State Property Accounting Requirements for Institutions of Higher Education

Overview

Applicable to

Institutions of higher education.

Summary

Institutions of higher education are exempt from reporting to the State Property Accounting System (SPA), but must still comply with Comptroller state property accounting policies and procedures.

Legal Citation

Texas Government Code, Chapter 403, Subchapter L, Sections 403.2715, 403.272, 403.273, 403.275, 403.278.

Requirements for All Institutions of Higher Education

Institutions are required to:

• Account for all property as defined by the Comptroller under Government Code, Section 403.272.
• Designate at least one property manager to maintain the records required and be custodian of all property possessed by the system or institution per Government Code, Section 403.2715(d).
• Remain subject to periodic examination of property records and inventory by the State Auditor’s Office to determine if controls are adequate to safeguard state property per Government Code, Section 403.273(h).
• Remain subject to liability for property loss as defined in Government Code, Section 403.275.
• Document and report interagency transfers of property as prescribed by the Comptroller’s office per Government Code, Section 403.278. See Chapter 7 of the SPA Process User’s Guide (FPP N.005) for instructions.

Transfers between two external agencies cannot be entered into SPA.

Universities must follow the Financial Reporting Requirements in Sale, Disposal or Interagency Transfer of Capital Assets – External Agencies to report external transfers.

See Requirements and Deadlines by Type of Agency for a summary of requirements and deadlines for state agencies, universities and consolidated university systems, along with applicable due dates.