Asset Management authorizes disposal of an item after evaluating that the item cannot be used by other University departments. A disposal label is then affixed to each item by Asset Management personnel. Asset Management uses the information from the Asset Surplus Form to remove the item from the inventory database. Under no circumstances shall a University department dispose of an asset, capital or non-capital located on or off campus without approval from the Asset Management Office.
New York University requires the destruction of all data in computers or electronic storage devices prior to the surplus or disposal of these items, to ensure compliance with federal and state statutes associated with disclosure of confidential information, such as the Health Information Portability and Accountability Act of HIPAA and the Family Educational Rights and Privacy Act FERPA , and to ensure compliance with software license agreements.
All CRT's, computers, electronic storage devices and other electronic equipment collectively are referred to as 'computer equipment'. It is your department's responsibility to ensure that all computers and electronic storage devices including but not limited to hard drives, laptops, servers, have all personal and confidential University files removed.
After the hard drive has been sanitized, please fill out a Surplus Request Form and forward to the Asset Management Office. After Asset Management personnel have placed a disposal label on the equipment, then contact the FCM Client Services Center at to remove the items from your department.
After the hard drive has been sanitized, please fill out a surplus form and forward to the Asset Management Office. After Asset Management personnel have placed a disposal label on the equipment, then contact the FCM Client Services Center to remove the items from your department.
After the hard drive has been sanitized, fill out a surplus form and send it to the Asset Management Office. Asset Management personnel will confirmed that the item s are surplus, post a digital photo of the item s to the Asset Management Surplus web page or authorize it for disposal.
When disposing of a machine, first remove all the data sensitive or otherwise that is on it. This is important for two reasons.
First, you do not want the next user of the system to have access to sensitive information like research data, student information, financial data or patient information ; and second, you do not want people to have unauthorized access to licensed software, such as Microsoft Word. Warning: Just using the "delete" command or dragging items to the Trash does not remove the data from the disk. A plain "format" command is somewhat better, but a determined person could still access sensitive data.
Some operating systems offer a "format and zero out all data" command, which is better, and is sufficient for machines which are being relocated within the University. The easiest and most secure way to remove the data is to use a "wiping" tool that not only deletes the data, but overwrites each file with garbage data multiple times. You will need a disk or CD to boot the computer from before you run the tool, so that you can clean the whole drive.
Be aware that the process will take some time potentially hours if the drive is very large. Make sure that the tool you use has a feature to wipe the whole drive, not just empty space.
There are many software programs that would work, so if you are unsure about whether a particular program is sufficient, check with NYU IT Security. If you do not wish to complete the sanitization process yourself, Procurement has an agreement with a supplier who can provide this service.
Sanitize the hard drives either using an preferred NYU supplier or you may do this yourself. Fill out an Asset Management Surplus Form. Asset Management will post a digital photo of the item s to the Asset Management Surplus web page or authorize it for disposal. Asset Management must be notified of items that are being traded-in towards the purchase of a new item s. When the Asset Management Office deems an item obsolete and cannot be recycled within the University it may be donated to a not-for-profit organization.
Asset Management in conjunction with the NYU Office of Community Services Projects maintains a list of not-for-profit organizations that are eligible to receive items. All donations to not-for- profit organizations should be coordinated through Asset Management. The not-for-profit organization must also provide State or Federal documentation verifying their not-for-profit status.
If you would like us to provide you with samples of the requested documentation, contact Asset Management at Occasionally, capital equipment is donated to NYU departments by outside organizations. When these donations occur, the NYU receiving department or NYU Office of Sponsored Research must notify Asset Management by forwarding written documentation from the donating organization, indicating the item s being donated and its market value.
Asset Management will generate a Requisition to Procurement with the supporting documentation. Procurement will issue a Purchase Order for the specific donation zero dollar amount. Policy Asset Management Policies and Procedures. Download the Policy PDF New York University requires every school, department, or unit to acquire, record, inventory, and dispose of capital assets according to the guidelines provided in this document.
