General
•"Property"
is defined as all tangible non-consumable movable property owned by
LSU. All items of movable property having an acquisition cost of ($1,000)
or more, and certain gifts
and other property having an appraised value of ($1,000) or more must
be placed into inventory. Departments are to bear this in mind when
coding requisitions for equipment purchases and receiving donations
of property that is to be placed into inventory.
• Comply with
all property laws, rules, regulations, policies and procedures concerning
identification, management, and disposal of inventory property.
Physical
Inventory Reporting
• Annual physical
inventory is normally submitted to departments by the first of March
with a requested return by mid-May.
• Suspense
Reports (items not located) are forwarded to departments in late September
with a requested return date during the first week of November.
• Report all
stolen items immediately to appropriate law enforcement agency then
forward police report and completed Equipment
Inventory Action Request to Property Management. For theft/loss involving computer resources, please refer to PS-114(Security of Computing Resources) for further information.
Surplus
Property
• Submit
Equipment Inventory Action Request when wanting to surplus any equipment.
Any equipment deemed as scrap will become the responsibility of the
department for removal and disposal of such equipment once approval
is received.
• Surplus
equipment located at the Surplus Warehouse (behind Graphic Services
on River Road) and is available for redistribution to departments.
Fleet
Management
• In accordance with State Fleet Regulations, departments are to submit the MV-3 (Daily Vehicle Log) and the MV-4 (Preventative Maintenance) reports for each vehicle to the Office of Property Management. The MV-3 report is to be submitted the first week of each month to report the previous month's information. The MV-4 report is to be submitted every six months. Contact Property Management (ph (225) 578-6922) if you need additional forms and/or instructions.
• Complete
a Authorization and Driver History
Form for those drivers required by the department to operate a State
vehicle or a private vehicle for state purposes.
• Remember
to submit a Condition Report
for a trade-in vehicle, or exemption to such, when procuring a vehicle.
See www.fas.lsu/purchasing/vehicles.htm for complete instructions.
Procedures
to Transfer Equipment to a Non-Louisiana State Institution
• The
LSU Property Management Office must be notified in writing if equipment
is to be transferred to non-Louisiana State institutions/agencies. It
is the responsibility of the department to provide Property Management
information on the items requested to be transferred. An
Equipment Inventory Action Request Form is to be submitted with
complete itemized list of all equipment proposed for transfer. It is
to be noted that the time required to process forms and other necessary
paperwork and to obtain approval from all parties concerned can be lengthy.
Therefore, plans are to be made accordingly and allow for sufficient
lead time. Additional information can be found under Property Management Procedures, 8.H.
•
For items purchased with "State" funds,
equipment is to remain with the department. If the department has no
need for the equipment, department head is to contact various disciplines
within the University to see if the equipment could be of further use.
If there is no need for the equipment within the University community,
Property Management will process the necessary form to State LPAA requesting
a transfer. The receiving institution is to submit a written request
indicating items to be transferred and the dollar amount the institution
is willing to pay. Of course, the final decision will be made by State
LPAA. Whatever dollar amount is agreed by the receiving institution,
the University, and State LPAA, the check will be made to State of Louisiana-
Division of Administration. No funds will be received for the rendering
department unless a special request is made to use such funds to purchase
like items. This request is to be made in advance with appropriate signatures
provided by the department head, dean or director, and appropriate Vice
Chancellor.
•
For items purchased with "Sponsored Projects"
funds that have expired, in most cases the equipment ownership
is transferred to the University. Therefore, the above scenario is the
same when a request is made to transfer equipment to another institution.
However, depending on the grant type, 80% of the funds generated will
be kept by the University department relinquishing the equipment.
•
For items purchased with "Sponsored Projects"
funds whereby the grant is still active, the Granting Agency must
provide a written statement to the University indicating their approval
to transfer equipment to another institution.
