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Capital equipment may be
acquired through purchase, donation, trade-in or construction.
Regardless of the way the equipment is acquired, if
it meets the definition of capital equipment, it must
be added to the property records and tagged with a University
of Northern Colorado property tag. These tags
are silver in color, with the wording Property of Univ.
of No. Colo at the top, a barcode in the center, and
the equipment number below. These tags are to
be placed on the front of the equipment in a conspicuous
place, so that they can be easily scanned during the
annual inventory process.
Title to the property rests with the University, not
the department, regardless of whether the equipment
may have been donated or purchased from department budget
allocations or from special appropriations or allocations.
Departments are assigned property for custody using
the department attribute, and are responsible
for such property. Departments are responsible for completing
transfer forms when equipment is moved or otherwise
disposed of , in order to transfer that responsibility.
A department is designated as the "Responsible
Department" when property is acquired by the department
through purchase, gift or transfer. The Responsible
Department is carried on the property and inventory
records of the University, and will be relieved
of responsibility only if the property is transferred
to another department, declared surplus, traded in on
a new acquisition, or reported as lost or stolen to
the University Police Department. In these cases, the
responsible department must fill out the appropriate
form and forward it to Property Control so that the
adjustments can be made.
All items will be carried on the accounting records
at cost or purchase price. This will include shipping,
installation and training costs. Where the actual purchase
price cannot be established, as in the case of a gift,
fair market value may be used. Purchase of items with
trade ins will be recorded on the property records at
the actual cash paid plus the allowance for the old
piece of equipment which was traded in. Lease/Purchase
equipment will be recorded at the total applicable rental
paid plus any remaining purchase price or residual.
Reconditioned items will be recorded at the total purchase
price plus all reconditioning costs. Reconditioning
of already owned items normally will be charged to expense,
and the initial property records will remain unchanged,
unless the amount is in excess of $1,000 and will prolong
the life of the asset more than another year.
These will be considered improvements, and a separate
property record should be kept on these betterment's.
Property Control will initiate the equipment tags in
one of several ways. Each day they will review
the pink copy of all purchase orders obtained from Purchasing.
All purchase orders with object codes 9XXX are reviewed
to see if they meet the capital equipment requirements.
All purchase orders over $1,000 are reviewed for
the same criteria. When a purchase order meets
the requirements, Property Control will prepare a property
card with the following information:
- Description of Equipment
- Serial Number of Equipment
- Vendor or Manufacturer
- Building and Room Number where equipment
was delivered.
- Source of Funds
- Plant Fund where asset will be reported
on UNC Financial System
- Responsible Department
- Voucher or IMO that paid for equipment
- Purchase Price
- Classification code of equipment
After the card is prepared, the silver property tag
is attached and either:
- The card and tag are sent to Bear Logic in the case
of computers or related equipment, to be tagged when
delivered.
- Or, if not a Bear Logic purchase, the card and tag
are filed until the equipment is purchased, then the
tag and a property tag notice are sent to the person
who initiated the purchase order. That person tags
the item and returns the notice with information to
complete the inventory records.
The Sponsored Programs and Academic Research Center
(SPARC) and the UNC Foundation periodically notify Property
Control of gifts that have been received on behalf of
University Departments. From the information they
provide, cards and tags are made in the same manner
as from purchase orders, and a property clerk will locate
and tag the equipment.
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