The life cycle of property consists of three phases: “Acquisition,” “In-Service,” and “Excess.”
The Acquisition phase occurs during the requisition/purchase order process. During this time, the following is completed:
- Pre-Purchase Screening – checks to see if similar equipment is already at Stanford and can be transferred
- Owner/Custodian of new equipment is identified
- Asset acquisition – equipment is physically received
- Tagging and identification – new equipment is tagged and the record is entered into Stanford Inventory System, Sunflower
Common ways of acquiring property are:
- Donations and Gifts
See Property Life Cycle Phase I: Acquisition for more detailed information.
The In-Service phase occurs throughout the performance period of the asset. At this time, the equipment is installed, used, moved, and inventoried.
- Utilization & maintenance
- Movement/location of equipment
- Off-campus equipment
- Physical inventory
Note: Stanford's physical inventory cycle takes two years to complete. A team of inventory specialists from the Property Management Office scans tagged assets on campus and at our offsite facilities. They also identify capital equipment that may not have been tagged. The purpose of the physical inventory is to verify the existence, location, status, and condition of assets, and to verify the accuracy of records. The physical inventory process is a mechanism by which the University is able to check the effectiveness of its property management systems and procedures.
See Property Life Cycle Phase II: In-Service for more detailed information.
The excess phase begins when the asset is no longer needed. Common ways property is excessed are:
- Re-Use or transfer
- Sold to Surplus property sale
- Trade-In toward new purchase
All employees must work with a DPA to process disposal paperwork for any asset! The Property Management Office is responsible for property management reports to government agencies and sponsors. These include financial, equipment status, and closeout.
See Property Life Cycle Phase III: Excess for more detailed information.