Accounting Services

Property Control Procedures for Equipment and Fixed Assets
With Cost or Market Value of $5,000 or More

Property Control, Joe Tacoronte, 351-2389

Introduction

The purpose of this manual is to set forth the policies, responsibilities and procedures for establishing and maintaining control over equipment and fixed assets owned by the University of Northern Colorado. Certain property records and values are required for insurance purposes, budgeting and for equipment control and utilization purposes. This manual, in compliance with applicable University policies, prescribes the procedures and forms to accomplish these requirements.

Equipment purchased having a useful life of more than one year, and costing $5,000 or more shall be recorded as a capital equipment expense.

This manual is intended to assist University Organizations (departments) in tracking the equipment they are responsible for and in accurately reporting to Property Control changes due to transfer, sale to other Organizations, declaration of surplus, theft or other movements of equipment that meet the above criteria.