Equipment items (Capital Assets) costing $5,000 or more are capitalized and depreciated over their useful lives.
Each department is responsible for assets purchased for use by the department and should have an individual who is responsible to keep track of these capital assets.
Replacement of Capital Asset
If a capital asset is being replaced and it is no longer needed in the department, or if a capital asset is deemed to be so impaired that it cannot be used by the department, the capital asset should be sent to Mail Services via the surplus process. The surplus form is available in the Business forms section of Sapphire.
The department should keep a copy of the form and give the original to Mail Services.
If it has been determined that a capital asset has been stolen, Public Safety should be called and they will issue an Incident Report noting that the item was stolen. A copy of this Incident Report should be kept in the department.
Inventory of Assets
Accounting Services takes an inventory of all capital assets on a biannual basis. If, during the inventory process an asset cannot be found, the individual responsible for keeping track of the capital assets in the department should be able to provide a copy of the surplus form noting that the item was taken by Mail Services, or they should be able to provide a copy of an Incident Report stating that the item was stolen.
Capitalized Asset Affidavit
If neither one of these copies can be located, a Capitalized Asset Affidavit can be filled out noting the reason that the asset cannot be found. This form is available in the Business forms section of Sapphire. This form will need to be completed and signed by the head of the department, and the person responsible for the capital assets of the department.
This completed form should be sent to Accounting Services. Subsequent to review by Accounting Services, the form will be presented to the Vice Chancellor of Business and Finance for their review. Always keep copies of surplus forms and incident reports to avoid having to fill out the Capital Asset Affidavit.
Property that cannot be located must be accounted for by the department. There are several ways to account for missing property:
- Produce a copy of a signed “Request for Pickup-Surplus/Excess Property” form showing the item was returned to Mail Services. Forms are available in the Business forms section of SAPPHIRE.
- Produce a copy of an “Incident Report” from Campus Security showing the item reported as stolen.
- Complete a “Capitalized Asset Affidavit” form stating that the item cannot be located. Cite specific and valid reasons why the item should be deleted from the inventory listing. Forms are available in the Business forms section of SAPPHIRE. This form must be signed by the department head and the person responsible for capital assets in the department.
- Missing property for the capital assets listed on the "Capitalized Asset Affidavit" noted above is approved by the Assistant Vice Chancellor of Business and Finance or the Associate Vice Chancellor of Business and Finance prior to deletion from the inventory records.
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