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Policy 5301 – Property Regulations and Responsibility

Revision Date: 03/16/2022
Last Reviewed Date: 03/16/2022
Responsible Office: Property Officer

Policy

Regulations pertaining to movable property owned by Education Organizations are mandated by the Louisiana Administrative Code, Title 34, Government Contracts, Procurement and Property Control: Part VII. Louisiana Tech University falls under the authority of this code and will adhere to said regulations. A complete copy of these regulations is available upon request in the Louisiana Tech Property Office.

Responsibility for safeguarding property owned by Louisiana Tech University lies with All University employees. Under no circumstances is Louisiana Tech Property to be used for personal gain nor removed from any University operating location except to conduct University business.

Definitions

Not Applicable.

Procedures

In pursuant to the aforementioned regulations and University policy, delegation of responsibility will apply as follows:

  1. The University Property Manager will maintain accountability for all movable property within the agency. The University Property Office must be notified prior to or immediately upon any change in status, location or condition of university property. All required reports and requests will be submitted to the Louisiana Property Assistance Agency for approval and administered as directed.
  2. University department heads are responsible for the equipment within their divisions until such time as approval has been received to dispose of same. All requests to move, transfer, or dispose of property must be reviewed by the department head and then submitted to the University Property Office for final approval. Responsibility also includes supervision and approval of the annual inventory certification process.
  3. Each university cost center manager should appoint a cost center property custodian. The cost center property custodian will be responsible for day to day inventory processed with the cost center and will serve as the contact person to the Property Office. The property custodian may not be a student.

Policy 5301 – Property Regulations and Responsibility

Revision Date: 03/16/2022
Last Reviewed Date: 03/16/2022
Responsible Office: Property Officer

Policy

Regulations pertaining to movable property owned by Education Organizations are mandated by the Louisiana Administrative Code, Title 34, Government Contracts, Procurement and Property Control: Part VII. Louisiana Tech University falls under the authority of this code and will adhere to said regulations. A complete copy of these regulations is available upon request in the Louisiana Tech Property Office.

Responsibility for safeguarding property owned by Louisiana Tech University lies with All University employees. Under no circumstances is Louisiana Tech Property to be used for personal gain nor removed from any University operating location except to conduct University business.

Definitions

Not Applicable.

Procedures

In pursuant to the aforementioned regulations and University policy, delegation of responsibility will apply as follows:

  1. The University Property Manager will maintain accountability for all movable property within the agency. The University Property Office must be notified prior to or immediately upon any change in status, location or condition of university property. All required reports and requests will be submitted to the Louisiana Property Assistance Agency for approval and administered as directed.
  2. University department heads are responsible for the equipment within their divisions until such time as approval has been received to dispose of same. All requests to move, transfer, or dispose of property must be reviewed by the department head and then submitted to the University Property Office for final approval. Responsibility also includes supervision and approval of the annual inventory certification process.
  3. Each university cost center manager should appoint a cost center property custodian. The cost center property custodian will be responsible for day to day inventory processed with the cost center and will serve as the contact person to the Property Office. The property custodian may not be a student.