Gift of Property

Policy No: 
7.8
Type of Policy: 
Administrative
Last Revised: 
August 2016
Review Date: 
August 2019
Policy Owner: 
Property Control
Contact Name: 
Tom Provancher
Contact Title: 
Director of Insurance,Claims & Property Control
Contact Email: 
tom.provancher@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 Department).

Procedures: 

 

  1. 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.
  2. The Office of Development will notify the Property Control Department when Georgia Tech officially accepts the gift.
  3. Once officially accepted, the Property Coordinator for the receiving unit should tag the equipment item and enter the required information into the Asset Management System. To obtain training on the use of the Asset Management System, please register for classes at www.training.gatech.edu.

 

Policy History: 

 

 

 

Revision Date Author Description
08-2016 Insurance and Claims Content Update
08-2013 Property Control Update to policy

 

 

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