FIXED ASSETS ACCOUNTING (PROPERTY) - MAINTENANCE OF EQUIPMENT INVENTORY

• 1.0 Purpose
• 2.0 Policy
• 3.0 Definitions
• 4.0 References
• 5.0 Approvals and Revisions

1.0 Purpose

This policy describes the general guidelines for maintaining the University equipment inventory.

2.0 Policy [Top]

The University Fixed Assets Accounting Group (Property) of Financial Analysis is responsible for maintaining an accurate record of all inventoriable equipment in the possession of the University. To this end, it reviews all invoices for purchases of equipment to ensure that the equipment is recorded in property records.

To keep the equipment inventory current, departments should promptly notify the Fixed Assets Accounting Group, via the Equipment Inventory Change Request (Form P-1), when departments:

• Obtain equipment without using a Payment Voucher or purchase order.
• Permanently transfer equipment (location changes and faculty departures).
• Dispose of or retire equipment.

This policy applies to the following classes of equipment:

• EQUIPMENT OWNED BY THE UNIVERSITY (usually bearing the bar coded UVA asset tag) with a unit acquisition cost of $5,000 or more and an expected useful life of one year or longer. Accessories/attachments/components are considered equipment if the unit cost is $5,000 or more or they are acquired with a base unit costing $5,000 or more. Books, periodicals, carpeting, draperies, and fine art are not considered inventoriable equipment.
• GOVERNMENT-OWNED PROPERTY ACQUIRED BY THE UNIVERSITY ON A GRANT OR CONTRACT which meets the above criteria for University-owned equipment.
• GOVERNMENT-FURNISHED ITEMS regardless of cost.
• ITEMS ACQUIRED FROM FEDERAL/STATE SURPLUS with a fair market value of $5,000 or more, regardless of the amount actually paid.
• FABRICATED EQUIPMENT built by University shops and laboratories for which the total cost of materials, specifically allocated salary charges, and supplies exceeds $5,000.
• GIFTS of equipment with fair market value of $5,000 or more.

See also:

• Procedure 10-1, "Preparation of Equipment Inventory Change Request."
• Procedure 6-40, "Object of Expenditure Codes and Definitions."

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]

Previous version in effect from 10/31/96 to 9/21/04 available in policy archive.

Previous version in effect from 9/22/04 to 4/20/05 available in policy archive.