SECTION 7: MOVABLE EQUIPMENT INVENTORY
7.1
Objective The College recognizes that it is desirable to maintain a complete and accurate accounting of all movable equipment. The College further recognizes that it cannot commit the resources necessary to maintain a complete, up-to-date, and accurate record of the whereabouts of all such equipment. In an effort to balance the prohibitive cost of a totally accurate inventory with the potential benefits, the College has developed procedures that are designed to assure substantially correct results. The purpose of the inventory procedures is to assist in identifying losses should they occur and in obtaining insurance reimbursement. The purpose is also to comply with the provisions of certain grants, which provided equipment to the College. Not included in the scope of this policy are security procedures, which are designed primarily to minimize the loss or destruction of College equipment. Losses of equipment are controlled primarily by providing security and protection. Information Maintained All movable equipment that meets the definition outlined in the Inventory Procedures Manual and that resides in a College owned or leased facility must be affixed with a proper CCAC identifying tag that includes a bar code. All current purchases of equipment must be properly tagged before placement in service and all required information entered into the inventory computer system. All tagged equipment removed from service for scrapping, sale, or trade-in must be reported to the party who maintains the inventory who will adjust the inventory records accordingly. It is recommended that all locations containing inventory should have a physical count at least once every three years. A sample audit of all locations should be performed on a regular, recurring basis. The physical count must be reconciled to the book inventory. A computerized inventory system must be maintained for all tagged items and include information prescribed in the Fixed Asset Policy and the building designation where the item is located. What Equipment is Inventoried Only items of movable equipment that fall within the guidelines below are to be inventoried. 7.3.1 Capital Items: Movable furniture or equipment is considered capital when it has all the following characteristics:
7.2
7.3
17
Made with FlippingBook Learn more on our blog