Asset Management Policies

The Financial Services Asset Management Office will maintain records for all capital equipment used by the University. University capital equipment must cost greater than or equal to $5,000 and be movable, with a useful life of one or more years. Equipment acquired under sponsored contracts and designated capital equipment per contract/grant is also tracked. These records are accessible to all Campus Units on the University Asset Records Management System (ARM). For access to this system, contact the Asset Management Office at ext. 2-6106.

The Asset Management Office is automatically notified of equipment received by departments through normal procurement processes. All donated equipment must be reported through LDS Foundation. An Asset Management Office employee will arrange to tag and create a record of the equipment on ARM.

Department Chairs are responsible for all equipment assigned to their department. They may assign an inventory custodian to track the equipment throughout its life. They may do on-line searches, make minor changes (such as location), and disposals directly onto ARM.

Physical Inventories
Physical inventories are required by law and are performed by the Asset Management Office and the department inventory custodian. They are done campus wide, by department, within a two-year period. The Asset Management Office initiates the physical inventory through correspondence with the department chair or departmental inventory custodian. Any items unable to be verified must be declared lost or stolen. Upon completion, the physical inventory must be approved through the department chair's signature, showing the equipment is utilized and is necessary.

Off-Campus Use of Equipment
Off-campus use of equipment is prohibited, except as authorized by Dean/Directors by completing an "Authorization for Equipment taken from Campus" form, available on this Financial Services web page. When equipment returns to campus, the Asset Management Office should be notified.

Software
All software is to be purchased on the appropriate software account.

Transfers
Any transfers of equipment are done per signed memo to the Asset Management Office.

Disposals
An asset should be disposed of when it no longer has any use to the department. This disposal may include selling, scrapping, trading in. An equipment disposal is performed by the department inventory custodian initiating the disposal directly onto ARM. Any interdepartmental sales require a CPO.

All lost or stolen equipment requires a "Report of Lost or Stolen Equipment" form, available on this Financial Services web page. This form is to be filled out, signed by the Chair and Dean/Director, and sent to the Asset Management Office.