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Fixed Assets Inventory

Revised:  August 15, 2012

Policy

Campus wide inventory records will be kept of the following classification or types of assets:

  1. Land and facilities,
  2. Capital equipment (unit price $5,000 and over),
  3. All computer and peripheral equipment, and operating equipment costing over $500 that is susceptible to theft. 

This includes such items as:

  • Certain classroom/lab equipment such as microscopes
  • Sewing machines and typewriters
  • Cameras and projectors
  • Musical instruments
  • Art, paintings, sculptures, etc
  • Electronic equipment

A record of assets which do not fall within these classifications may be kept by the department chairmen and managers.

Procedures

  1. When equipment is purchased or is constructed through the work order system, the following Object Codes (last four digits in the account number) will identify those assets which will be kept on the Fixed Assets System.
    • 8300Operating Equipment costing from $500 to $5,000 which can easily be stolen, and all computer monitors, CPU's and network printers costing less than $5,000.
    • 8400Capital Equipment costing $5,000 or more.
    • 8350 "Operating Equip/Non-Inventory" will be used for purchases of equipment items that do not fall into one of the above object codes.
  2. All equipment to be kept on the Fixed Asset Inventory System (8300 and 8400) will be tagged or identified with a BYU-Idaho bar code numbered tag. The equipment will be identified by this tag number as long as it is owned by BYU-Idaho. Equipment not required to be kept on the Fixed Asset System (8350) may be tagged with a BYU-Idaho property tag, but the tag will not be numbered. These tags will be placed on the equipment at either Stores & Receiving.
  3. Periodically, Financial Services will do an inventory of assets held by each department. Financial Services will then notify the departments of any differences for explanation.
  4. Refer to the section on Surplus Sales and Disposal of University Assets for instructions on the sale and disposal of assets assigned to the department.