Asset Management

Delta College has a centralized system to properly account for and manage campus assets. This system assigns responsibility for each asset to ensure accountability and effective use of all college resources.

Equipment, furniture and other assets purchased with college funds are the property of Delta College, not of the individual departments, and must be available for their highest and best use in the institution. Proceeds from the sale of assets will be recorded as revenue in the general fund sale of assets account.

If the equipment, furniture or other assets were purchased with state or federal grant dollars, there may be specific rules pertaining to the disposal of these assets. If the asset was donated to the college, there may also be specific rules pertaining to disposal.

Surplus property should be disposed of in a manner that:

• • Respects our environment
  • Maintains accurate records
  • Complies with audit requirements
  • Provides for the most efficient use of college resources
  • Is fair and equitable with all interested parties having open and equal access

Benefits of a centralized system and disposal procedure

Keeping centralized records of assets has many benefits. This system can help extend the lifecycle of an asset by reassigning it to meet the needs of an area at Delta. The assets are moved and relocated a minimum number of times from the current location to the sale site, saving significant labor costs.

Disposal of assets is done in a manner that complies with audit requirements, laws and regulations. Disposal is done in a environmentally responsible way.

All interested parties have equal and open access to obtain assets for sale. Sales are held at a frequency that minimizes physical deterioration. The highest possible price is obtained through the sale at the lowest possible cost to organize, implement and manage the sale or disposal of the asset.

Asset disposal procedure

1. 1. Department head/cost center manager determines asset is no longer of use to the department.
   2. Department head/cost center manager contacts the facility planner with a brief description, location and asset tag number.
   3. Facility planner determines whether or not the asset is of value to the college. If the asset still has value, the asset will be stored by Facilities Management or reassigned to a new location. If it is determined that the asset has no value to the college, the asset will be inventoried, tagged and moved by Facilities Management to a specific location for sale. In either case, fixed asset records will be updated to identify the location of the asset.
   4. Technology equipment that is no longer useful or does not meet college minimum standards (computers, etc.) will be tagged by the Office of Information Technology. OIT wipes all computer hard drives in accordance with Department of Defense standards. Computers which are no longer useful to the college are disposed of without any operating system software. Computers and related components that have no residual value are recycled.
   5. The college sells the majority of its surplus assets online at www.publicsurplus.com. Business Services, in conjunction with Facilities Management, will conduct sales, auctions or sealed bids to dispose of all assets no longer of value to the institution. These online sales, auctions and sealed bids will be publicly advertised and open to all employees, students and the general public.

If it appears that it may be in the best interest of the college to sell assets by a method other than that listed above, such sale will be conducted by the Business Services Director or designee with the express authorization of the Vice President of Business and Finance.