Fixed Assets & Disposal of Surplus
The investment of public funds in capital assets such as land, buildings, improvements, vehicles, furniture, machinery and equipment must be adequately safeguarded. To safeguard this investment, Cerritos College has established control procedures and a fixed asset tracking system. Capital equipment items must be identified as Cerritos College's property. The assigned identification tag number must be recorded on the fixed asset listings. All non-capital equipment under $5,000.00, but over $1,000.00, is also identified for insurance purposes. Certain items purchased with Federal funds, must be identified as such. These items are also recorded on the fixed asset listing.
The Purchasing Department will retain all documentation supporting the physical inventory. All fixed asset records and other pertinent records shall be retained for a minimum of three (3) years beyond the asset's disposal date in accordance with records retention guidelines and schedules.
Items no longer needed will be processed through the Warehouse upon receipt of an approved Surplus Request Form and Board of Trustees' approval.