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III.F.1. Fixed Asset Objectives

III.F.1.1. Policy

The College, through its Board of Trustees, owns Fixed Assets. The College safeguards public assets by ensuring that the College’s Fixed Assets are appropriately managed.

III.F.1.2. Definitions

(a)      Fixed Asset means the College’s long-term real or personal property, such as equipment and land, used for College operations.

(b)     Fixed Asset Management System means a process designed and maintained by the Fixed Asset Officer to ensure compliance with this policy.

(c)      Fixed Asset Officer means the Vice Chancellor for Administration and Finance or designee. This person designs and maintains the Fixed Asset Management System, establishes a capitalization procedure, and periodically inventories Fixed Assets.

(d)     Fleet Manager means the Chancellor’s designee who manages the College’s vehicle fleet.

III.F.1.3. Fixed Asset Management System

The Fixed Asset Officer maintains a Fixed Asset Management System that meets the following objectives: (1) complies with generally accepted accounting principles promulgated by the Governmental Accounting Standards Board; (2) complies with federal and state grant regulations; (3) maintains appropriate stewardship of Fixed Assets’ locations and values; (4) maintains preventive maintenance records and warranty information; (5) maintains records for risk management concerns; (6) plans asset replacement or enhancement in the capital budgeting process; (7) avoids unnecessary purchases by identifying assets that can be shared or utilized by other departments; and (8) coordinates disposal of Fixed Assets that become obsolete, depleted, or no longer meet the College’s needs and requirements.

III.F.1.4. Sale, Trade, or Lease of Fixed Assets

The Board of Trustees holds title to all College real or personal property. The Board may sell, trade, or lease College property as detailed in Texas Local Government Code Chapter 272.

III.F.1.5. Releasing Fixed Assets to Employees

As permitted by the Chancellor’s Fixed Asset release procedures, the Fixed Asset Officer may occasionally release certain Fixed Assets (excluding real property) to a College employee for use away from the primary work area. These procedures must incorporate the following guidelines: (1) equipment must be used for designated and authorized College purposes only; (2) equipment cannot be removed from the premises permanently, but may be temporarily removed for a specific, designated project purpose; (3) individuals are responsible for the safe and proper care of any equipment, taking the same level of professional care as expected on the job site; (4) the employee must obtain supervisors’ permission for each time equipment is removed from the job site, and (5) the approving supervisor is ultimately responsible for maintaining and verifying that any off-site equipment has been inventoried and is properly used. The Fixed Asset Officer is responsible for enforcing the Chancellor’s Fixed Asset release procedures.

III.F.1.6. Vehicle Maintenance

The College owns motor vehicles. The Fleet Manager is responsible for managing and maintaining the College’s vehicles. The Fleet Manager must maintain records evidencing annual state vehicle inspection. The Fleet Manager must also inventory and record the location of each vehicle. The Fleet Manager may delegate this responsibility to individual colleges, but the Fleet Manager is ultimately responsible for this information. If vehicles are purchased with state-appropriated funds, the Fleet Manager may need to implement a Vehicle Management Plan as defined in Texas Government Code Chapter 2171.

 

LSCS Policy Manual Section adopted by the Board of Trustees on February 2, 2017