||Rob Carroll, Director of Plant
|Date of Approval:
||April 14, 2015
|Date of Last Revision:
||September 21, 2001
|Next Review Date:
The responsibility for equipment accountability is assigned to the appropriate administrator (in academic areas, typically the department chair; school, center or institute director; or dean). In the rest of this policy, “department” and “department head” will be used generically to refer to the administrative or academic area of accountability and its responsible leader.
Reason for Policy/Purpose
This policy establishes a process for the recording, identification, and accountability of all University owned movable equipment items fitting the criteria set by the CFO.
Who Needs to Know this Policy
This policy applies to all University directors, officers, and employees of Heritage University.
Website Address for this Policy
Director of Maintenance and Operations
VP of Support Services
Equipment should be capitalized and maintained on the asset management system if all the following criteria are met:
a. The item cost is at least $5,000.
b. The item is tangible, personal property.
c. The useful life of the item is at least two years.
All equipment obtained by the University is subject to University control and may be disposed of only in accordance with established procedures outlined in this policy. Equipment obtained by the University includes that which is purchased with University or Grant funds, loaned or contracted by public or private entities, received as a gift or obtained by other means.
Departmental Responsibilities – Departments obtaining equipment are responsible for its use, maintenance, safeguarding and disposal. Departments must notify Accounting Services of any equipment status changes, such as transfers, disposals, title transfers on loaned equipment, loss or theft. Departments are responsible for tracking equipment maintenance. The responsibility for equipment accountability is assigned to the appropriate administrator (in academic areas, typically the department chair; school, center or institute director; or dean). In the rest of this policy, “department” and “department head” will be used generically to refer to the administrative or academic area of accountability and its responsible leader.
Accounting Services prepares a listing of all equipment owned by each department at the end of each fiscal year. Each department must verify the items on the list and note any corrections before returning the list to Accounting Services. Departments must also assist Accounting Services staff when they are conducting the physical inventory. The physical inventory will be performed throughout the fiscal year.
Related Policies and Resources