Policy No:
7.8
Type of Policy:
Administrative
Last Revised:
November 2020
Review Date:
November 2023
Policy Owner:
Property Control
Contact Name:
Frederick Trotter
Contact Title:
Director of Insurance, Claims and Property Control
Contact Email:
frederick.trotter@business.gatech.edu
Reason for Policy:
This procedure outlines the accounting for gifts of equipment to Georgia Tech.
Policy Statement:
Equipment received as a gift by Georgia Tech becomes the property of the Georgia Tech/Board of Regents. As such, it cannot be sold, surplussed, or transferred outside the Board of Regents, without the prior written approval of the Georgia Tech Surplus Property Manager (Logistics Unit).
Procedures:
- Contact Gift Accounting in the Georgia Tech Office of Development to notify them of the proposed gift. They will guide you through the process to receive the gift. Be aware that they will want to know the nature of the gift, the appraised value of the gift, and any written conditions or provisions, which the donor is attaching to the gift.
- The Office of Development will notify the Property Control Department when Georgia Tech officially accepts the gift.
- Once officially accepted, Property Control will register the asset in Workday and enter the required information into the Asset Management System. Once completed, the Property Coodinator for the receiving Cost Center should tag the equipment. for the receiving unit should tag the equipment item and enter the required information into the Asset Management System.
Policy History:
| Revision Date | Author | Description |
|---|---|---|
| 11-2020 | Insurance and Claims | Editorial update for Workday |
| 08-2016 | Insurance and Claims | Content Update |
| 08-2013 | Property Control | Update to policy |
