ART - SOP - Fixed Assets 2004

This document is a Standard Operating Procedure (SOP) for the Procurement Department regarding the affixing of "FIXED ASSET" tags to personal property items that have a value of $1,000 or more and a normal expected life of one or more years. The SOP applies to all staff of the Procurement Department, and it is their responsibility to adhere to the procedures outlined in the document. The Procurement Director assigns a Fixed Asset Coordinator to manage the tags and assign them to staff as needed. The procedure involves notifying the coordinator after items are procured, entering the asset numbers on each specified line item of the order, and highlighting the asset numbers on the Purchase Order and Receiving Report before mailing them to the originating department along with the tags. There are exceptions where the tags cannot be placed on certain items, such as guns, and in those cases, the originating department sends a list with the serial numbers to the coordinator. The originating department informs the Procurement Department of the serial numbers of the purchased items, and once the property is tagged, the coordinator informs the Finance Department with a list that includes the asset tag number and serial number. The document also includes a Fixed Asset Change Order form to be used when transferring, storing, disposing of, or reporting damage or loss of fixed assets.