Property Management Policies and Procedures
Property Acquisitions - Purchase Orders
University and Medical Center departments may obtain assets in a variety of ways. The most common is acquisition by means of a Purchase Order. Purchase Order acquisitions begin with the requisitioning department completing a Procurement Request. Refer to the University's Procurement Procedures for instructions on completing the Procurement Request form.
Assigning appropriate general ledger account codes to transactions is essential to achieving accurate and meaningful financial reporting and ensuring the University's property records are consistent with the General Ledger. Departments must classify expenditures to the account which most appropriately describes the nature of the expenditure.
Upon receipt of an approved Procurement Request, the University and Medical Center Procurement Offices will, in accordance with the University' Procurement Policies and Procedures, prepare a Purchase Order. Copies of all Purchase Orders containing capital expenditure accounts will be submitted to the Property Management Office by Procurement and Supply. The Property Management Office will arrange to tag the asset and add the item to the department's property inventory in the University's Fixed Asset system.
Property Acquisitions - Non Purchases
Departmental property coordinators are responsible for notifying the Property Management Office of all equipment and other property acquired by means other than a Purchase Order. Transactions that fall into this category are defined below and are to be reported to the Property Management Office on a Change in Property Status form. Change in Property Status forms may be obtained from Property Management.
Departmental property coordinators must notify the Property Management Office upon receipt of any gift of property. All such gifts must be recorded on the Change in Property Status form. (The University also requires that all donations and gifts be reported to the Development Office.) Upon notification of the gift, the equipment item(s) will be tagged by the Property Management Office and added to the department's property list in the University's Fixed Asset system.
Property Acquisitions - Loan/Transfer
When an equipment item is acquired from another institution (for example, if principal investigators move to George Washington University and bring equipment with them) the department receiving the equipment must report the transfer to the Property Management Office on the Change in Property Status form. Upon notification of transfer from other institutions, the equipment item(s) will be tagged by the Property Management Office and added to the department's property list in the University's Fixed Asset system.
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| Financial Administration
| Property Management |
| Last Update : May 1997 |