Inventory management and accountability for Moveable Equipment requires the leadership of the Property Department and the support of Campus Deans, Department Heads, or Directors who work together in a coordinated effort to maintain asset management records and inventory control.
This combined commitment will ensure the success of our equipment inventory management program.
Property Management Responsibilities:
- The Property Department is responsible for the development and implementation of University and Campus policies covering inventory control for Moveable Equipment, managing and conducting biennial physical inventories of University and Federal equipment, and maintaining inventory records of Moveable Equipment (Please see Moveable Equipment definition below) within the Asset Management System (AMS)
- The Property Department offers guidance and provides training to departments on departmental responsibilities in equipment management, record keeping, inventory control and communicates any changes in processes, forms, or reporting and recording thresholds.
- The Property Department is responsible for the reconciliation of physical inventories and quarterly reconciliations of asset additions to accounts payable payments. They will also work with the UMass Boston Controller with internal and external audit requests regarding additions and deductions in the AMS.
Moveable Equipment – a tangible item or Unit of equipment that is purchased, donated, leased or acquired through trade, is not permanently affixed to a building and that: a) is an entity unto itself (stands alone – must be externally visible; e.g. computer, microscope, audio visual equipment, etc.); b) has a life expectancy of two years or more and c) is not being held for resale.
Movable equipment with a per unit cost of $1,000 or greater, all computers regardless of cost, and capital furniture are recorded, tracked and subject to physical inventory. Moveable Equipment is:
- Capital Equipment – Moveable equipment with a unit cost (or value) of $5000 or greater and is capitalized.
- Non-Capital Equipment – Moveable equipment with a unit cost (or value) of $1000 -$4999.99 and all computers and weapons with a cost (or value) of $1 - $4999.99. This equipment is recorded in the AMS because it is considered sensitive and is deemed necessary to be inventoried because it may easily be converted to personal use and/or must be controlled to meet external reporting requirements.