For the purpose of this procedure, a fixed asset refers to any piece of furniture, machinery or equipment valued at $5,000 or more. These items must be tracked for Accounting purposes.
It is the responsibility of the Inventory Control Department to tag, log and track fixed assets. When a fixed asset is received, the asset will be tagged with an MU fixed asset tag. The item will be logged into the University fixed asset inventory for tracking purposes.
All fixed assets must be reported to the Accounting Department. Once a fixed asset is received and tagged, the Inventory Control Department will forward the description of the item, the location of the item, Serial #, and Tag # to the Accounting Department.
Any fixed asset that is surplused must be reported to the Accounting Department so they may adjust the fixed asset records. The item description, tag #, date of disposal and amount received for the item will be provided to Accounting. Once suplused, the item should be removed from the fixed asset inventory maintained by the Inventory Control Department.
An inventory of all fixed assets will be done annually.
If an item with a value of $5,000 or more will be moved from one office or building to another, a Form MU 19 “Fixed Asset Inventory Control Sheet” must be completed and a copy sent to Melissa Franck in the University Inventory Control Department. This form can be accessed by clicking the link above or from the Purchasing main webpage.
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