(A) Policy statement. All requests for capital equipment purchases with student activities fees must be approved by the appropriate funding agent, such agents being the student publications policy committee, the undergraduate student senate or the graduate student senate and the appropriate staff advisor. The funding agent will maintain control over this equipment at all times. Such purchases do not become part of the general university inventory pool but are considered as student activities fee inventory.
(B) Definition. Capital equipment will be defined as any item:
(1) With the cost of over one hundred dollars; and
(2) Which is intended for more than one year of usage.
(C) Operating procedures.
(1) A central inventory of all such equipment will be kept by the funding agent and the student life office. The equipment will also be registered with inventory control.
(2) Purchases with an anticipated price of over two thousand dollars must be channeled through the university purchasing department for competitive bidding.
(3) The student organization designated as the custodian of the equipment may charge a rental fee for use of the equipment so long as rates charged to registered student organizations are lower than those charged to other users.
(4) The designated custodian will be responsible for maintenance in good condition of the equipment.
(5) The equipment will remain in the custody of the student organization making the initial purchase until the organization expresses a lack of need for the equipment or the organization ceases to function on campus. At this time, the funding agent may designate another registered student organization as the custodian or arrange for the proper disposal of the equipment by sale through the purchasing department. The proceeds from such sale shall revert to the original funding agent for allocation.
Replaces: 3342-7- 05.2