Equipment Management Guidelines

The following items are subject to the equipment management and control requirements:

• Acquisition cost of $5,000 or more per unit, and
• Acquisition cost under $5,000 per unit considered easily pilfered. These items are included but not limited to:
  • Audio-visual equipment
  • Laptops, tablets, and computers
  • Specialized tools
• A physical inventory of all equipment is performed at least once every two years and the results reconciled with property records.
• Equipment details on record will include:
  • Acquisition date
  • Description of equipment purchased
  • Serial number or other identification number
  • Funding source
  • Estimated useful life
  • Federal Award ID Number (FAIN), if applicable
  • Cost or value (if donated) of the property
  • Percentage of Federal participation in the project cost for the Federal Award under which the property was acquired, if applicable
  • Location
  • Condition
  • Special Comments
  • Disposal restrictions
• Equipment with acquisition cost of $5,000 or more per unit is capitalized and depreciated.
• Lost, stolen or damaged equipment must be reported immediately.
• Adequate maintenance procedures must be developed to keep equipment in good condition.
• If applicable, equipment must be utilized in the program or project for which the equipment was acquired and for any required duration.
• The Business Office must be contacted prior to disposing of any equipment to determine if there are any restrictions or requirements in effect.
• Equipment purchased with grant funds must be tracked regardless of the costs.
• Department Chairs and supervisors are responsible for:
  • Establishing and maintaining the records and procedures necessary for the accountability of the College property and equipment as appropriate to the department.
  • Affixing tags to property or equipment.
  • Any transfer of College property or equipment among departments must be reported to the business office.

LINE OF AUTHORITY

Responsible administrator or office: Business Office

Contact person in that office: Jenny Jacobs

EFFECTIVE DATE: August 16, 2023

Approved by President: August 16, 2023