Annual Minor Equipment Inventory Procedures

Department Inventory Contacts

The CBO or financial lead in your area will contact you regarding minor equipment inventory. Please review the attributes of minor equipment inventory.

• If the minor equipment inventory contact changes for the department, please notify the CBO or financial lead in that area.
• If the department is unsure who the CBO or financial lead is in their area, please contact UND.assetmanagement@UND.edu.

Minor Inventory Requirement

NDCC 44-04-07 requires each department to maintain "a complete and current inventory record of all property of sufficient value and permanence as to render such inventory record practical." NDUS requires departments to perform an annual physical inventory of minor equipment that is particularly at risk or vulnerable to loss. Minor equipment inventory consists of items purchased having an acquisition cost less than $10,000 and a life greater than one year. These items are not assets on the statement of net position, nor are they inventory as reported on the statement of net position. Minor equipment inventory is reported by building for insurance purposes. If a department does not maintain a minor equipment inventory spreadsheet, the department risks insurance coverage for any loss. It is the responsibility of each department to keep an accurate and comprehensive minor equipment inventory spreadsheet to track minor equipment.

For further information, please review the Annual Inventory policy.

Annual Minor Inventory Process

The CBO or financial lead in each area is responsible for making the determination of minor equipment inventory that is risky or vulnerable to loss as well as annually facilitating an inventory of that minor equipment. The CBO or financial lead is also responsible for reporting minor equipment inventory values by building to asset management once per year.

1. The CBO or financial lead receives a notice from Asset Management to complete an annual minor equipment inventory.
• The notice includes the department numbers that reported minor equipment inventory in the previous year.
• The notice includes a preformatted template of building names where minor inventory was reported for the departments listed on the notice in the previous year.
• If there is an additional department reporting, or an additional building that was not listed in the previous year, the CBO would add that information to the template. Please highlight any changes.
2. CBO or financial lead works with department inventory contacts to complete the minor equipment inventory. Minor equipment inventory contacts are maintained by the CBO or financial lead.
• The CBO or financial lead is responsible for determining the process they will use to obtain minor inventory values and the process they will use to perform annual inventory.
• CBO or financial lead is responsible for maintaining any detail or spreadsheets supporting the minor equipment by building.
3. Complete the template received in the notice from Asset Management with the dollar value of minor equipment inventory by building for the departments reporting.
4. CBO or financial lead submits to Asset Management (UND.assetmanagement@UND.edu) the completed template received from Asset Management in Step 1 above. The CBO or financial lead will not send the department’s backup supporting these values. This is maintained by the CBO or financial lead. The deadline will be established each year and provided to the CBO or financial lead in advance.
5. A step-by-step guide with more details will be provided to the CBOs and financial leads.