ADMINISTRATIVE RULE NO: 5035-06

RELATED TO POLICY SERIES NO: 5035

TITLE: FIXED ASSET INVENTORY

PURPOSE
To establish guidelines for maintaining the college fixed asset inventory.

STATEMENT
The Business Office maintains an up-to-date electronic record of the complete college inventory of fixed assets on campus. The director of accounting and budget or his/her designee, in conjunction with the Business Office, coordinates a physical inventory of the entire campus and outlying centers each year. Divisional personnel are responsible for assisting with the inventory in their area(s).

Maintaining an accurate central inventory requires constant updating by adding new purchases and recording transfers and disposals. The inventory list is revised and maintained online in the Banner system by the Business Office.

All capital items that have a value of $5,000 or greater and a useful life of more than one year, including all grant items unless the funding source requires a different threshold, will be included in the inventory. This includes gifts to the college.

The director of accounting and budget or his/her designee will send each department an Asset Addition, Asset Transfer, or Asset Disposal form, as well as an inventory tag(s), to be affixed to the purchase. The department receiving an asset will complete the appropriate form to be returned to the Business Office with asset information and location (per the purchase order).

DATE OF ADOPTION: 08/13/84
DATE(S) OF REVISION(S): 06/30/92; 07/12/94; 07/29/98; 06/14/05; 05/02/11; 10/31/16
DATE OF LAST REVIEW: 10/31/16; 10/21/2020