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| Jacksonville
State University's
capitalization policy requires capitalization of equipment,
furnishings, etc.
that have an individual purchase price of $5,000 or more.
Purchases of
capitalized assets are charged to account code 76001. When these
items are received and paid for, the Inventory Manager receives a
report of capitalized items paid. The items are then tagged with
an inventory number and recorded in the University facility
management system. When inventory items are moved from the original location, the Inventory Manager should be notified using BA Form 37. The Inventory Manager conducts a physical inventory count annually. State auditors also perform a physical inventory count as part of our annual audit.
State of Alabama law
places limits on how to dispose of State property. All property
disposals must be processed through the Inventory Manager. This
includes capitalized and non-capitalized items. |
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