Property Control Procedures for Equipment and Fixed Assets
With Cost or Market Value of $5,000 or More
Property Control, Joe Tacoronte, 351-2389
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 in compliance with the State of Colorado Fiscal Rules. Certain property records and values are required by the State, for insurance purposes, budgeting and for equipment control and utilization purposes. This manual, in compliance with applicable State and University policies, prescribes the procedures and forms to accomplish these requirements.
State of Colorado Fiscal Rule 1-10, Accountability and Capitalization of Equipment, defines equipment as "tangible personal property which is not a permanent part of a building and does not lose its identity through incorporation into a more complex unit." The fiscal rule requires that each State agency is responsible for ensuring that all equipment acquired by the State is properly accounted for when acquired, inventoried on an annual basis, safeguarded throughout its useful life and properly accounted for at the time of disposal.
Equipment purchased by State agencies shall be either capitalized or expended in the fiscal year in which it is acquired. 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.