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

For Major Equipment Questions, Contact

UND.assetmanagement@UND.edu or 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.

According to North Dakota State Fire and Tornado Insurance, certain items can be lumped together for inventory purposes, such as miscellaneous office supplies. It is strongly encouraged that departments count and value minor inventory in groups. For example, a standard office in your department may have one computer, a desk, a printer, and office supplies with a total value of $5,000. It is fair to value each office like this one as $5,000.

The minor inventory list should include a separate list totaling all Off-Campus Equipment. All equipment being used off-campus PERMANENTLY or PRIMARILY (more than 50%) for 7 consecutive days or more should be designated as "OFF-CAMPUS." Equipment used off-campus less than 50% should NOT be listed as OFF-CAMPUS.

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.

Each department is responsible for tagging minor equipment at their discretion. Departments may request minor inventory tags by contacting UND.pps@UND.edu.

Departments must maintain accurate Minor Equipment Listings

Each department is responsible for maintaining a minor equipment inventory spreadsheet, subtotaled for all inventoried items in each building. These amounts are reported during the annual minor equipment inventory via the Minor Inventory Verification Report. If a department does not maintain a minor equipment inventory spreadsheet, the department is not insured for any loss on that equipment. It is the responsibility of each department to keep an accurate and comprehensive minor equipment inventory spreadsheet to track minor 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

For Minor Equipment Questions, Contact:

UND.assetmanagement@UND.edu or 701.777.5672