State Requirements

The State of Texas is striving to standardize all reporting related to:

• Accounting (USAS)
• Property (SPA)
• Payroll (USPS)

Record Keeping

If a state agency fails to keep records or fails to take an annual physical inventory, the Comptroller may refuse to draw warrants or initiate electronic fund transfers on behalf of the agency.  The State Property Accounting (SPA) policy and procedures manual reads:

"Each agency should ensure than an employee entrusted with property exercises, at a minimum, reasonable care for its safekeeping.  The term "reasonable care" means that steps have been taken to maintain the upkeep of any property in an acceptable manner, to ensure the security of any property, to ensure that the property can be located at any time requested, and to ensure that the person responsible for that property is known."

Basic Concepts

• The University of Texas El Paso capitalization threshold is $5,000.00.
• The useful life criteria is 2 years.

Introduction

The purpose of this handbook is to acquaint University personnel with current state laws and University regulations and procedures to when using, safeguarding, and disposing of University property.

House Bill no. 753, enacted by the 52nd Legislature, as amended, established the basic guidelines for state property accounting and responsibility.  House Bill no. 1673, enacted by the 66th Legislature (Article 601B, V.T.C.S.), establishes the current guidelines for property accounting and responsibility.