51-000-1 BOT 10-24-12 BUILDINGS AND GROUNDS MANAGEMENT (PROCEDURE) 1. General Statement The college shall maintain a property management system that controls the acquisitions, identification, use, location, maintenance, and disposition of properties acquired by the college, regardless of source funds for the acquisition. The system shall meet the standards and procedural requirements of the various federal agencies from whom the college receives funding; it shall also meet sound management practices in controlling and accounting for any assets acquired. The system shall provide for the identification of funding source for the properties as well as provide for proper accounting control through the use of asset control accounts in the books of record. 2. Classes of Property All tangible property shall be classified and identified as follows: a. Real Property - means land, land improvements, physical structures and improvements thereto which are permanent in nature, excluding any movable equipment or machinery. b. Non-Expendable Personal Property - means tangible personal property having a useful life of more than one year and an acquisition cost of $5,000 or more per unit. c. Expendable Personal Property - means tangible personal property having an acquisition cost of less than $5,000 or a useful life of less than one year. d. A listing of all expendable equipment will be maintained. NOTE: Items that are normally consumed when used or that lose their identity when expended (i.e. small office items) shall be classified as "Supplies". 3. Controllable Property a. All real property and non-expendable personal property shall be considered controllable. b. These type of properties shall have permanent records maintained which identify and describe the property as well as reflect the acquisition cost or donated value. A separate property ledger for both the real property and the non-expendable property shall be maintained along with a property file for each that contains documents that support the original transaction property referenced to each sheet of the property ledger. c. An annual inventory as of the end of he fiscal year shall be conducted and the result reconciled to the property ledgers and the items acquired as shown by the books of account. 4. Property Management Standards The college property management system shall have the following requirements: a. Property Records - the property shall provide for: 1) Description of the property. 2) Identification number. 3) Acquisition date and costs. 4) Source of property (where acquired). 5) Percent of federal funds in acquiring. 6) Location, use and condition of the property. 7) When disposed of, all data regarding the disposition including sale price and method used to determine fair market value if the federal government is reimbursed by the college. b. Control system - a control system shall be in effect that has adequate safeguard to prevent the loss, damage or theft of property. Any loss, damage or theft shall be investigated and fully documented. c. Maintenance Procedures - adequate maintenance procedures for the type of property shall be used.
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