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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 $1,000 or more
shall be recorded as a capital outlay expense. Items
costing $5,000 or more shall be capitalized in the plant
fund.
This manual is intended to assist departments in tracking
the equipment they are responsible for, and to
accurately report to Property Control changes
due to transfers, sale to other departments, declaration
of surplus, theft or other movements of equipment that
meets the above criteria.
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