Equipment made predominantly of glass, rubber, or cloth are not capital assets.
Equipment refers to both capital and non-capital assets.
Excess property refers to those equipment items that are no longer deemed necessary for a department's needs. Surplus property refers to any equipment item or furnishing that is considered in excess of UM's current requirements. Property Officer refers to the individual in each school or department who has been authorized to declare equipment excess property. For internal control purposes, this person should be a senior administrative official. Property Accountant refers to the individual in the Office of Financial Affairs responsible for the maintenance of the capital assets inventory records and the coordination of physical inventories.