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Equipment and Fixed Assets Inventory


Equipment is any asset that has an original cost of $2,000.00 or more and has a useful life of one year or more.  The Fixed Assets and Inventory Services section of the Controller’s Office maintains the official inventory records for all university equipment.

Equipment and other fixed assets cannot be sold, loaned, given away (outside the university), scrapped/cannibalized or disposed of by any department without prior written approval of the University Surplus Officer in coordination with the Manager of Fixed Assets.  Departments are responsible for safeguarding all equipment and other fixed assets assigned to their organization, including items no longer needed, until a Surplus Property Report Form is completed and the Surplus Property Office officially removes it from their possession. Under no circumstances should any equipment be thrown away.

The University Controller is responsible for the coordination, development, and implementation of the policies and procedures that comprise the university-wide property management system.  All fixed assets (land, buildings, fixed equipment, infrastructure, and movable equipment) are owned by the University and not by a specific individual, department, or other operating unit.  The facilities of the university are intended for the use of its students, faculty, staff, and invited guests participating in university-approved programs or activities, sponsored by or under the direction of the university or one of its related agencies or approved organizations.  University facilities are to be used in a manner consistent with their intended purpose. Priority of use must be given to those activities related to the academic, residential, cultural, and recreational programs of the university. The facilities must be used in a safe, professional manner so as not to endanger the university community or the general public.

University owned works of art, historical treasures, and similar assets (i.e., university collections) are to be held for public exhibition, education, or research in the furtherance of public service. University collections are not to be held for financial gain. University collections are to be protected, kept unencumbered, cared for, and preserved.

  • Ensuring equipment assigned to the department is reasonably protected against theft and to maintain an internally controlled environment that ensures the proper care, custody, control and safeguarding of all assets
  • Assisting/cooperating with Controller’s Office personnel with physically locating and tagging newly acquired equipment
  • Requesting duplicate tags when the originals are damaged or missing
  • Ensuring employees are adequately trained to use the University’s Fixed Asset System and knowing all policies/procedures regarding equipment
  • Keeping the location, custodian and responsible department information in Banner Fixed Assets current
  • Notifying the Controller’s Office of fabricated or evaluation equipment and reporting any changes in ownership status, condition, etc.
  • Conducting periodic inventories (spot checks) to ensure the Fixed Asset System is accurate and up-to-date throughout the year
  • Assisting with the - inventory of equipment and reconciling the - inventory list provided by the Controller’s Office
  • Reviewing and reconciling the monthly report of changes to departmental equipment listing
  • Reporting any missing, lost or stolen equipment to the University Police, Controller’s Office and Risk Management