The status of the University's property holdings is a required item in the Annual Financial Report to the Board of Trustees. The FAM and PM's are responsible for implementing and carrying out the provisions of the Fixed Assets Inventory Policy. Property Definition Property is defined as any capital or non-capital tangible item that is purchased, donated, or acquired through trade, regardless of value or condition.
Capital equipment is inventoried every two years.
Sensitive non-capital equipment is inventoried every three years. Each department is responsible for ensuring proper use, care, maintenance, and safekeeping of all property. Valuation Purchased equipment is valued at the invoice price. Donated equipment is valued at its fair market value at the time of donation. The valuation of constructed or fabricated equipment includes all identifiable costs such as blue prints, component parts, materials, and labor.