The Property Management department maintains the university's capital equipment records, tracks all university vehicles, and assists other departments in implementing systems to track their equipment and properly document disposals and/or transfers. At the end of Fiscal Year 2012, the university’s total capital equipment inventory is 21,732 that amounts to approximately $103.9 million, net of accumulated depreciation. Property Management also assists departments in implementing systems to track their equipment and properly document disposals and/or transfers.
Major responsibilities include:
- maintaining the university capital equipment records;
- all moveable equipment with a cost of $5,000 or greater is capitalized and inventoried;
- calculating depreciation on all of the university's moveable equipment;
- conducting physical inventories of the university's capital equipment every two fiscal years;
- capitalizing approved equipment donations to the university; and
- handling the registration of all university vehicles.
Federal and state requirements mandate that that the university maintains a control system for its equipment inventory.
There is a shared responsibility for management and control of university assets; however, primary responsibility for control of university equipment assets rests with the chancellors, vice presidents, deans, directors or department heads to whom the equipment is assigned.
All disposals of equipment must be coordinated with Material & Logistical Services. This ensures that environmental regulations are met and that sales or donations meet state requirements for reporting and sales tax collection.
Review the procedures concerning equipment under Policy 40.2.10, Equipment Inventory and Property Management.