Physical Property Inventory Policy

Policy Number
Board of Trustees
Date Approved
Effective Date
Responsible Division
Finance and Administrative Services
NCCCS Purchasing and Equipment Procedures Manual

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 Operations Department, 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 Equipment 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, department chairs and/or supervisors are instructed to annually appoint a staff or faculty member within their department to communicate with the Equipment 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: College equipment having a value of $5,000 or more and a useful life of two or more years is considered capital assets. 

High-risk Non-capitalized Assets: Tangible property that is theft-prone, with a unit value less than $5,000 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.