Management of Capital Asset Inventories
Asset Management provides accountability for all controlled equipment meeting the guidelines for Capitalization. Capital equipment is assigned a University decal number to provide identification. The decal numbering system has specific information regarding each asset including model and serial numbers, vendor, manufacturer, location, department number, purchase order number, acquisition cost, inventory status, and account code including object code. Asset inventories can be sorted and printed by many criteria to assist campus departments in controlling their capital assets. Asset Management also provides a check and balance system for the University through periodic spot checks of controlled equipment and monitoring of object codes for capital acquisitions. Inventory Tracking System for Assets < $5000
As campus departments are responsible for tracking equipment valued at less than $5,000, Asset Management recommends the departmental adapted use of an asset tracking Excel spreadsheet (XLS). For larger applications, departments may consider inventory software, such as Sage Software's Government Asset Inventory Program. Transfers and Trades of Equipment If a campus department wishes to transfer capital equipment to another institution, Asset Management plays a key role. Asset management will request approval from State Surplus, and provide guidance for approvals of transfers for assets originally purchased with sponsoring agency funding. Asset Management will also compute and provide a depreciated value for the exchange, to be reimbursed to the University by the receiving institution.
When Campus departments wish to transfer or sell capital equipment between University departments, Asset Management provides guidelines documenting the transfer. Departments are encouraged to consider transfers within University departments to save budget dollars and maximize the useful life of an asset. Asset Management seeks to facilitate this effort by providing prompt answers to department questions and timely record keeping.
Equipment trade-ins, while handled primarily by the purchasing department, are recorded by Asset Management upon approval from State Surplus in Raleigh.
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