The Equipment Inventory office is responsible for tagging and control reporting of all university movable equipment, purchased for Ohio University. This includes the five regional campuses and various regional teaching sites across Ohio. Equipment must meet the following criteria:
- Must be movable and not permanently affixed;
- Have a cost of $5,000 or greater when purchased or be a gift with an appraised value of $5,000 or more;
- Have a useful life of one year or more and be non-expendable.
At no time can a University department or office discard a University asset without proper authorization; nor can a University asset be given or donated to any individual, Private Corporation, or Non-Profit Organization. Direct questions concerning equipment inventory to firstname.lastname@example.org.
Equipment purchased using internal funds shall be tagged with a green tag. Equipment purchased using external funds via a grant or contract or equipment furnished or loaned to the University where title remains with the sponsor shall be tagged with a red tag and recorded in the Fixed Asset system. The responsibility for equipment accountability is assigned to the Principal Investigator (PI). Finance is responsible for equipment reporting. The PI shall notify Finance of any disposition plans. The office responsible for sponsor equipment reporting is Grants and Contracts Accounting located at WUSOC 214 and may be contacted at email@example.com.
Policies and Regulations
All equipment must adhere to University Policy 19.054: Equipment Inventory Control. More information regarding receiving and handling of equipment is available for both Green Tag Equipment and Red Tag Equipment.
Fully depreciated assets should remain on the books of the University and continue to be inventoried.
"It would be incorrect accounting treatment to remove a fixed asset cost and related accumulated depreciation from the accounting records as long as the underlying asset is still being used, for two reasons:
- Metrics. The presence of such a large amount of accumulated depreciation for an asset should be stated, so that someone analyzing the financial statements can discern that the company tends to retain its fixed assets for a long period of time; this can be an indicator of multiple issues, such as good maintenance or the imminent need to spend cash for replacement assets.
- Asset recordation. If an asset is on the premises and in use, then it should be recorded. Its deletion would remove the asset from the fixed asset register, so that someone might conduct a fixed asset audit and observe the asset, but not see it in the company's records.
When a fixed asset is eventually disposed of, the event should be recorded by debiting the accumulated depreciation account for the full amount depreciated, crediting the fixed asset account for its full recorded cost, and using a gain or loss account to record any remaining difference."