Addition of New Assets

It is the policy of the California State University [CSU] that university property is properly valued, maintained and safeguarded; that all university property transactions [acquisitions, disposals, etc.] are recorded in an accurate and timely manner; and that all university property procedures are followed.

An asset is any university property that has a purchase price, or fair market value, of $5,000 or more, inclusive of all taxes and shipping charges. It is most often purchased through a requisition; however, an asset can also be donated or gifted to the university.

There are several types of property:

Capitalized Equipment
Items purchased to place a building or structure into service

Purchases

Prior to its arrival, university property purchased through ProCard or Purchase Order [PO] should be communicated to the Property Coordinator [PC] shortly after the transaction has been completed; ideally, within 48-72 hours.

If the Property Coordinator was not notified prior to the arrival of the property, please contact the PC at the time the property is placed or delivered to the department.

Upon identification of the property, if the item is deemed an asset, the Property Coordinator will affix an SJSU Asset Tag to the property, gather data from the department regarding the asset and enter the asset into the university’s Common Financial System [CFS].

When notifying the Property Coordinator about a newly acquired piece of property, please be prepared to provide the following information:

Manufacturer Name
Model / Part Number
Serial / VIN Number
Purchasing Method, including PO Number if applicable
Total Cost of the Item
Location of the Item [building name and room number]
Property Custodian Name and EmplID

Donations

Donated property is purchased by an Auxiliary [e.g. Research Foundation, Associated Students, Spartan Shops, etc.] and donated to the university.

Prior to the acceptance of a donation, approval must be granted by several Campus Administrators via the Donated Property Form [pdf].

The Auxiliary will work with the accepting department to complete the form and provide all necessary backup documentation. Once completed, the Auxiliary will be responsible for submitting the form to and obtaining signatures from the Campus Administrators.

Depending on the type of property donation, some or all of the following Administrators will need to review and evaluate the property donation for conformance with university standards before acceptance by the university:

Department Chair / Director [Accepting Department]
Dean, AVP or VP
FD&O
ITS
Art Collection Committee
Auxiliary
Accounting Services
Asset Services

If the donated property is a new item, the Auxiliary will provide a copy of the invoice and check. If the donated property is a used item, the Auxiliary will provide sufficient documentation, such as internet pricing or vendor pricing, to support its Fair Market Value finding.

All donated property must be recorded at Fair Market Value per GASB 72, Fair Value Measurement and Application. The Fair Market Value is the current market price that is required to acquire property in the current condition at the time of donation.

Once approved, the Property Coordinator [PC] will be notified of the expected donation.

If the Property Coordinator has not contacted the department prior to the arrival of the property, please contact the PC at the time the property is placed or delivered to the department.

When notifying the Property Coordinator about a donated piece of property, please be prepared to provide the following information:

Manufacturer Name
Model / Part Number
Serial / VIN Number
Total Cost of the Item
Location of the Item [building name and room number]
Property Custodian Name and EmplID

Gifts

A gift is property that is donated by an external party and accepted by University Advancement on behalf of the university.

Prior to the acceptance of a gift, approval must be granted by several Campus Administrators via the Non-Monetary Gift Acceptance Form [pdf].

University Advancement will work with the accepting department to complete the form and provide all necessary backup documentation. Once completed, University Advancement will be responsible for submitting the form to and obtaining signatures from the Campus Administrators.

Department Chair / Director [Accepting Department]
Dean, AVP or VP
ITS
Art Collection Committee
FD&O
Asset Services
University Advancement

If the value of the gift is equal to or greater than $5,000, University Advancement will attach an original appraisal supported by an external appraiser to Asset Services upon final signature.

All gifted property must be recorded at Fair Market Value per GASB 72, Fair Value Measurement and Application. The Fair Market Value is the current market price that is required to acquire property in the current condition at the time of donation.

Once approved, the Property Coordinator [PC] will be notified of the expected gift.

If the Property Coordinator has not contacted the department prior to the arrival of the property, please contact the PC at the time the property is placed or delivered to the department.

When notifying the Property Coordinator about a donated piece of property, please be prepared to provide the following information:

Manufacturer Name
Model / Part Number
Serial / VIN Number
Total Value of the Item
Location of the Item [building name and room number]
Property Custodian Name and EmplID