2.7.1 Property Control

adopted: Nov-1975
last revised: Sept-2017

A current and accurate accounting of all inventoried assets shall be maintained by the Office of Finance and Administration. Periodic audits of this inventory shall be conducted. Each division, department, or individual custodian of College equipment or other assets is responsible for safeguarding and certifying inventory balances and will maintain accountability for such items.

College assets shall be used for College activities unless specific prior approval is given by the President or designee.

Approved employee use of College assets or equipment shall be taxable to the employee in accordance with IRS rules and regulations.

The Board of Trustees authorizes the College President or designee to dispose of any excess District personal property with an estimated market value of less than $5,000, and not needed for community college purposes, in accordance with the requirements set forth in the Illinois Public Community College Act (110 ILCS 805/3-41) and Richland Community College procedures. Excess property may also be given to other public entities or not-for-profit organizations within District 537, if deemed by the College President or designee that said property has little or no value to the institution and could provide additional educational-related services for District 537.

The sale of any real property is solely at the discretion of the Board of Trustees. The Board authorizes the College President or designee to approve the disposal of College personal property through a trade-in when the value of the personal property will be used to reduce the purchase price of a replacement item. However, if the item has a trade-in allowance in excess of $5,000, the Board shall give prior approval authorizing the trade-in. Trade-in arrangements may be made only with and through authorized dealers, remanufacturers, agents, or entities regularly engaged in the business of accepting used equipment. Items to be disposed of shall be processed through the College’s central purchasing system under appropriate procedures, guidelines, and statutory requirements.

The Board charges the Administration with the responsibility and delegates the necessary authority to develop these procedures and guidelines.