| Policy Category | Policy Owner | Version Effective Date | Review Cycle | Last Reviewed | Policy Contact |
| VIII. Fiscal and Business Affairs | SVP, Chief Operating Officer | March 26, 2025 | Every 2 years | March 26, 2025 | UMGC Comptroller |
- Purpose
In accordance with USM Policy VIII-1.10 – Policy for Capitalization and Inventory Control, University of Maryland Global Campus (“University” or “UMGC”) has established inventory standards and procedures to ensure the safeguarding of and accounting for University assets. This policy defines the roles and responsibilities for inventory control and provides the frequency of conducting a physical inventory of equipment as required by USM. - Definitions
- Capital Equipment: Equipment that is not permanently affixed to buildings, has a useful life greater than one year, and has a unit cost of $5,000 or more except for items predominantly composed of glass, rubber, cloth, and equipment held for resale.
- Tracked Non-Capital Equipment: Equipment with 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. The Comptroller’s Office may elect to track equipment with a value of less than $1,000 at their discretion. All computers are tracked regardless of the value up to $5,000.
- Capitalization and Inventory Controls
- The Comptroller’s Office will maintain central records of all Capital and Tracked Non-Capital Equipment assigned to each department. The Comptroller’s Office will be responsible for the coordination of tagging the equipment when it is acquired, recording its manufacturer's serial number, and determining its disposition when it becomes obsolete, surplus, or inoperable.
- IT-related equipment will be an exception. AccelerEd will be responsible for tagging items and forwarding the information to the Comptroller’s Office for posting to the fixed asset management system.
- A complete physical inventory will be taken every two years for Capital Equipment and every two years for Tracked Non-Capital Equipment. The Comptroller’s Office 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 their designee, before any adjustments are made to the inventory database.
- The Comptroller’s Office will maintain central records of all Capital and Tracked Non-Capital Equipment assigned to each department. The Comptroller’s Office will be responsible for the coordination of tagging the equipment when it is acquired, recording its manufacturer's serial number, and determining its disposition when it becomes obsolete, surplus, or inoperable.
- Equipment Changes
- Departments, consultants, and contractors will be responsible for notifying the Comptroller’s Office of all changes related to non-IT equipment. AccelerEd must be notified of any changes for IT-Related equipment. AccelerEd will then forward this information to the Comptroller’s Office for recordation into the asset management system.
- All disposals of Capital or Non-Capital Equipment must be in accordance with USM VIII-1.20 - Policy on Disposal of Surplus Personal Property.
- Related Policies and References