The Physical Property Inventory Policy establishes a process for the recording, identification, and accountability of all College-owned furnishings and movable equipment items. The Business Office, which is part of the Finance and Administrative Services Division shall be responsible for establishing and maintaining procedures for the property inventory.
The College shall utilize the guidelines set forth from the North Carolina Community College Purchasing and Equipment Procedures Manual for recording all College owned furnishings and movable equipment items into the central inventory file. Both capital and high-risk noncapitalized assets will be tagged with a North Carolina Community College System barcode and inventoried annually by the Fixed Assets Coordinator.
The College shall conduct an annual physical inventory in every department on campus to verify that assets recorded are physically located. At the conclusion of each department's annual inventory, it is the responsibility of each department to maintain the locations of their property through the remainder of the year. To facilitate this, Deans are instructed to annually appoint a staff or faculty member within their department to communicate with the Fixed Assets Coordinator any changes to their inventory with regard to item location changes, theft, loss, items on loan, and surplus equipment. All employees shall ensure that property and/or equipment assigned to them is properly protected at all times.
Definition of Terms:
Capital Assets: The College capitalizes assets that have a value or cost of $10,000 or greater at the date of acquisition and an estimated useful life of more than one year. In addition, grouped acquisitions of machinery and equipment that have an estimated useful life of more than one year and are $10,000 or more in the aggregate are capitalized.
High-risk Non-capitalized Assets: Tangible property that is theft-prone, with a unit value less than $10,000 and an expected useful life of two or more years, is considered high-risk noncapitalized assets. High-risk non-capitalized assets includes various types of portable computer devises, audio visual equipment, digital cameras, medical equipment, microscopes, etc., due to their sensitive, portable, and theft-prone nature.