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Property Control Procedures
for Equipment and Fixed Assets

EFFECTIVE NOVEMBER 1, 1996
Property Control 351-1830
 

 

 

 

Property Acquisition

Property Movement

 

 

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 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.

Location: Carter Hall Room 1002
Phone: 970-351-2237
Fax: 970-351-1142

Mailing Address:
General Accounting Office
University of Northern Colorado
501 20th Street
Campus Box 34
Greeley, CO 80639

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Date Site last modified: September 15, 2006
Contact for this page: Paul Squillace
Technical contact: Ronna Johnston

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