Fixed Assets Inventory

Revised:    June 15, 2018

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)

A record of assets which do not fall within these classifications may be kept by the department chairs 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.
    • 8400 Capital Equipment costing $5,000 or more.
    • 8350 "Operating Equip/Non-Inventory" will be used for purchases of equipment items that do not fall into the above object code.
  2. All equipment to be kept on the Fixed Asset Inventory System will be given an asset identification number. Portable equipnment 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. Tags may be placed on the equipment at either Stores & Receiving or by a fixed asset specialist.
  3. Periodically, Financial Services will do an inventory of portable assets held by each department. Financial Services will then notify the departments of any missing items and request information as to the current location of or disposition of each item.
  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.