Inventory of Capital and Noncapital Equipment
This page clarifies inventory procedure expectations regarding Noncapital and Capital Equipment.
- The Noncapital Inventory Form, a spreadsheet template to be used for inventory tracking, is provided in the Information and Forms section of the Property Accounting website or on the FS Forms. Capital Inventory Forms A & B can continue to be found at these sites as well.
- Noncapital equipment must have a yellow property tag affixed when the item is put into service, while Capital equipment continues to be tagged with red property tags.
- An inventory of Noncapital equipment should be conducted at least biennially (every other year). Noncapital inventory instructions are provided in the Information and Forms section of the Property Accounting website of from the Learn More section of FS Forms.
- Noncapital equipment is to be inventoried for five years after purchase, while Capital equipment continues to be inventoried until retired.
- The Off Campus Authorization form is to be completed and kept on file in the department for both Noncapital and Capital equipment being used off campus. Send a copy of the completed Off Campus Authorization form to Property Accounting ONLY for Capital Equipment.
- When no longer used or in service, both Noncapital and Capital equipment will be disposed of by completion of a Retirement/Transfer form and scheduling a pick up by University Surplus & Salvage. A copy of the Retirement/Transfer form signed by Surplus is to be kept in the department as proof of Surplus pick up.
- During periodic departmental audits conducted by the University’s Internal Audit department, randomly selected Noncapital and Capital equipment will be checked for the proper tag and inventory details.