Asset Management and Surplus Property Management

Policy Number: 7.10
Effective Date: May 2, 2023
Revision History: Reviewed May 26, 2016
Policy Contact: Director of Purchasing

I. Purpose and Policy Statement

Equipment is defined in Board of Regents Business Procedures Manual Section 7.7.1 as: “Fixed or movable tangible assets to be used for operations, the benefits of which extend beyond one year from date of acquisition and rendered into service.” The requirement of tracking all equipment having a value of $3,000 or greater is mandated by the Official Georgia Code Annotated (“O.C.G.A.”).

II. Scope

All GGC employees are responsible for understanding and complying with this policy.

III. Roles and Responsibilities

1. Responsibility of All State Employees - Georgia laws pertaining to the disposition of state surplus property can be found in O.C.G.A. §§ 50-5-140 - 50-5-146. Violations of this code bring serious penalties. Any official, officer or employee of the state who disposes of state property having a value of less than $200.00 in violation of these code sections shall be guilty of a misdemeanor. If such property has a value of $200.00 or more, he/she is guilty of a felony and upon conviction, will be punished by imprisonment for not less than one year nor more than five years.

2. Property Control will conduct an actual physical inventory of all equipment annually. Departmental Budget Managers are expected to maintain the integrity of their departmental inventory. The State Auditor will also conduct random checks of departmental inventory to insure compliance with state law.

IV. Related Regulations, Statutes, Policies, and Procedures

O.C.G.A. §§ 50-5-140 - 50-5-146
BOR Business Procedures Manual 7.7.1 Equipment Definition