Things to Know:
- It is the responsibility of the department to keep an accurate inventory of both non-capital and capital equipment.
- Movable Capital Equipment is transportable equipment in the custody of Indiana University which have an acquisition value of five thousand dollars ($5,000) or more and a normal life expectancy of one year or greater.
- Non-Capital Equipment is valued at $4,999 or less and does not have the same data requirements as capital equipment.
- If asset cost is $1,000 or more, an IU white tag must be attached to the equipment and entered into the university asset database before the Equipment Loan/Return document can be initiated. IU white tags can be purchased from the Capital Assets Management Office.
- If the asset cost is $5000 or more, an IU yellow tag must be attached to the equipment and entered into the university asset database. A mandatory physical inventory must be conducted no less than once per 24 month span, for the life of the capital asset.
- If equipment is purchased with contract and grant funds then you need to pay attention to the contract in addition to the IU policy. Contract and Grant Administration will go with the policy that is most strict.
- For information on creating non-capital assets please review the “Non-Capital Asset” training document at: http://www.fms.indiana.edu/fis/documentation/Non_Capital_Asset.pdf
- The Office of Insurance, Loss Control & Claims (formerly known as Risk Management) should be contacted to see what type of coverage is available, the cost (if any), the amount of the deductible, etc. http://rmweb.iu.edu/orm/SiteMap2.cfm
- For more information please contact Jennifer George, email: firstname.lastname@example.org