Procedure Purchase of University Equipment Permanent Changes in Equipment Status Temporary Loans or Transfers of Equipment Annual Physical Inventory of Fixed Assets Adjustments to Fixed Asset Records After Physical Inventory Requests for Additional Fixed Asset Listings Form:  Equipment Temporary Check-Out List.  Use for the  temporary removal of university equipment from the normally assigned department or employee. Adobe PDF Form (Print a blank form; fill in by hand or typewriter.) Form:  Movable Equipment Change in Equipment Status.    Forms may be ordered from Printing Services by accessing the U-Business Web site.

This policy has been materially revised.  Revisions are not marked  due to the numerous modifications made.   Key revisions include: Clarification is provided for the initial acquisition cost used in determining whether an item meets the $1,000 fixed asset threshold amount.  Equipment being transferred or sent to Surplus Property is not to leave university departments without a signature on the departmental copy of the Movable Equipment form of the individual removing the equipment. When equipment is temporarily removed from the custody of the department or the employee(s) to which the equipment is normally assigned, obtain signatures on the Equipment Temporary Check-Out List (or comparable form) prior to allowing removal of the equipment and upon return of the equipment. The Authorized University Official may request additional fixed asset print-outs whenever there is a need to review or verify the fixed assets for which he/she is accountable. Departments may destroy software licenses when software is no longer needed but must send software media (diskettes, CDs, etc.)  to Surplus Property for disposal, regardless of the cost of the software.

Procedure

1.   Purchase of University Equipment.
 
• Purchase equipment items in accordance with 05.152.
• To facilitate university tracking of fixed assets, use the correct object code.  To obtain the correct object code, refer to the Expenditure Codes List on the UNCW Chart of Accounts, which is available by accessing the U-Business Web site.  For additional assistance in determining the appropriate object code, contact the Fixed Assets Assistant.
• When requisitioning additional component parts (not replacement parts):
• Accessories and component parts that are purchased on the same initial order as the equipment item may be included in the original cost of the equipment and charged to a 5XXX object code.
• For component parts purchased on a subsequent order, note the original fixed asset tag number.
• Contact the Fixed Assets Assistant for any additional questions or if assistance is needed in ascertaining which component items compose the equipment to be purchased and/or tagged.


2.    Permanent Changes in Equipment Status.

 
• The listing provided by Fixed Assets is the official record of fixed assets for which the department's authorized university official is responsible.
• When fixed asset items are permanently transferred to another department or relocated, or when any equipment items are lost, stolen, traded in, or sent to Surplus Property, prepare a Movable Equipment form to notify the Fixed Assets Assistant so that appropriate records may be adjusted.
• Attach documentation as specified on the Movable Equipment form, and distribute the form as indicated.
• If Moving Services is needed to move equipment to any location other than Surplus Property, also submit a Moving Services Request.  A Moving Services Request is not needed when items are sent to Surplus Property.
• Before allowing the equipment to be removed, obtain the signature of Moving Services (or, if applicable, another individual who is removing the equipment) on the departmental copy of the Movable Equipment form.


Special notes concerning computer software:

• Software media is considered university equipment and, as such, cannot be thrown away or discarded.  Departments may destroy software licenses when software is no longer needed but must send software media (diskettes, CDs, etc.) to Surplus Property for disposal, regardless of the cost of the software.  Software sent to Surplus Property will be destroyed, rather than offered for transfer or sale.
• Departments wishing to transfer a software package directly to another department must obtain necessary approvals, if applicable, from the manufacturer and record the transfer of ownership, as appropriate.


3.    Temporary Loans or Transfers of Equipment.
 

Whenever equipment items are temporarily removed from the custody of the campus department or employee(s) normally assigned the equipment, maintain a record of the equipment removal and return by using the Equipment Temporary Check-Out List or a similar record.  Obtain signatures for both check-out and return of the equipment.  This record may be reviewed during an audit.


4.    Annual Physical Inventory of Fixed Assets.

 
• Each year by April 15, the Fixed Assets Assistant provides a fixed asset listing to each Authorized University Official, itemizing all fixed assets for which he/she is accountable.
• The Authorized University Official conducts the physical inventory and records any changes on the listing as follows:
• Additions   (Attach relevant documentation.)
• Location changes within the responsible department
• Equipment transferred to the responsibility of another department and/or Authorized University Official   (Attach a Movable Equipment form.)
• Equipment placed in surplus   (Attach a Movable Equipment form.)
• Equipment trade-ins   (Attach a photocopy of the Purchase Order and a Movable Equipment form.)
• Lost or stolen equipment   (Attach a police report and a Movable Equipment form.)
• By May 31 each year, the Authorized University Official will need to sign and return the completed fixed asset listings (in numerical order format by tag number) to the Fixed Assets Assistant.  If listings are not returned within two weeks, the Fixed Assets Assistant will send a second request to the department, with a copy forwarded to the appropriate Dean or Vice Chancellor.  Delinquent listings after the second request are referred to the Office of the Vice Chancellor for Business Affairs.


5.    Adjustments to Fixed Assets Records After Physical Inventory.
 

The Fixed Assets Assistant will adjust the university records to reflect the results of the inventory and will make on-site verifications as necessary. A corrected listing will be returned to the department by September 30. This listing is for departmental information only and does not need to be returned to the Fixed Assets Assistant unless corrections need to be made.


6.    Requests for Additional Fixed Asset Listings.
 

In addition to the annual fixed asset listing, the Authorized University Official may submit a request to the Fixed Assets Assistant to generate additional fixed asset print-outs at any time there is a need to review or verify the fixed assets for which he/she is accountable.