Type of Policy
Administrative
Policy No
7.8
Last Revised
Review Date
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

 

  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, 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