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University-owned surplus property must be turned in to the University's Surplus Property Warehouse at the end of the useful life of the equipment.
Equipment missing or stolen during normal operations is reported immediately. Investigations follow the report in an effort to recover the property or its cost.
Asset Management is notified any time that Capital Equipment is sold or transferred to another University department.
Equipment owned by UNC-CH must remain on campus.
Campus departments are responsible for tagging and accounting for their Capitalized Equipment items. Asset Management tracks the purchase of Capitalized Equipment items each month and will provide reports and forms for department representatives to facilitate this process.
Capital equipment can be acquired through gifts to the University. Gifts may be designated for certain types of scholarly endeavors but are free of most restrictions. The Development Office coordinates gifts to the University.
The UNC-Chapel Hill ("the University") Capital Assets policy is established to provide a guidance to the impacted campus community.
University equipment can be acquired through a variety of funding sources. As such, approval channels for transfer of equipment to other institutions will vary. The approval process requires approximately sixty days lead time to complete.
Equipment reported as missing during a department's annual physical inventory is tracked in the records of Capitalized Equipment.
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.
The University established this policy in accordance with North Carolina General Statute (N.C.G.S.) Chapter 75, subsections 61 and 62 to protect individual records and information and to prevent involuntary disclosure of individual social security numbers.
Items that have become obsolete or no longer needed are to be sent to the University Surplus Property Warehouse.
Fabricated equipment may qualify for capitalization.
Equipment from other institutions or federal agencies transferred with newly employed faculty must be reviewed to determine if it should be added to the Asset Management database.
University-owned surplus property may be traded in for new equipment, through the purchase order system.