Asset Management Guidelines

• Assets with acquisition cost of $5,000 or more per unit are capitalized, depreciated, tagged, and tracked in the College’s fixed asset system.
• Assets with acquisition cost under $5,000 per unit considered easily pilfered are tagged and tracked in the College’s fixed asset system These items include but are not limited to:
  • Audio-visual equipment
  • Laptops, tablets, and computers
  •  Specialized tools
• Equipment purchased with grant funds must be tracked regardless of acquisition cost.
• A physical inventory is performed at least once every two years and the results reconciled with the College’s fixed asset system.
• Details recorded in the fixed asset system include:
  • Acquisition date
  • Description of asset purchased
  • Serial number or other identification number
  • Funding source
  • Tag #
  • Vendor
  • Estimated useful life
  • Cost or value (if donated)
  • Location
  • Method and amount of depreciation
  • Special Comments
  • Disposal restrictions
• Department Chairs and supervisors are responsible for:
  • Affixing tags to assets
  • Reporting lost, stolen, or damaged assets to the business office
  • Establishing adequate maintenance procedures to keep assets in good condition
  • Contacting the Business Office prior to disposing of any assets to determine if there are any restrictions or requirements in effect.
  • Reporting any transfer of assets among departments. See equipment transfer/disposal

LINE OF AUTHORITY
Responsible Office: Business Office
Contact person in that office: Vice President of Finance
EFFECTIVE DATE: June 20, 2025
Approved by President: June 20, 2025