JEFFERSON COMMUNITY COLLEGE BOARD OF TRUSTEES ...

ADMINISTRATIVE MEMORANDUM
Policy and Procedures
Jefferson Community College Board of Trustees
Section: Fixed Asset Control Issued: 1993
Subsection: Policy and Control Revised: 09/2010 Page: 2
Procedures:
1. All items which meet the minimum standards for inclusion in the fixed asset inventory shall be entered on the
department’s inventory record by Purchasing upon receipt of the item.
2. The Purchasing Department shall establish a standard identification numbering system. Each item entered on
the fixed asset inventory shall be assigned a unique identification number to be determined by Purchasing.
3. Upon receipt of the ordered item, the department will notify Purchasing. The Purchasing Department shall
affix onto the item the identification number that corresponds with the inventory record.
4. The Purchasing Department shall periodically select a department for the purpose of conducting a physical
audit of the Division’s fixed assets inventory, to verify the accuracy of the inventory of assets. The findings of
the physical inventory audit shall be reported to the appropriate Vice President of their designee(s) and the
Vice President of Administration and Finance, Treasurer.
5. Annually, the Comptroller shall provide the Vice President of Administration and Finance, Treasurer a
statement of general fixed assets.
6. When a Department plans to transfer or dispose of a fixed asset, prior to initiating any transaction, a fixed
asset transmittal shall be prepared and submitted to the Director of Administrative Operations & Purchasing.
The final disposition shall be recorded on the fixed asset inventory by Purchasing.
7. The Purchasing Department will effect the physical transfer or disposition of fixed assets with the assistance
of facilities staff.
8. The Director of Administrative Operations & Purchasing is authorized to dispose of obsolete, surplus, and/or
scrap materials and fixed assets. This can be accomplished by the acceptance of competitive sealed bids,
public auction, or through an authorized recycling company. The assets may also be used as trade-in if so
determined by the Purchasing Department.
Jefferson Community College Board of Trustees
Meeting Minutes – September 1, 2010
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