Capital Equipment

1. Are all items of capital equipment being properly used and safeguarded? You should become familiar with the Capital Equipment accounting procedures located at: http://finserve.byu.edu/files/Newpage/level2.html
2. The Equipment Inventory Office is scheduled to conduct a full physical inventory every two years. In preparation for this process or in addition to it, consider the need in your area of conducting a separate review on a sample basis. A listing of equipment assigned to a particular unit can be obtained from the Capital Equipment Office, C-249 ASB. (Contact James Ellis, at 422-6107 or Jerry Sandbakken, at 422-4098.) Select a sample of items to test considering such things as high dollar value, current acquisitions, high risk items and a few selected randomly. Complete the following steps:
   • Physically identify the items and verify the inventory tag number, serial number, description etc., and agree to the University record. Notify the Capital Equipment Office of any discrepancies.
   • If older, unused or obsolete items are identified, consider the need of declaring them surplus and disposing of them on ARMS.
   • If items are located off-campus, verify that the removal was authorized by examining a copy of the completed "Authorization for Equipment Taken from Campus" form.
   • Verify that unlocated items declared surplus, obsolete or traded-in on new equipment are properly disposed of on ARMS.
   • Items that are unlocated after a reasonable amount of time need to be declared lost or stolen with the Capital Equipment Office. Contact Jerry Sandbakken or James Ellis for the appropriate form.
   • If items are lost or stolen, determine appropriate action to strengthen controls over capital equipment assigned to the department.
3. Update appropriate location changes on ARMS for items that have been moved.