360 Property Management

RATIONALE: To establish a consistent, efficient and timely process for managing Property at Oakland University (University), including acquisition, control, reporting and disposal. The Property Management Office (PMO), working with University operating departments, will ensure accountability for University Property. 

DEFINITIONS:

Capitalized Property/Equipment: Any tangible asset, item or Property having a useful life of more than one year and an acquisition cost equal to or greater than $5000. 

Property: A tangible item owned by, or in possession of, the University which is nonexpendable - that is, not consumed in use and retains its original identity during the period of use. This typically includes vehicles, furniture, electronics and other equipment. It does not include real Property (land or buildings) nor expendable supplies.

POLICY: The University is the sole owner of Property purchased with University funds or accepted as a donation. No individual, department, school or college of the University directly owns Property. Units may have responsibility for Property in their custody, however, title rests either with the University or with the outside agency that funded the Property to the University for specific purposes.  Title to Property purchased with contract or grant funds is vested in accordance with the provisions of the specific contract, grant or agency policy.

Acquisition, use and disposal of Property (Capitalized and non-Capitalized) must follow the guidelines outlined in the PMO Operating Procedures.  This policy does not apply to land, buildings, infrastructure, or equipment which is permanently affixed to buildings or infrastructure.

Individual departments obtaining Property are responsible for its use, maintenance and security. Departments are responsible for notifying the PMO of any equipment status changes including transfer, disposal or loss. A physical inventory for all Capitalized Equipment is completed on a rolling basis every other year.  The inventory is physically performed by the responsible department and is accomplished by verifying the inventory information provided by the PMO.  Property Management Operating Procedures can be found on the Property Management website. 

SCOPE AND APPLICABILITY: This policy applies to all administrators, faculty, staff and students who are in possession of University Property.

PROCEDURES:

Property Management

RELATED POLICIES AND FORMS:

OU AP&P #350 Key Control 

OU AP&P #500 Gifts, Pledges and Grants

OU AP&P #620 Environmental Health and Fire Safety

OU AP&P #880 System Administration Responsibilities

OU AP&P #1000 Procurement Policy

OU AP&P #1050 Risk Management/Insurance Policies and Procedures

OU AP&P #1370 Central Receiving

Property Release Form

APPENDIX:

Donation Guidelines