Equipment Management and Inventory Procedures

Becky Saylors, Director of Fixed Assets and Equipment Inventory Services, explains the importance of managing assets, particularly movable equipment. She emphasizes the need for internal controls, proper acquisition, and inventory processes. The video covers responsibilities of department heads, the importance of communication, and the procedures for equipment disposal and surplus. It highlights the need for compliance with regulations, especially when dealing with federally funded equipment.

What is considered a movable equipment?

• An item costing $2,000 or more and lasting one year or longer

• An item costing $500 and lasting 6 months

• An item costing $3,000 and lasting 6 months

• An item costing $1,000 and lasting 2 years

Why is it important for department heads to control keys and swipe access?

• To make the department more accessible

• To allow students to use the equipment

• To prevent equipment from being stolen

• To ensure employees have easy access

What should an equipment coordinator do with the monthly change report?

• Delete it

• Send it to the police

• Review and reconcile it

• Ignore it

Which of the following is NOT a way to acquire equipment?

• Leasing

• Borrowing from other departments

• Donations

• Purchasing

What is the goal for completing an inventory?

• In 30 days

• In 60 days

• In 90 days

• In 120 days

What percentage of items must be accounted for to consider an inventory successful?

• 95%

• 100%

• 90%

• 85%

What is the importance of updating home authorization forms annually?

• To increase paperwork

• To confuse employees

• To make them look new

• To ensure they are accurate for future audits

What must be done with equipment that is no longer needed?

• Throw it in the trash

• Send it to surplus

• Sell it to employees

• Donate it to charity

Who must approve the disposal of equipment?

• The Surplus Property Officer

• The equipment coordinator

• The department head

• The university president

What should be done if equipment is stolen or destroyed?

• Ignore it

• Contact the office, Risk Management, and the Police Department

• Replace it immediately

• Report it to the media