Asset Management
Major Equipment
Major equipment consists of equipment with a per unit acquisition cost greater than or equal to $5,000 and with a useful life greater than one year. At the time of acquisition, departments must code the purchase to a major equipment account code. A major equipment tag will be sent to the department via campus mail. For further information, please review the Capital Asset policy.
Surplus Major Equipment
Major Equipment Surplus property requests are handled by the UND Surplus Property division.
Transfer of Major Equipment to a UND Department
Departments must complete an equipment transfer form which is handled by the Surplus Property division.
Fabricated Equipment
When a completed item of fabricated equipment has an aggregate cost of $5,000 or more, is projected to be used in operations outside the original fabrication for more than one year, is expected to be a completed fabricated asset within two years from start date, and is considered property of UND, it can be capitalized as equipment. For further information, please review the Fabricated Equipment policy.
Fabrication requests must be submitted to Asset Management at least two weeks prior to the start date of the fabrication.
A notice of completion of fabrication form must be filled out and sent to asset management at the completion of the fabrication.
Annual Major Equipment Inventory
Annual Major Equipment Inventory Procedures
UND.assetmanagement@UND.edu
701.777.5672
Minor Equipment
Minor Equipment consists of equipment with a per unit acquisition cost less than $5,000 and a life greater than one year. For this purpose, minor equipment is defined as items of value that one would expect to recoup from insurance in case of a loss. For example, electronic and technology devices, furniture and fixtures, etc.
UND strongly encourages counting and valuing minor inventory in groups. For example, a standard office in the department may have minor equipment such as a desk, chair, file cabinet, phone, etc. with a total value of $5,000. If there are other offices like this in the area, it is fair to value each office like this one as $5,000. Any minor equipment identified by the department as particularly at risk or vulnerable to loss should be listed separately on the department’s internally maintained spreadsheet and identified with a minor inventory tag. University of North Dakota minor inventory tags are green; each with a unique value. Each department is responsible for tagging minor equipment at their discretion. Departments may request minor inventory tags by contacting UND.pps@UND.edu.
Minor inventory located off-campus permanently or primarily more than 50% of the time for seven consecutive days or more should be listed separately on the department’s internally maintained spreadsheet and subtotaled with a location of off campus on the annual submission.
If a department uses a bar coding system, that system is independent of the current inventory system. It is the department’s responsibility to purchase and maintain the system. Bar coding may be a useful tool for your department, but it is not a substitute for current Asset Management requirements.
Departments Must Maintain Accurate Minor Equipment Listings
For purposes of insurance, it is the responsibility of each department to maintain an accurate and comprehensive minor equipment inventory spreadsheet to track minor equipment that the department would expect to recoup from insurance in the event of a loss. The department’s internally maintained spreadsheet should include department number, building name, room number, description, and replacement cost. Only the subtotaled amounts by building are to be reported on the annual inventory submission. f a department does not maintain a minor equipment inventory spreadsheet, the department is not insured for any loss on that equipment.
Example of a department's internally maintained minor inventory template.
Surplus Minor Equipment
Minor Equipment Surplus property requests are handled by the UND Surplus Property division.
Transfer of Minor Equipment to a UND Department
Departments must complete an equipment transfer form which is handled by the Surplus Property division.
Annual Minor Equipment Inventory
Annual Minor Equipment Inventory Procedures
UND.assetmanagement@UND.edu
701.777.5672