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Assets Management is the oversight, invoicing, trading, transfers and sales of University property of items more than $5,000 in value.

Assets More Than $5,000

Assets Management ensures the University’s major inventory and equipment is recorded, monitored, and disposed of properly. We are required by University Policy to tag new equipment that costs more than $5,000 and monitor its condition through an annual physical count.

Assets Less than $5,000

Departments are encouraged to inventory and monitor lesser valued items appropriately. This template can assist in inventory.

Tagging Equipment

Although Asset Management is responsible for tracking the purchase of equipment for the University, campus departments are responsible for tagging and accounting their Capitalized Equipment items. Asset Management will send a coding sheet to the department two weeks following the payment for the asset.  The department should affix the decal/bar code to the equipment.

Reporting Missing or Stolen Equipment

Asset Management provides each department with annual reports to track their listed inventory.  Departments have 45 days to track the equipment and a report is generated for any missing equipment. Asset Management will help departments locate missing equipment, and the department has 45 days to locate the missing equipment. After 45 days, Asset Management will report the missing equipment to the Director of Procurement Services and advise appropriate department heads or deans.

Departments are responsible for reporting any missing equipment as soon as the discovery is made.

Relocating Equipment

Equipment owned by UNC-Chapel Hill must remain on campus in the ordering department but can be moved to other campus locations or off-campus for that department with departmental authorization and the completion of relevant forms and letters of justification.

Selling, Trade or Transfer of Equipment Between Departments

Equipment can be sold, traded, or transferred to another department by notifying Asset Management and completing the appropriate paperwork.  Signatures are needed from both the transferring and receiving departments, and the reimbursement for the equipment is processed with a journal entry.  Do not remove decals or bar codes when transferring equipment.

Selling, Trade or Transfer of Equipment to Other Institutions

Equipment may be transferred to other institutions with appropriate letter, reimbursement amount and justification. The approval process takes approximately 60 days to complete.