Property Management

Property Management Policies and Procedures

Table of Contents
• Introduction
• Fixed Asset System
• Title - Ownership
• Organizational Responsibilities
• Property Acquisitions
• Changes in Property Status
• Property Disposition
• Periodic Verification of Assets
• Glossary

Introduction

The purpose of this procedure is to provide faculty and staff with an understanding of the University's requirements regarding property control. The George Washington University has made a significant investment in fixed assets in order to carry out its education, health care and research functions. The University's fixed assets include real property (land, buildings, and improvements to land other than buildings) and personal property (computer equipment, furniture, machinery, vehicles, medical and surgical items and other apparatus).

To protect the University's investment in fixed assets, the University must ensure that the system of controls governing the acquisition, utilization and disposition of fixed assets is adequate. The system must be capable of recording and reporting on all transactions affecting fixed assets in a timely manner. The Fixed Asset system will be used to further the following objectives:

• Promote control of and accountability for fixed assets
• Comply with third party reporting requirements
• Provide documentation for insurance purposes
• Maximize utilization of fixed assets
• Facilitate compliance with FASB - 93
• Provide management information and reports
• Assist capital budgeting

The Property Management Office shall maintain current property records to support internal and external inquiries concerning all fixed assets in the possession of the University. All activity, including acquisition, transfer and disposal of nonexpendable property must be reported to the Property Management Office.

Questions regarding these procedures should be directed to the Property Management Office.

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Last Update : May 1997