University Surplus Management | Ensure Proper Stewardship of University Surplus Assets

If you’re involved in university surplus management, you know how valuable a successful program can be.

Fixed assets represent a significant investment of university resources and play a critical role in your institution’s success. Whether your surplus warehouse is fully funded or self-funded, resources can be limited—so, as you well know, it’s important to preserve the resources that your university already has and act as good stewards of university assets.

Your university might already have a policy in place for the safeguarding of university assets, providing specific guidelines for the management and disposal of surplus assets. A university surplus policy also serves to ensure compliance with government regulation.

In this post, we’ll explore three ways an automated surplus management solution can help support efforts at your university to ensure proper stewardship of expensive, valuable assets:

  • Automating Asset Accounting and Reporting

  • Generating a Complete Audit Trail

  • Providing Greater Transparency



Automating Asset Accounting and Reporting

As rules and regulations become more rigid, fixed asset reporting grows more complicated. Automating university surplus management can simplify the process, especially when it comes to tracking disposal information.

Automated surplus asset management tools provide you with a variety of reports.  The right solution should be flexible, and allow you to easily generate accurate, compliant reports. Many solutions offer “canned” (or pre-made) reports, like purchase and asset history reports, as well as the ability to create your own custom reports.

Quick tipCreate a report to look at the quantity and value of assets sold by a specific campus department. This will help facilitate the calculation of departmental reimbursements. 

LEARN MORE ABOUT WHY WE LOVE DEPARTMENTAL REIMBURSEMENTS

A robust surplus asset management solution will provide easy access to data, like which departments are sending the greatest quantity and value of assets to surplus, which customers are purchasing which types of items, and which assets are selling best in which ways. As a result, you’re able to make informed decisions and up your surplus game with detailed asset data at your fingertips.

By helping you generate more revenue, divert more waste from landfills, and put more university assets back to work on campus, you’re contributing to your universities efforts to ensure proper stewardship of university assets as well as taxpayer, donee, and tuition dollars!


Generating a Complete Audit Trail

Compliance is critical for your university to maintain grant funding. To ensure compliance, having a clear picture of your assets and maintaining accurate, detailed disposal records is a must.

Automated surplus asset management software maintains all information related to a surplus asset’s history in one sophisticated database, making it easy to access what you need, when you need it. With detailed disposal information available with the click of a mouse, you just might become the accounting department’s new best friend during audit season.

“But we Sent it to Surplus!”

Over the years, we’ve heard plenty of Audit Horror Stories. For example, during a routine audit at one university, a large amount of ghost assets were identified. Unsurprisingly, the university’s auditor required the responsible department to locate them.

But without an audit trail, it was impossible to find them, and easy for the responsible department to pass blame on to the campus surplus operation!


Providing Greater Transparency

It’s no secret that these days, there’s an increasing push towards fiscal transparency for universities. With multiple levels of user access and a complete audit trail available, automated surplus management software helps to guarantee that transparency.

The complete asset history provided by surplus software won’t just help your university illustrate compliance to an auditor. It will also help your surplus operation capture all the evidence you need to show the costs your university has avoided by leveraging surplus property.

Need some tips for measuring the ROI of a
university surplus management software solution?

WE’VE GOT YOU COVERED

And it’s not just the government and university stakeholders who expect you to manage funds properly– it’s also an important consideration for current students and potential applicants of your university, too.

Re-utilizing your school’s surplus property helps to facilitate a sustainable reputation, which assists in attracting employees and students. In fact, 64% of student’s consider a schools commitment to environmental issues when choosing a college.

UNIVERSITY SURPLUS AND THE TRIPLE BOTTOM LINE


The ability to create and save accounting reports in one secure database with a complete audit trail provides total asset visibility to your surplus operation. As a result, you have ongoing evidence that your university is managing funds honestly and appropriately. university surplus management


What does your university surplus warehouse do to ensure proper disposal of surplus property? Email your tips to marcom@assetworks.com for a chance to be featured on the blog!


LEARN MORE ABOUT ASSETWORKS SURPLUS MANAGEMENT SOFTWARE



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