TRANFER OF ASSETS
Assets transferred to another State Agency
No state-purchased asset may be transferred to another non-SUNY unit on a permanent basis. Transfers within the SUNY system are permitted, with the approval of the Business Services office at both agencies.
Transfer of Assets from other State Agencies
The Office of General Services in Albany controls the transfer of surplused assets from one State agency to another. Departments or individual faculty members, who are aware of and interested in obtaining such assets, must contact Business Services to process the transfer documents. The Office of General Services will not allow the transfer of assets from one agency to another until acceptance by the receiving agency has been approved.
What about gifts received?
All gifts valued at $1500.00 or above should be reported to Business Services. Proposed gifts and bequests to Buffalo State College should be initially reviewed to determine that the College could meet any restrictions or limitations governing the gift or bequest.
When an item is being given to the College, it must be formally accepted by the Buffalo State College Foundation. The following information must be forwarded to the Buffalo State College Foundation:
a. the approximate market value of the gift
b. a general description of the gift
c. any restrictions attached to the gift
d. any correspondence or documents from the estate attorney, if a bequest is involved
Research Foundation Funded Property
When assets are constructed by assembling materials and parts that are purchased on several purchase orders, it is the department Director’s responsibility to notify Business Services of the existence of the asset. Copies of all purchase orders comprising parts used to assemble the asset must be furnished to Business Services so the asset can be added to the Property Control System.
College Foundation Property
College policy requires the College Foundation to screen all proposed property purchases with an estimated cost above $1,500.00. These procedures must ensure that the property is placed on the property control system. The College Foundation operations manager is responsible for ensuring this.
Business Services conducts audits annually to assess the accuracy of inventory record information for each department. The holdings of every campus department are spot-checked throughout the course of the year and audit reports are immediately provided to each chairperson or director citing the results of such audits. A physical audit of all property is taken every two years with the results reconciled with the inventory records. The chairperson or director is required to address discrepancies between inventory records and audit findings as reported by this office.
Buffalo State College periodically spot-checks selected property items under $1,500 to verify their existence and condition.
If any inventory items cannot ultimately be located, they should be routinely reported to University Police as stolen or unaccountable. Buffalo State College is required to report the theft, loss, or misuse of state assets in excess of $1000 to the Office of the State Comptroller on a quarterly basis. In addition to submitting the report to the OSC, Buffalo State College is also required to send a copy of the report to the University Comptroller’s Office.
There are select circumstances in which property owned by Buffalo State can be included (“traded-in”) as part of a procurement transaction to acquire a new or replacement piece of property. This form should be used to secure appropriate campus approvals for the disposition of the property to be traded-in. Under no circumstances should the transaction result in an exchange of funds between or among parties to the transaction.
For purposes of the form “property” is defined as vehicles, boats, furniture, or property where a trade-in option is available.
A separate form should be used for each vendor to whom goods will be traded-in.
Procedures for Property Trade-In:
1) To ensure that matters progress smoothly, it is advisable for the predominant user of the property to secure departmental approval for the process before completing the Property Trade-In Form.
2) The Property Trade-In Form can be downloaded from the Buffalo State College Business Services web site
3) The form should be completed in its entirety regarding the specifics and condition of the property being traded-in. All signatures should be secured up to and including that of the College Comptroller. After all signatures are secured the form should be sent to Business Services, Moore Hall 124.
4) Business Services will provide the final signature and a copy of the form, complete with all signatures, to the Procurement Services Office. This will provide the necessary notification that the procurement process for the new or replacement piece of property can proceed.
Note: A purchase requisition must be initiated for the purchase of a new or replacement piece of property, including the notation that a trade-in will be involved. Please contact the Procurement Services Office (ext. 4113) for more information.
5) College property should not be turned over to any company/business without receiving the merchandise stated in the contract. Please contact Business Services, Moore Hall 124, ext. 3169, prior to removal of the item being traded-in. A representative from that area will need to be present at the time of property removal to witness the transaction.
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