603 - University of North Carolina at Chapel Hill Policy on Equipment Inventory and Reporting

Introduction

Purpose

The State of North Carolina requires all state agencies to maintain Asset Management systems. The State Controller's Office requires an annual physical equipment inventory to be conducted by each campus department.

Policy

Policy Statement

Capitalized Equipment, also called Controlled Equipment, as defined in the University of North Carolina at Chapel Hill Finance Policy 601 - Policy on Capital Assets, must be identified with a numbered UNC-Chapel Hill decal/bar code. Detailed records of Capital Equipment exist within the decal/bar code system. System reports prepared from detailed Capital Equipment records provide annual equipment inventory reports as well as inventory reports available on demand. Departments are required to report Capital Equipment location changes and missing equipment to Capital Assets, as well as affix decal/bar code labels to equipment, as requested.

Frequently Asked Questions

Q: My department wishes to purchase a new sorter for a copier that already has a decal. The sorter costs more than $5,000. Does the sorter need a new decal?
A: The sorter would be considered an addition to the existing copier, and the value of the sorter would be added to the copier decal asset record. The departmental requisition for the sorter should reference the copier decal.

Q: My department needs an additional lens for a microscope with a decal number. The lens purchase price is $4,500. Is this an addition to the microscope?
A: No, this lens would be considered a supply item, account 537210 is most likely.

Q: My department wants a list of Capitalized Equipment for a certain building. Can I request that kind of report?
A: Yes, equipment reports can be sorted in a variety of ways. Call Asset Management for your request.

Q: My department cannot locate a piece of equipment since our last physical inventory. What do we do?
A: Follow University of North Carolina at Chapel Hill Finance Procedure 603.2 as a guide to the various departments to notify. Asset Management requires a Finance Form 603.5.1f - Capital Equipment Relocation Form.

Q: I have equipment with a Computer Repair Center Tag. Does this mean it is on my equipment inventory?
A: Asset Management's silver and blue tags say clearly "Property of UNC-CH" with a bar code and decal number.

Q: My department is being relocated due to construction or renovation. Should I contact Asset Management ?
A: If the temporary move is expected to last three months or more, Asset Management should be notified. Request a report from Asset Management and note the assets that are changing location. Submit this report with notations to Asset Management. It is not necessary to submit a Finance Form 603.5.1f - Capital Equipment Relocation Form with the report.

Related Requirements

External Regulations and Consequences

University Policies, Standards, and Procedures

  • Finance Procedure 603.1 - University of North Carolina at Chapel Hill Procedure on Tagging New Equipment
  • Finance Procedure 603.2 - University of North Carolina at Chapel Hill Procedure on Reporting Equipment Missing or Stolen During Normal Operations
  • Finance Procedure 603.3 - University of North Carolina at Chapel Hill Procedure on Reporting Equipment Missing During Physical Inventory
  • Finance Procedure 603.4 - University of North Carolina at Chapel Hill Procedure on Reporting University Equipment Movement On and Off Campus
  • Finance Procedure 603.5 - University of North Carolina at Chapel Hill Procedure on Transfer or Sale of Equipment Between University Departments
  • Finance Procedure 603.6 - University of North Carolina at Chapel Hill Procedure on Transfer of Equipment to Other Institutions
  • Finance Policy 601 - University of North Carolina at Chapel Hill Policy on Definition of Capital Equipment
  • Finance Form 603.5.1f - Capital Equipment Relocation Form

Contact Information

Policy Contact

  • Director of Procurement Services Operations
    • Phone: 919-962-6267
    • Email: hwangcpa@email.unc.edu

Details

Article ID: 131672
Created
Thu 4/8/21 9:14 PM
Modified
Wed 6/16/21 11:59 AM
Effective Date
If the date on which this document became/becomes enforceable differs from the Origination or Last Revision, this attribute reflects the date on which it is/was enforcable.
10/06/2014 12:00 AM
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
Director, eProcurement & Materials Mgmt
Last Review
Date on which the most recent document review was completed.
10/06/2014 12:00 AM
Last Revised
Date on which the most recent changes to this document were approved.
10/06/2014 12:00 AM
Origination
Date on which the original version of this document was first made official.
12/14/2007 12:00 AM
Responsible Unit
School, Department, or other organizational unit issuing this document.
F&O-Finance