Asset Management Guidelines

• Assets with acquisition cost of $5,000 or more per unit are capitalized, depreciated, tagged, and tracked in the College’s asset tracking 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 30, 2026

Approved by President:  June 30, 2026