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
- 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: Alex Nguyen
Approved by President: January 2022