--INACTIVE HISTORICAL POLICY--
Section: GENERAL ACCOUNTING
|Section 3000 Policies|
Policy Number: 3150.01
Policy Title: Administration of University Property
Policy Effective Date: April 1, 2011
Last Revision Date: April 1, 2011
(see revision history)
It is the policy of the CSU that university property must be protected from unauthorized use. The combination of accurate and timely recording of transactions related to university property and appropriate controls safeguard university property. Each campus must prepare written procedures that implement this policy.
For the purpose of this policy, property may include but are not limited to the following:
- Intangible Assets
- Land and land improvements
- Works of art and historical treasures
- Construction work in progress (CWIP)
- Buildings and building improvements
- Improvements, other than buildings
- Leasehold improvements
- Library books and materials
The campus President or designee must ensure the following:
- Appropriate resources are allocated and responsibility assigned for proper receipting, recording, securing, tracking, and disposal of property.
- Procedures are implemented for the timely recording of all property based on normal entry cycles. For example, equipment additions may be required to be recorded each month due to the high volume of transactions, whereas major capital improvements may be recorded annually.
- Procedures are implemented for the timely disposal of all property based on normal entry cycles.
- Procedures are implemented that require appropriate approval for the disposal of property.
- All regulations for property obtained from a federal or state grant are adhered to in accordance with the respective requirements such as Office of Management and Budget (OMB) Circular A-110 or related state regulations.
- Campus personnel shall use the California State University (CSU) Capital Assets Guide as guidance for all property as it relates to capitalized costs, depreciation methods, impairment, and other such issues. The CSU Capital Assets Guide is updated annually to reflect evolving accounting and reporting requirements and is included the CSU GAAP Manual.
Benjamin F. Quillian
Executive Vice-Chancellor/Chief Financial Officer
Approved: February 7, 2011
APPLICABILITY AND AREAS OF RESPONSIBILITY
RESOURCES AND REFERENCE MATERIALS
CSU Capital Assets Guide (included in the annual CSU GAAP Manual)
For controls/accountability pertaining to acquisition and disposal of property, other than gifts of property, refer to procurement policy in Section #12345 and Capital Planning, Design and Construction Procedures in Section #9019 (note that SUAM Sections 9019 and 9020 cover procedures for acquisition and disposal of any real property, including gift property).
- GASB Statement No. 34: Basic Financial Statements – and Management’s
Discussion and Analysis – for State and Local Governments, GASB Statement No. 35: Basic Financial Statements – and Management’s Discussion and Analysis – for Public Colleges and Universities – an Amendment of GASB Statement No. 34, GASB Statement No. 42: Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, GASB Statement No. 49: Accounting and Financial Reporting for Pollution Remediation Obligations, GASB Statement No. 51: Accounting and Financial Reporting for Intangible Assets, GASB Statement No. 52: Land and Other Real Estate Held As Investments by Endowments, and FASB Statement No. 13: Accounting for Leases.
Sound Business Practices:
Laws, State Codes, Regulations and Mandates:
- Executive Order No. 409, Executive Order No. 644, Executive Order No. 676, Executive Order No. 691, OMB Circular A-110,
- California Ed. Code Sections 89048(g) and 89720 et seq.; California Government Code Sections 15850 and 11011 et seq.
- Executive Order No. 649 is superseded by the new Property Policy and subsections.
COGNIZANT OFFICE(S)CO Manager:
Ms. Sylvia Olivas
General Accounting Manager, Accounting Department
CSU Office of the Chancellor
Mr. Chris Bronsdon
Mr. Stephen Scalley