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.
It is routine procedure forr the Asset & Property Manager to conduct a physical inventory each year; the state auditors also perform a physical inventory count as part of their annual audit of the university.
Due to space considerations, approval must be obtained from the Asset & Property Manager (ext. 5448) before moving items into storage.