Asset Management - Equipment Inventory
Adapted from the NSHE Board of Regents Procedures:
Equipment Inventory: Title 4, Chapter 10, of the Board of Regents Handbook provides that equipment that exceeds certain cost thresholds is required to be inventoried by each NSHE institution. And the following items must also be inventoried by the institution regardless of acquisition cost: Firearms, and Computers: i.e. desktop, servers, laptop.
- Equipment is anything tangible, other than real property, with a value equal to or more than an amount determined by the respective Purchasing Department.
- Each department has custodial responsibility for all equipment within its jurisdiction.
Each department is also responsible for reporting all additions, deletions, and material changes in condition of equipment within their unit, to the respective Purchasing Department.
- The respective Purchasing Department, through its Fixed Assets Section, is responsible for maintaining and reporting records of equipment inventories. The Purchasing Department is responsible for establishing and monitoring control procedures, ensuring that purchase acquisitions of inventoried equipment are properly recorded, and recording equipment disposals.
- Deans, directors and department heads are responsible, within their area, for reconciling
annual physical inventories with periodic or special Purchasing Department reports. The accuracy of such reconciliations shall be documented by signed certification.
- Loans of equipment to not-for-profit and non-political entities may be made if it is determined to be in the best interest of the institution and the public good. All loans must be documented in writing, including which entity is responsible for maintenance,
and approved by the president. Each president shall submit to the chancellor annually a list of loaned equipment.
- All equipment located at off-campus sites and used for institutional programs must be
inventoried and maintained in the same manner as equipment on campus. If the institution does not control the site, written agreements must be in place with the organization that owns or controls the site.