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.
Department CBO or Financial Lead
Follow the minor equipment inventory process listed below.
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 or equal to $5,000 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.
- 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.
- 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.
CBOs and financial leads: please review the step-by-step guide detailing the above process.