Scope of this Policy top This policy is applicable to all schools, departments, units and personnel of the University involved in administering sponsored awards. Procedures of Implementation top The Asset Management Office is responsible for maintaining the University's capital equipment inventory. Surplus Furniture and Equipment Purpose To inform departments of surplus items.
To provide a mechanism which allows for the viewing of available items. To encourage recycling. To save the cost of purchasing new items. To relocate and recycle usable furniture and equipment.
Surplus Asset Management staff reviews the Asset Surplus Form and arranges for a physical inspection. Acquiring Surplus Furniture and Equipment Surplus items such as desks, chairs, files, bookcases, etc.
Satisfy government requirements for reporting of assets. Provide accurate capital equipment inventory reporting for all departments.
Tagging Asset Management staff locate and affix an inventory barcode tag to each piece of capital equipment, recording the physical location and providing a detailed description of each item. Request for Tagging Departments that need to have capital equipment tagged can contact Asset Management at to schedule an appointment with a staff member Tag by Mail Occasionally, capital equipment is located off-campus i.
Initial Canvass In the field, Asset Management staff canvasses a building scanning all tagged equipment. Retagging Capital equipment is retagged and assigned a new inventory number when the capital equipment is found without a tag or if a tag is old or damaged. Missing Item Search Inventory reports are used to identify missing capital equipment not located during the initial canvass.
Management, internal and outside accountants and auditors will appreciate the additional level of control and ability to retrieve data on a timely basis. Resources for Sound Business Decisions. Toggle navigation.
Featured Products. The implementation of a set of fixed asset policies and procedures can provide a number of benefits including: Fixed asset data will be more complete, accurate and up-to-date so that the information necessary for accounting, financial and tax reporting and management decision making is available when needed. Better definition of the capital budgeting process. Organizations that already have fixed asset manuals can use this guide to review and refresh their existing policies and procedures.
Organizations that want to create a fixed asset policies and procedures manual can use this guide to start or augment the process. Policy vs. Procedure Understanding the distinction between a policy and a procedure will help you better draft or refine a fixed asset manual. A policy is a general statement of requirements and the rules that govern the actions used to achieve those requirements. A procedure is a detailed set of instructions and actions used to implement a policy. Organization and Management Considerations Depending upon the size of an organization, there can be numerous people who will be both impacted by the fixed asset policies and responsible for different portions of their implementation.
Organizational and management issues to consider when preparing or reviewing a fixed asset policies and procedures manual include: The overall purpose and scope of the fixed asset policies and procedures. The departments and business groups that are impacted. The roles and responsibilities of each team member involved the fixed asset process from asset acquisition all the way through to disposal. The manner for maintaining, updating and communicating any changes to fixed asset policies and procedures.
Capital Budgeting and Resource Allocation Capital budgeting describes the criteria and approach that an organization uses to authorize major expenditures including fixed assets purchases. The criteria used to measure returns on investment. The criteria including the threshold amount for determining whether an asset acquisition falls within the capital budgeting process. The differences, if any, in the approval process for certain types of fixed assets.
For example, an asset used in the production of goods and services, not part of inventory for resale, useful life greater than 1 year, replace rather than repair, etc. Threshold dollar limit for capitalizing versus expensing fixed assets.
Requirements for fixed asset depreciation software in terms of maximum number of assets, single vs. Guidelines for classification of fixed assets. The depreciation method s that are to be applied and under what circumstances. Are assets depreciated differently for book and tax? The values to consider when determining the cost basis for fixed assets.
The criteria used to determine the useful life for fixed assets. The approach for estimating salvage value when calculating depreciation. Inventory and Asset Control Fixed assets are subject to wear and tear in the normal course of their use and can deteriorate over time.
Key issues include: Instructions for fixed asset purchases that require special handling or other special attention such as items that are extremely valuable, hazardous, fragile, highly sensitive or require security. The information that needs to be collected in order to identify and inventory fixed assets.
The types of assets movable that require tagging and information to be included on the tag. The maintenance requirements for fixed assets. Requirements to comply with warranties and maintenance agreements. Authorizations necessary before relocating or transferring any fixed asset. The frequency of physical inventories of fixed assets and parties responsible for performing them.
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