A5500.00 Inventory

Statement

Equipment

An inventory of all College equipment will be maintained by the Information Technology Department with the cooperation and assistance of the College administration.  This inventory will be updated annually and will be detailed enough to provide identification of the item, location, and condition.

Supplies

An inventory shall be taken on June 30, of each fiscal year of items for resale in the Bookstore, or any other department that maintains items for resale.  The physical counts shall be detailed enough to indicate quantities, description, cost, and total value of each description item.

Inventory Tagging

Capital equipment items will be tagged with an inventory number by the Information Technology Department.  Equipment is defined as a movable or fixed unit of furniture or furnishings, an instrument, tool, machine, apparatus, or a set of articles which has the following characteristics:

1. It retains its original shape and appearance with use.
2. It is nonexpendable.
3. It has a life expectancy of at least three (3) years.
4. It does not lose its identity through incorporations into a different or more complex unit or substance.
5. It is not a building or a permanent component of a building.
6. The unit cost is five thousand dollars ($5,000) or more.

Deleting Equipment from Inventory

All capital equipment to be deleted from the inventory listing will be reported to the Office of the Chief Financial Officer (CFO) and processed after signatory approval is received on Request to Surplus College Property form.  The CFO then will prepare a list of capital equipment to be declared surplus at appropriate intervals and request that the Board of Trustees declare that capital equipment to be no longer of value to the College.   The CFO then will dispose of surplus equipment in a manner most beneficial to the College.

Revised:  July 2016