Procedure for Disposing of Fixed Assets

August, 2024

1. Surplus arrives at RSM (surplus area).
2. Surplus is checked by Inventory Control to determine fixed asset or non-fixed asset.
3. If item is found to be a fixed asset:
   1. Asset is physically placed in holding area.
   2. The following information is documented and sent to Marcey Barna in Financial Operations (by email):
      1. Asset tag (and all tags/sub-assets associated with the main asset)
      2. Description
      3. Serial Number
      4. Purchase order
      5. Purchasing cost center
      6. Most current responsible cost center
   3. Asset will remain in holding area until released by Financial Operations.
4. Financial Operations will send an email to Inventory Control (Rich Norris or Robert Zack), and either:
   • Releasing the asset to be sold through IUP Surplus Policy and Donation Guidelines
     1. Copy of email will be attached to asset master record within SAP

   or

   • Assigning the asset to the appropriate grant accountant to contact the funding agency for determination of proper disposition of asset:
     1. Grant Accounting will notify Inventory Control with copy to Financial Operations (Marcey Barna) of how the asset should be disposed.
     2. Surplus item will be disposed of according to the instructions of the grant accountant per the funding agency.
     3. Inventory Control will attach all correspondence to the asset master record within SAP.
5. All fixed assets to be disposed by IUP Surplus will be highly considered for online auction prior to being made available to 501c3 organizations or placed on the IUP Surplus Sale.