7.0 University Equipment Database & Physical Inventory

7.1 University Equipment Database

The Asset Management Office maintains the equipment database for capitalized and non-capitalized University equipment.

7.1.1 Acquisition Data

Information entered into the property database will include the date of purchase, cost, purchase order number, custodial, department, and the CMS department chartfield charged.

7.1.2. Equipment Item Description

The description of the equipment entered into the property database will include (as available) make, model number, manufacturer, serial number, University identification number, and asset type/category/class as needed for capital asset reporting and depreciation.

7.1.3 Equipment Location

The location of equipment will be recorded in the equipment database and in the department's records. Current records must be maintained as to the location of equipment to allow for inspection and/or inventory purposes whenever necessary. The department's Property Coordinator is responsible for completing the Property Management Transaction Form and forwarding to the Asset Management Office.

7.2 Inventory of University Equipment

7.2.1 Physcial Inventories of University Equipment

University equipment will be inventoried at least once within a three-year cycle. Departments are required to accommodate the AMO’s performance of their physical inventory.

To maintain appropriate internal controls equipment inventories:

  • will not be exclusively controlled by the custodian of the property records.
  • will take place with the Asset Manager or their designee, and the department Property Coordinator or their designee. The person in charge of the stockroom/equipment rooms, if one is used, will not be exclusively in charge of maintaining the inventory records or the taking of physical inventories.

There are two different components of the physical inventory: that of the capitalized equipment, which will be reconciled to the general ledger, and that of non-capitalized equipment.