Guide to using AIMS. Fayetteville Policies and Procedures #313.2 http:// vcfa.uark.edu/Documents/3132.pdf Inventory/Equipment Capitalization Thresholds:
Inventory/Equipment Capitalization Thresholds:
The University of Arkansas uses capitalization thresholds to determine which equipment items are included in University inventories and what methods must be used for tracking. Effective July 1, 2012, the University has adopted equipment capitalization thresholds in accordance with levels established by the State of Arkansas Department of Finance and Administration and dated July 1, 2011. In addition, the University has determined that certain items such as cell phones, tablets and weapons shall be tracked regardless of cost.
The University is responsible for safeguarding all of its equipment. Custody and proper use of equipment is the responsibility of the various colleges and departments where the property is assigned. University employees have stewardship responsibilities for University property assigned to the employee. Employees are required to use good judgment in the use of all university equipment.
For the purpose of this policy, equipment is defined as all capital equipment (cost equal to or greater than $5,000.00 and useful life greater than one (1) year), Low Value Equipment, Low Value-High Risk Equipment (see Fayetteville Policy and Procedure 313.2 for definitions), furniture, library holdings, livestock, inventory for resale and any item that may be used or sold.
University equipment may only be used in the conduct of official University business. University equipment may not be rented or loaned to any person, group or organization for personal use.
Policy covers who is responsible for each aspect of the inventory process; the scheduling and rescheduling of the physical inventory; barcode scanning of the inventory; process for non-scanned equipment; due process for follow-up on missing and improperly disposed equipment; procedures for reporting stolen equipment; and procedures for obtaining permission to discard or cannibalize equipment
Any unit with a Capital Equipment and Low Value Equipment inventory will be charged from unrestricted private funds the excess of the acquisition cost of the improperly disposed equipment over the identified acceptable threshold. The threshold for improperly disposed equipment shall be determined annually. Implementation will be phased in beginning with FY07.
Employee Access to their Assets
Administrator Access to Assets for their BU
How users with administrative privileges can view asset information
Departments will either surplus tagged assets or permission will be given to ‘dispose’ of an asset