NOTE:  This policy has many inaccuracies.  Please be advised that this policy is being reviewed with new version to be posted soon.

Section 08.01: Fixed Assets -- Asset Accounting

Information that is shown with strike-out has been replaced by policy 55.100 Fixed Assets Accounting Policies in the OUS Fiscal Policy Manual.  Otherwise, the content of this policy has not yet been transitioned to the new Fiscal Policy format.  This will be accomplished as time and resources permit.

A. General

This section provides a synopsis of property control and a guide to documentation on asset accounting.

[1] Accountability

The head of each institution or administrative unit is responsible for all property acquired by a department.

[2] Inventories

Each institution maintains inventory master files for non-expendable personal property and coordinates the biennial inventory.

Institution Director of Business Affairs approval is required on all changes to the property inventory and on requests to dispose of property.

[3] Objectives of Asset Accounting

Following are asset accounting's principal objectives:

  • To safeguard property against unauthorized use or removal
  • To identify personnel accountable for property.
  • To maintain up-to-date records of OUS property
  • To provide a basis for Insurance Fund coverage
  • To assist in determining property needs and surpluses
  • To provide a basis for indirect-cost recovery

B. Precepts

[1] Institution Property Use

Institution property is intended for institution use only

[2]Sales of Institution Property

[a] Sales of institution property to private purchasers must be approved by the institution President or his designee. Such sales must involve competitive bidding.

[b] Real property sales must have prior Board approval.

[3] Property Disposition Request

A Property Disposition Request (PDR) must be processed to sell tangible personal property or to remove it from inventory

C. Procedures

FASOM 08.01C[1] through 08.01C[10] constitute a guide to documentation on the acquisition, use and disposal of property. The following manuals are referred to in those paragraphs.

  • Department of Administrative Services Administrative Rules (AR-DAS)
  • OSBHE Administrative Rules (AR-OSBHE)
  • OUS Internal Management Directives (IMD)
  • Oregon Revised Statutes (ORS)

Although it is not referred to in FASOM 08.01C[1] through 08.01C[10], the Oregon Accounting Manual is also a good reference on asset accounting.

[1] Real Property Acquisition

  • Board Power to Purchase Real Property (ORS 351.140)
  • Title to Institution Realty; Conveyances (ORS 351.150)
  • Purchases of Real Property (AR-OSBHE 580-50-015)
  • Land Acquisition Policies (IMD 7.001)

[2] Real Property Disposition

  • Responsibility for Review, Retention and Disposition of Real Property (IMD 6.170)
  • Guidelines for Real Property Retention and Disposition Decisions (IMD 6.175)

[3] Rededication of Facilities

  • Rededication of Physical Facilities (IMD 7.010)
  • Rededication of Facilities (FASOM 08.05)

[4] Use of Institutional Property by Others

  • Use of Institutional Property (AR-OSBHE 580-50-035)
  • Use of Facilities for Other than State Purposes (IMD 7.155)
  • Rental of Facilities (FASOM 08.02)

[5] Personal Property Acquisition

  • Personal Property Acquisition (AR-DAS 125-13-010 through 125-13-280)
  • Purchasing (FASOM 13.02)
  • Equipment Lease or Rental (FASOM 13.01E[2])

[6] Personal Property Accountability

  • Accounting for Property, Policy and Definition (AR-DAS 15-010-01 through 15-010-04)
  • Property Control and Accountability (FASOM 08.03C)

[7] Personal Property Inventory

  • Biennial Non-Expendable Personal Property Inventory (FASOM 08.03C[3])
  • Asset Inventory changes (FASOM 08.03C[4])
  • Expendable Property (FASOM 08.04)

[8] Personal Property Disposition

  • Surplus Personnel Property by State Agency (AR-DAS 125-3-410 through 125-3-440)
  • State Property Disposition - Sale, Trade-In, Transfers, Loss, Theft, Salvage (AR-DAS 125-3-400)
  • Disposition of Non-Expendable Property (AR-DAS 15-010-05)
  • Property Disposition Request (FASOM 8.03C[6])

[9] Insurance

  • State Insurance Fund (AR-DAS 125-7-101 through 125-7-102)
  • Insurance (FASOM 07)

[10] Data Processing Property

  • ADP Acquisition and Contracting (R-DAS 02-030)

Note: This electronic document supersedes all previous versions and is subject to change.


Last Updated: 05/09/12

(strike-out added 5/9/12)