Asset Management

The College of Computing is responsible for the establishment of all internal controls needed to compliance with federal and state laws as well as Regent and Institute regulations, policies and procedures.  The State of Georgia General Statutes requires the Institute to be accountable for all equipment under its control. The Institute must also comply with the provisions of the Approval of Management, Budget Circulars A-21, Revised, SAS 112 (Federal Audit Guidelines) and A-110 to assure proper reimbursement of federally funded research and training projects.   The maintenance of a perpetual inventory of equipment is necessary to achieve correct financial reporting for the institution, to provide the basis for suitable insurance coverage, and to assist departments in accountability for their equipment.  The College of Computing has an important role in the maintenance of an accurate, up-to-date inventory system. The custodianship of property purchased by or assigned to a unit is the responsibility of the unit head.   The responsibilities includes:
  •  Ensure that the physical security is maintained over all property.
  •  Tag items valued at $3000 or more.
  •  Prepare property reports as required.
  •  Document and report all acquisitions, disposals and changes in the status of unit equipment.
  •  Provide internal control of capital assets, including proof of existence, ownership, location and proper valuation.
  •  Provide a database of inventory information to meet equipment management/reporting needs of the university.

Threshold Requirements

In accordance with state guidelines, the current threshold for which an inventory of assets is maintained is $3000 with a life expectancy of one or more years.

Policies and Procedures

Here are links to the Georgia Tech Business and Finance Manual with more details: