Property Management

Property Management Policies and Procedures

Organizational Responsibilities

Organizational Responsibilities
• Property Management Office Responsibilities
• Departmental Responsibilities
• Procurement and Supply Responsibilities
• Accounts Payable Office Responsibilities
• Comptroller's Office Responsibilities

Property Management Office Responsibilities

The Property Management Office is responsible for establishing and maintaining inventory records for fixed assets in the possession of the University. To meet this responsibility the Property Management Office will perform the following functions.

The Property Management Office will identify, record, and tag all fixed assets in accordance with the following requirements:

When practical, a University property identification tag will be affixed to fixed asset items. The property identification tags are generally white with the George Washington University logo, the asset bar code, and unique property number printed in black. Certain older assets tagged by American Appraisal may contain a silver and black property tag.

The Property Management Office will tag an asset after the item has been delivered to the appropriate department and is operational. The purpose of this includes: (1) proper location can be recorded and verified; (2) the proper classification of the item can be recorded and verified with the users of the asset; and (3) serial numbers can be recorded.

Property tags are affixed to the asset by the Property Management Office in a standard and visible location. The property identification tags are not to be removed under any circumstances. If for any reason a tag is displaced, departments are required to notify the Property Management Office immediately.

Assets that cannot be tagged are assigned a unique identification number and recorded as "untaggable" (indicated by an NT prefix to the property number) in the Fixed Asset system. Examples of untaggable assets include items that are sensitive in nature or restricted by the size of the item.

The Property Management Office will establish and maintain a Fixed Asset system. Specifically, the Property Management Office will:

Identify and maintain information concerning the acquisition, permanent transfer, donation, loan, fabrication, enhancement/upgrade and disposal of all fixed assets.

Provide reports and respond to internal and external inquiries concerning fixed asset records.

Coordinate and supervise periodic verification of fixed asset inventories including: (1) departmental reviews, (2) field audits, and (3) comprehensive reviews of fixed assets in the possession of the University.

Departmental Responsibilities

All departments are responsible for the proper use, care and maintenance of University equipment in their possession. If repairs are required, they should be performed expeditiously to keep equipment in good working condition. In addition, departments must insure that all office, laboratory, and computer equipment is maintained in a secure manner to minimize loss, damage and unauthorized use.

It is the responsibility of each department to assign a departmental property coordinator to facilitate communications with the Property Management Office. Departments will notify the Property Management Office of the name of the individual designated as the departmental property coordinator. In the event the departmental coordinator cannot perform the responsibilities outlined below in a timely manner, the department will assign a new coordinator.

The departmental property coordinators are responsible for the functions listed below.

Identify and report all non-purchase fixed asset acquisitions using a Change in Property Status form to the Property Management Office.

• Property obtained as the result of a gift
• Property obtained as the result of a transfer
• Property obtained as the result of a long-term loan
• Fabrication

Report all changes regarding fixed asset items using a Change in Property Status form to the Property Management Office.

• Change in condition, e.g. from "good" to "damaged beyond repair"
• Enhancement or upgrade of fixed assets
• Permanent transfer of asset to another department within George Washington
• Transfer of Title or Ownership

Report all dispositions of all fixed asset items using a Change in Property Status form to the Property Management Office. Departments must obtain the prior approval of the University Procurement Office for disposition of fixed assets.

• Loss or theft of a fixed asset
• Transfer of asset to another institution
• Trade-in of capital asset
• Transfer to surplus
• Approved property disposals

Procurement and Supply Responsibilities

The Procurement and Supply Offices will verify the accurate use of capital expenditure accounts as defined by the University Chart of Accounts.

The Procurement and Supply Offices will review expenditure accounts on all Procurement Requests and correct if necessary.

In the case of University purchases, Procurement Requests which do not reflect the appropriate account will be changed to reflect the correct account. In the case of Medical Center purchases, The Procurement Request will not be processed and will be returned to the Medical Center Administrative Office for correction.

The Procurement and Supply Offices will inform the Property Management Office of all capital acquisitions, enhancements, upgrades and additions procured via a Purchase Order. Copies of all Purchase Orders containing capital expenditure account codes will be provided to the Property Management Office on a weekly basis.

The University Procurement Office will approve all disposition of property.

The Procurement and Supply Offices must report the final disposition of all surplus property to the Property Management Office.

Accounts Payable Office Responsibilities

The Accounts Payable Office will make available all invoices that are directly in support of payment information for all fixed assets and property of the University and Medical Center. A report providing all appropriate capital expenditure information (Purchase Order number, invoice number, dollar amount, etc.) will be provided to the Property Management Office.

Comptroller's Office Responsibilities

The Comptroller's Office is responsible for establishing and maintaining policies and procedures identifying:

• criteria for capitalizing costs associated with the construction or acquisition of assets;
• criteria for capitalizing alteration, renovation, and renewal and replacement costs;
• methods for the proper recording and classification of capital acquisitions;
• treatment of gifts of property;
• categories of depreciable assets;
• useful lives of depreciable assets; and
• method(s) of depreciation.

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Last Update : May 1997