Policies & Procedures Manual - Elizabeth City State University

400.1.51"Notice of Disposal or Change in Location of Fixed Assets" must be on file prior tocannibalization.Semi-Annual ListingsThe Fixed Assets Officer will forward each department head a semi-annual listing of all theequipment assigned to each respective department. The department head should assure that eachsemi-annual statement accurately reflects the items on hand in his or her department. Any itemsthat are on hand, but do not appear on your semi-annual listing, should be documented. A copyof the item(s) on hand, but not listed should be kept in the department's files and be sent to theFixed Assets Officer.Annual ListingTwice a year, an equipment inventory list will be forwarded by the Fixed Assets Officer to eachUniversity Department for physical inventory verification, updating, and certification bydepartment heads.Physical InventoryAt least annually, a physical inventory of capitalized fixed assets should be taken to verify thatcapitalized assets (assets costing $5,000 or more) are physically located at the University and areproperly recorded in the fixed assets or proprietary accounts. A physical inventory of inventoriedassets (assets costing between $500 - $4,999) should be taken at the same time to ensure theseitems have been tracked properly and expensed.Spot InspectionsThe Fixed Assets Officer may perform spot inspections of departmental equipment throughoutthe year as time permits.