| VOLUME: I |
POLICIES RELATED TO ACCOUNTING ADMINISTRATION |
| SUBJECT: |
Off-Premise Capital Equipment Control |
| SOURCE: |
Financial Management Services |
| DATE ISSUED: |
October 1990; Revised July 2002; Revised August 2008 |
| POLICY NO.: |
I-140 |
| RATIONALE: |
To maintain proper controls and responsibilities for capital equipment removed from university premises for thirty-one (31) days or more.
|
| POLICY: |
Equipment removed from university premises for a period of thirty-one (31) days or more must have appropriate approvals signified by completion of an Equipment
Loan/Return Document in the Financial Information System. The Equpment Loan/Return Document requires the approval of the fiscal officer and the borrower. Equipment
may be loaned for a period of two years or less, and the loan document must be completed within thirty (30) days of the loan
Responsibilites of the organization for loaned equipment are:
- Tagging the equipment before it leaves the premises.
- Initiating the Equipment Loan/Return Document.
- Performing the physical inventory of the equipment in accordance with Policy I-170.
- Keeping accurate inventory records of equipment on loan for a period less than thirty-one (31) days.
The responsibilities of the borrower are:
- Obtain proper approval for equipment on loan. If the borrower takes the equipment without proper authorization and there is a loss, the borrower will be personally responsible for replacement of the equipment.
- The timely return of equipment and the completion of an Equipment Loan/Return document to extend the loan for an additional two years.
- Upon request the borrower may be required to return the equipment to the organization for inventory or audit purposes.
Equipment Loan/Return Request Documents must be renewed every two years, until the equipment has been returned to the campus premises.
|
| DEFINITIONS: |
Capital Assets must have an acquisition value of at least Five Thousand Dollars ($5,000) and
a useful life expectancy of one year or greater.
Off-Premise refers to equipment which is in the control of a faculty or staff person, and the equipment resides at a location which is not directly associated with the university.
|
| CROSS REFERENCE: |
See CSOP (CAMS Standard Operating Procedure) 5.0 Tagging Movable Equipment; CSOP 6.0 Equipment Loan/Return (Off-Premise); and,
CSOP 8.0 Capitalization of Movable Equipment.
See Accounting Administration Policies: I-150, Capitalization of Movable Equipment; I-170, Capital Movable Asset Physical Inventories, Tagging and
Location Changes; and, I-270, Ownership of University Capital Assets. |
| RESPONSIBLE ORGANIZATION: |
Financial Management Services |
