Policies

Effective Date Apr 10, 2018

I. PURPOSE

The purpose of this policy is to provide guidance for the Property Management unit for tracking and tagging the university's capital assets ($1,000 and over). All university equipment meeting this criterion will be tagged and tracked in the university's Fixed Asset System. The tag number is assigned and attached to equipment for inventory and identification purposes. All computer equipment costing below $1,000 will be tagged for IT tracking and location, but not part of the Capital Asset System.

II. SCOPE

This policy applies to all university departments.

III. PROCEDURE

The following assets are inventoriable (tracked and tagged) and must be carried on the property records of the university and inventoried on a regular basis:

• All assets meeting the university's capitalization policy and with a unit cost of $1,000 or more will be considered a capital asset.
• Workstations, laptops and notebook computers will be tagged for IT tracking and location.

Items that were placed in the Capital Asset Management System database, but are no longer considered capital assets, will remain in the database until that asset has been depreciated to a salvage value, surplused, sold or disposed of based on the acceptable accounting standards. Each capital asset's information will be verified: location, status, condition, description, manufacturer, model number, serial number and year manufactured.