PPM 51-000-1 Buildings and Grounds Management (Procedures) on www.olc.edu

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                                                                               BOT 10-24-12
1. General Statement
The college shall maintain a property management system that controls the acquisitions, 
identification, use, location, maintenance, and disposition of properties acquired by the 
college, regardless of source funds for the acquisition. The system shall meet the 
standards and procedural requirements of the various federal agencies from whom the 
college receives funding; it shall also meet sound management practices in controlling 
and accounting for any assets acquired. The system shall provide for the identification of 
funding source for the properties as well as provide for proper accounting control through 
the use of asset control accounts in the books of record.
2. Classes of Property
All tangible property shall be classified and identified as follows:
     a.      Real Property - means land, land improvements, physical structures and 
             improvements thereto which are permanent in nature, excluding any movable equipment 
             or machinery.
     b.      Non-Expendable Personal Property - means tangible personal property having a 
             useful life of more than one year and an acquisition cost of $5,000 or more per unit.
     c.      Expendable Personal Property - means tangible personal property having an 
             acquisition cost of less than $5,000 or a useful life of less than one year.

     d.      A listing of all expendable equipment will be maintained.
NOTE:   Items that are normally consumed when used or that lose their identity when 
expended (i.e. small office items) shall be classified as "Supplies".
3. Controllable Property
     a.      All real property and non-expendable personal property shall be considered 
     b.      These type of properties shall have permanent records maintained which identify 
             and describe the property as well as reflect the acquisition cost or donated value. A 
             separate property ledger for both the real property and the non-expendable property shall 
             be maintained along with a property file for each that contains documents that support the 
             original transaction property referenced to each sheet of the property ledger. 
     c.      An annual inventory as of the end of he fiscal year shall be conducted and the result 
             reconciled to the property ledgers and the items acquired as shown by the books of 
4. Property Management Standards
The college property management system shall have the following requirements:
     a.      Property Records - the property shall provide for:
	     1)      Description of the property.
	     2)      Identification number.
	     3)      Acquisition date and costs.
	     4)      Source of property (where acquired).
             5)      Percent of federal funds in acquiring.
             6)      Location, use and condition of the property.
             7)      When disposed of, all data regarding the disposition including sale price and       
                     method used to determine fair market value if the federal government is reimbursed by 
                     the college.
     b.      Control system - a control system shall be in effect that has adequate safeguard to 
             prevent the loss, damage or theft of property. Any loss, damage or theft shall be 
             investigated and fully documented.
     c.      Maintenance Procedures - adequate maintenance procedures for the type of property 
             shall be used.

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