Jacksonville State University's Capitalization of Assets Policy (IV:03:09) 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 Asset & Property 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 capital equipment is moved, transferred to another state agency, or on loan to another state agency, the Capital Equipment Transaction form must be completed and forwarded to the Asset & Property Manager. The Asset & Property Manager will conduct a physical inventory count annually. State auditors also perform a physical inventory count as part of our annual audit.
Due to space considerations, approval must be obtained from the Asset & Property Manager (ext. 5448) before moving items into storage.
State of Alabama law places limits on how to dispose of state property. All property disposals must be processed through the Director of Procurement & Fixed Assets, Pam Findley. This includes capitalized and non-capitalized items. Any equipment (capital or non-capital) that is no longer needed by a department or is no longer in working condition must be turned into the Asset & Property Manager. Departments are not authorized to dispose of equipment.