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The ownership of all Nevada System of Higher
Education (NSHE) property is vested in the Board of Regents of the NSHE.
Inventoried equipment is defined as all merchandise meeting the
following criteria:
a)
has a unit cost of $5,000 or more
b)
is complete in itself
c)
does not lose its identity even though it may become a component
part of another item when placed in use
d)
is of a non-expendable, non-repairable, durable nature with a
life expectancy of one year or more
Included, regardless of cost, are firearms of all
types (i.e., revolvers, shotguns, rifles, starter guns) and pyrotechnic
devices. Also included are some components of buildings or facilities
that meet the above criteria such as generators, score boards, etc.
The method of payment or the source of funding does
not effect the definition of inventoried equipment. A single lump-sum
payment, a down payment and/or staggered payments over any period of
time, a lease-purchase agreement (with either the equipment supplier or
a third-party financing entity), and a gift are all proper and possible
ways of paying for inventoried equipment. Equipment that meets the
above definitions and is acquired as part of the construction or
remodeling of a building or facility is to be separately inventoried.
Equipment that is leased (with no intent to purchase), rented, or
placed for demonstration purposes only is not inventoried. Leased
equipment that has only a nominal buy-out clause is to be considered a
lease-purchase. (It may be prudent to record rented or demo equipment
in the department’s Sensitive Equipment List.)
All NSHE employees are responsible for the
safekeeping of all System property regardless of value. Applicable
chairpersons, directors, or administrative officers are responsible for
ensuring equipment is secure and for timely reporting of equipment
status and discrepancies.
Effective
March 1, 2008, the following sensitive items or items subject to theft
must be separately tracked by the responsible department if the items
have a value in excess of $2,000 and less than $5,000 (except as noted
below):
1. Bicycles
2. Cameras:
digital, film, video
3. Cell
phones, two-way radios, individual communication devices
4. Computers
(costing less than $5,000): desktop, servers, laptop, PDAs (regardless
of acquisition cost)
5. Copy, fax
and multifunctional machines
6. Lawn
mowers
7.
Microscopes and telescopes
8. Music
systems and components
9. Musical
instruments
10. Printers
11. Scales
and balances
12.
Televisions
13. Video:
projectors, recorders, monitors
Please note
that the thresholds have increased for tracking sensitive equipment
except for computers (including PDAs), which must be tracked by each
department regardless of acquisition cost. (If over $5,000 in the
regular fixed asset system, if under $5,000 as sensitive equipment.)
Purchases of sensitive equipment must be acquired using object/subject
codes 30-SE.
Institutions that wish to inventory additional
items within the aforementioned definition may do so at their
discretion.
PROCEDURES
The most common method of acquiring equipment is
through the purchase order process, i.e.: a requisition is submitted,
along with a quotation or bid from a supplier; the Purchasing Department
Buyer issues a purchase order, and coordinates with the requisitioning
department, the Equipment Inventory Section, and the institution’s
Controller’s office, to ensure both the proper receipt of the equipment
and also the correct and proper initial recording of the new equipment.
All purchases and payments of inventoried
equipment are to be coded as Object Code 60. There will be
no exceptions to this, and the Purchasing Department Buyer, in
cooperation with the applicable institution’s Controller’s office, will
ensure proper coding of all transactions.
The cost of equipment includes all directly
associated expenses necessary to: deliver and receive the equipment,
place the equipment in its proper location, have the equipment installed
and made operable, and any associated initial supplies necessary for the
equipment to operate. If inventoried equipment is to be fabricated, the
responsible department must make arrangements and have a fabrication
number assigned (for tracking purposes) prior to beginning the
fabrication process.
Equipment purchased using some form of extended
payment is to be treated exactly the same as equipment purchased with a
single payment. All payments are to be coded as Object Code 60.
The equipment’s value is the total sum of all payments including
interest.
The date that inventoried equipment is placed in
service is the date that will be used for purposes of recording useful
life and depreciation. For equipment valued at less than $50,000, the
Payment Voucher (PV) date will generally be used as the “in-service”
date. For equipment with a total cost of $50,000 or more, and
equipment acquired through any form of multiple payments, will have
its “in-service” date determined through direct contact and confirmation
with the user department.
1.
A betterment of
inventoried equipment is any modification which changes or alters a
unit’s original function/design and certain major repairs. Contact BCN
Purchasing to determine if a repair is deemed major. The inventory number will remain unchanged with the betterment,
but the depreciation schedule and the useful life may need to be
adjusted. Adjustments, if necessary, will be coordinated with the
institution’s Controller’s office.
A fabrication is a piece of equipment that is being
constructed at the University by University personnel. Generally, each
part of a fabrication would not be large enough (over $5,000) to be
capitalized and would not function as a separate piece of
equipment. There are exceptions, as in lasers, where the parts that make
up the finished piece of equipment are over $5,000 but these parts
must meet the unable to function alone criterion. If a piece of a
fabrication can function on its own, and is over $5,000, it is a piece
of equipment and must be tagged separately. A fabrication must,
when complete, be $5,000 or over in value.
Equipment being fabricated by outside vendors is
not a fabrication. Equipment, such as a seismic table that is
constructed to be destroyed in an experiment is not a fabrication. A
fabrication should not last longer than two years, if it does go beyond
the two year limit-a request to continue should be submitted in writing
to purchasing with a detailed explanation as to why the project was not
finished in the allotted time, as well as supplying a new projected
ending date. Based on the information given, Purchasing will make the
decision regarding continuation of the project under the designated
fabrication number. Fabrications must have a termination date.
The movement or transfer of any inventoried
equipment from its recorded location must be immediately reported to the
Equipment Inventory Section. If inventoried equipment is to be loaned
to an entity outside NSHE, a written agreement with the other entity,
approved by the president of the institution, and recorded in the
Equipment Inventory Section, must be completed detailing the terms of
the loan and the responsibilities of all parties. If responsibility for
the equipment is being changed between departments, that information
must be reported to the Equipment Inventory Section. If equipment is
found to be missing or is stolen, a police report is to be initiated
immediately, and if the equipment was inventoried, the Property
Inventory Section must be notified.
Disposal of NSHE property will be coordinated
through the Purchasing Department. Purchasing will be notified when
property, especially inventoried equipment, is deemed to no longer be of
use to the responsible department. Purchasing will decide on a course
of action based on age, condition, usefulness to other departments,
disposal or salvage value, and costs to remove the property. If the
property is deemed to be worthless or a safety hazard, Purchasing will
coordinate its disposal as refuse. Equipment and furniture disposed of
by one department but deemed to have some useful life will normally
first be made available to other departments. NSHE departments may
avail themselves of this merchandise without cost other than moving
expenses. Merchandise not claimed by NSHE departments beyond thirty
(30) days, and items deemed to be unacceptable for re-use within the
System, will be disposed of through public sale, sale to surplus or
salvage dealers, or disposal through donation or refuse.
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