Statewide Rules: Minnesota State System Procedures for Chapter 7 General Finance Provision & Procedure 7.3.6 Capital Assets. Part 3 Definitions. Subpart A. Capital Asset Categories
Tangible property complete in itself that is used in the operation of the Minnesota State Colleges and Universities (MinnState) activities for two or more years with a value of $10,000 or more. Equipment is property that does not lose its identity when removed from its location and is not changed materially or expended in use. In addition to equipment with a value greater than $10,000, all computers must be recorded in the Equipment/Capital Asset Module regardless of price and or age.
7. Sensitive Items and Capital Assets purchased with Federal Funds
All sensitive items [&] weapons will be entered on the Equipment/Capital Asset Module. Examples of weapons sensitive items are weapons (firearms, swords, crossbows, etc.), electronic equipment (computers, projectors etc.) etc.
All capital assets purchased with federal funds with a cost of $5,000 or more will be entered on the Equipment/Capital Asset Module, and inventoried, at a minimum, on a two year cycle (see Physical Inventory section below).
Minnesota State Mankato Items to be Tracked
In addition to the MinnState requirements, Minnesota State Mankato has the following required items to be tracked.
- Items with a value of $10,000 or more.
- Federally funded items with a value of $5,000 or more.
- Sensitive Electronics:
- Computers (Desktop, Laptop, Tablet, iPad, Netbooks, PDA) - Though not a substitute for routinely updating the Department's formal inventory list (see links below), you may use this Inventory Control Spreadsheet to keep track of who has been assigned a computer and other theft sensitive items. Once you fill out the form, click "Save" button to download the file on your computer.
- Printers or Copiers containing a hard drive to store data.
- The status must be reported of items surplused, stolen or not found.
Who Is Responsible?
In order to increase the accuracy and speed with which the inventory can be completed, University departments have the primary responsibility for tracking and updating their own inventories.
When Inventory Updates are Required
- Annually - $10,000 and Above Items
- Annually - All Asset Tagged Inventory on each Department's Fixed Asset List.
Conducting an Inventory of University Assets
Each department is responsible to assign one or more individuals to verify that all assets assigned to the department have been seen and are accounted for properly. Any changes to the status of an asset should be noted on the records used to conduct the inventory, and provided to the Facilities Management department at the completion of an inventory.
Changes in the status and/or location of computers must be communicated to IT Services which is responsible for the final disposition of computers identified by departments as candidates for surplus – just noting that a computer is “surplus” is not enough as the item needs to be turned over to IT Services so it can be “scrubbed” with sensitive information wiped clean from the hard drive consistent with Minnesota State requirements.
University Stores/Materials Management will conduct routine audits of department inventory according to an established schedule. Such verification audits will be done with a hand-held scanner device and/or with existing "hard copy" inventory lists. Audit teams will require the assistance of a department escort to gain access to rooms where fixed asset tagged items are located.
Examples of Changes in Status include:
- Location of Asset (Building and Room Number)
- Name of University employee responsible for item
- Other Status Changes
- Transferred to another department (Who and Date)
- Lost/Stolen (Date and University Security Report Number)
- Recycled (Date)
- Sold (Date)
- Not Found during current Inventory
After the inventory has been completed, forward the documents to David Cowan, WC 358, or electronically to firstname.lastname@example.org.
Surplus Property Disposition Procedures
State property, even though it may no longer be suitable for use by the University, remains "state property" and must be disposed of in accordance with University procedures.