Originator: Chief Operating Officer
Subject: Sensitive Equipment Policy
I. Purpose
A. To provide adequate internal control over non-capital equipment and help ensure the safeguarding of University assets.
B. To meet the requirements for USM institutions to document their inventory policy in accordance with USM Policy 240.0 VIII-1.10 – Policy for Capitalization and Inventory Control (issued by the Chancellor, June 19, 1989, revised by the Board of Regents, June 9, 1995 and July 7, 2000).
II. Policy
The University generally defines sensitive equipment as a non-capital item that has a unit value greater than $1,000 but less than $5,000, is desirable, easily susceptible to theft, easily converted to personal use and has a useful life greater than one year. All computers and personal electronic devices are considered sensitive regardless of the value up to $5,000.
III. Asset Controls
A. The Office of Finance will maintain central records of all sensitive equipment assigned to each department. The Office of Finance will be responsible for the coordination of tagging the sensitive equipment when it is acquired, recording its manufacturer's serial number, and determining its disposition when it becomes obsolete, surplus or inoperable. Sensitive IT-related equipment will be an exception. AccelerEd will be responsible for tagging items and forwarding the information to the Office of Finance for posting to the fixed asset management system.
B. The Board of Regents requires that a complete physical inventory be taken every three years for sensitive equipment. The Office of Finance will conduct this inventory and/or coordinate the inventory of Art or IT-related items with specific departments more familiar with the location of these items. At the conclusion of the physical inventory, a final list of all missing equipment will be reviewed and approved by the Chief Financial Officer, or his/her designee, before any adjustments are made to the inventory database.
IV. Asset Changes
A. Departments, consultants and contractors will be responsible for notifying AccelerEd of any changes in the physical location or ownership of all IT-related sensitive equipment. AccelerEd will then forward this information to the Office of Finance for recordation into the asset management system. The Office of Finance should be notified of all changes related to non-IT sensitive equipment.
B. All disposals of sensitive equipment must be in accordance with USM VIII-1.20 - Policy on Disposal of Surplus Personal Property.
V. This policy supersedes the procedures in place since 2014.