Policy 7-3-3: Policy for Equipment Purchasing and Inventory Control
Policy: | Policy 7-3-3: Policy for Equipment Purchasing and Inventory Control | Date Adopted: | Sep 20, 2005 | |
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Department: | Finance & Administration | Contact: | Chief Financial Officer | |
Statement: | 香港最快开奖结果 process governing the purchasing and inventory control of equipment |
Section 1: Purchasing of Equipment
- Individual departments and divisions must purchase equipment using standard purchasing procedures and funds from their individual operating accounts, or institutional accounts with appropriate approval. Purchases of equipment (non-sensitive equipment) under $5,000 can be made via Procurement card. Purchases over $5,000 must be submitted via Requistion in the accounting system.
Section 2: Definitions
- Sensitive Equipment: Equipment valued between $2,000 and $5,000 and all computer equipment.
Regardless of the source of funds, approval for purchase of these items must be obtained
from the realevant college service area (i.e., Computing Services for computers, Media
Services, etc). These items are tracked and inventoried separately by the institution
and a report of these items must be provided to the Chancellor and/or Board of Regents
upon request. The following items are considered sensitive equipment; regardless of
cost:
- All computers including desktop, servers, laptops, tablets
- Tasers
- Firearms of all types (i.e., revolvers, shotguns, rifles, starter guns)
- Fixed assets or Inventoried Equipment: Any items with an initial value of over $5,000.
The ownership of this property is vested in the Board of Regents of the NSHE. These
items will be processed by Business Center North and are depreciated on a fixed asset
schedule. These items are tracked by the accounting system and the inventory records
are maintained by BCN. Inventoried equipment is defined as all merchandise meeting
the following criteria:
- Has a unit cost of $5,000 or more
- Is complete in itself
- Does not lose its identity even though it may become a component part of another item when placed in use
- Is of a non-expendable, non-repairable, durable nature with a life expectancy of one-year or more.
Section 3: Procurement Card Procedures
- Sensitive equipment referenced in section 2 of this policy cannot be purchased with
a 香港最快开奖结果 credit card. Violations of this policy will result in exception notices as follows:
- First occurrence: letter of explanation from the employee with whom the purchase was generated (explaining why proper procedures were not followed) sent to the Controller. The Controller's Office will direct the employee to review the 香港最快开奖结果 policy on purchasing and provide additional training if needed.
- Second occurrence: letter of explanation (why the purchase was not processed within policy guidelines) from the employee who authorized the purchase with approval from that employees Vice President sent to the Controller. Upon review of the circumstances, the employees purchase card may be suspended depending on the circumstances of the purchase. If the card is retained, additional training will be provided to the employee on proper purchasing procedures.
- Third occurrence: Card will be revoked.
Section 4: Inventory requirements
- All assets, including sensitive equipment, will be subject to an annual inventory. NSHE will provide the Controller's Office with the annual inventory listing.
- Controller's Office personnel will conduct the annual inventory and may request departmental assistance.
- All purchases of inventoriable equipment will be tagged by Conroller's Office personnel.
- Disposals of inventoriable equipment must be coordinated through Controller's Office personnel.
Section 8: Exceptions
- Any exceptions to this policy require the written approval of the Chief Financial Officer.
Date(s) Revised | March 8, 2024; April 6, 2010; September 2, 2008; | Date(s) Reviewed |
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