under its control. Each area must provide notice
to the controller and follow the procedures for the proper disposition of an
asset, including reviewing any contractual/grant obligation that may be tied to
the asset. The controller's office is responsible for properly recording the
disposal of the asset and for maintaining the fixed asset list. The method of
the final disposition of an asset will take into consideration applicable laws,
hazardous waste, information security, safety and health requirements,
sustainability or recycling, and cost effectiveness.
(D)
Non-compliance.
Non-compliance with this rule and the corresponding procedures may be subject
to the Owens community college rule
3358:11-5-52 of the
Administrative Code (standards of conduct and disciplinary process policy and
corresponding procedures).
(E)
Implementation.
The treasurer/chief financial officer has the authority to promulgate
procedures, guidelines and forms consistent with this rule.
Notes
Promulgated Under: 111.15
Statutory Authority: 3358.08
Rule Amplifies: 3358.08
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