Preamble:
Only property items with a value of $5,000 or more with a useful life
exceeding one year are reported on the University's fixed asset
listing;
however, the University is responsible for safeguarding all state
property.
In this regard, each University employee has stewardship
responsibilities
for University property assigned to said employee or otherwise in the
employee's
control.
Policy Statement:
1. The University owns all property purchased with state of Kansas funds and all property received as gifts, regardless of which University organizational unit ordered the item, the source of funds or the particular budget expensed.
2. Although title to property purchased with grant or contract funds may not be legally vested with the University, the University should exercise the responsibilities of ownership for such property.
3. University property may only be used in the conduct of official University business. University property may not be rented or loaned to any person, group or organization for personal use.
4. University departments are responsible for ensuring that University property items costing less than $5,000 are safeguarded and later disposed of in accordance with state and University policies on the disposal of surplus property. See Section 13.12 of the WSU Policies and Procedures Manual.
5. A University employee discovering the theft of University property must report the theft to the employee's supervisor as soon as possible, but no later than three calendar days from the date of discovery. The supervisor must then notify the Office of Financial Operations and Business Technology and the University Police Department.
Implementation:
This policy shall be included in the WSU Policies and Procedures
Manual and shared with appropriate constituencies of the
University.
The Director of Financial Operations and Business Technology shall have primary responsibility for publication, dissemination and distribution of this University policy.
Effective Date:
January 8, 2002