Effective Date Apr 10, 2018

I. PURPOSE

To establish inventory control of capital assets owned by, or in the custody of, Florida Tech to:

• Establish and maintain audit trails for usage of capital equipment funds.
• Maintain a record of equipment on hand for purposes of establishing insurance needs and, when necessary, insurance claims.
• Maintain custodial control of capital equipment.
• Satisfy requirements of federal government agencies and other government requirements with respect to inventory control of capital equipment. The system is in compliance with Federal Government OMB Circulars A-21, A-110 and A-133.

II. RESPONSIBILITY

• The responsibility for the management of the inventory control system of capital equipment is assigned to the Vice President of Support Services.
• The Assistant Vice President of Business & Retail Operations through the Property Administration Supervisor ensures the administration of this policy and is responsible for developing procedures.
• Department/office heads are responsible for the custody and security of capital equipment under their control.

III. DEFINITION OF CAPITAL ASSETS

Tangible nonexpendable property, including property charged directly to awards, having a useful life of more than one year, an acquisition cost of $1,000 or more per unit, including computer software and stand alones; property is not permanently attached to or integrated into a building or structure. Licensing fees are excluded from this definition.

IV. PROCEDURE

Any property acquired by the university by any means that qualifies under the definition will be accounted for by the using department/office and periodically inventoried.

The Property Administration Supervisor will assign property control numbers and maintain the master file. Account codes found to be in error must be corrected and reported to the Property Administration Supervisor.