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Inventory Overview

Since July, 2009, MnSCU has directed that fixed assets shall include both revenue and non-revenue fixed assets within the 4000 object code that have a value of more than $10,000 and a life expectancy of more than two years. In addition, MnSCU has directed that all computers and weapons, regardless of price, age, and current value, must be kept on inventory.

The Inventory Coordinator shall exercise his/her discretion in adding other items below $10,000 to inventory, such as printers, TVS, video cameras, high-tech computer peripherals, or other items that might be considered "sensitive." Equipment received valued at over $1,000 that does not meet these definitions and is not deemed necessary to be added to inventory will receive an unnumbered "Property of the State of Minnesota" sticker.

Table of Contents:

Equipment Thresholds
Adding New Assets to Inventory
Returning Assets to Vendor/Manufacturer
Donated Assets
Recording Betterment of Existing Assets
Relocation of Fixed Assets on Campus
Surplus Assets and Equipment
Physical Inventory
Missing or Stolen Assets
Use of University Property Off Campus
Personal Property on Campus

Equipment Thresholds

Equipment purchased at these price levels will receive a numbered fixed asset tag or plain sticker property tag. Departments wanting equipment tagged below these limits can contact Inventory and provide order information.

Object Code Value Description
**All sensitive items (computers, tablets, weapons, high-end balances, etc.)
4000 ≥ $10,000 Capital Asset Equipment
3006 $5,000 – $10,000 Fixed Assets
3006 ** Sensitive Equipment
3008 $1,000 – $5,000 Furniture Purchased as Supplies
3002 $1,000 – $5,000 Equipment as Supplies

Effective July 1, 2013
The following equipment purchase thresholds are in effect:

Assets $10,000 and up -- use Object Code 4000 Capital Assets -- must use a Purchase Order
Object Code 4000 is for any equipment with a unit cost of at least $10,000 and a minimum 2 year life expectancy. Freight for the capital equipment should be listed as object 4000 as well. Any ancillary costs associated with putting the asset in service should be listed under object 4005. This would include installation/set-up and training.

Assets $ 5,000 to $ 9,999.99 -- use Object Code 3006 Sensitive Equip -- must use a Purchase Order
Object Code 3006 is for any equipment with a unit cost of at least $5,000 and a minimum 2 year life expectancy. Freight for fixed asset equipment should be listed as object 3006 also.

Computers, tablets, or weapons, regardless of cost -- use Object Code 3006 Sensitive Equip -- use a Purchase Order -- BSU Computer Store orders all computers and tablets

Additional equipment considered sensitive by Inventory & the Department -- use Object Code 3006 Sensitive Equip -- must use a Purchase Order
Object Code 3006 is for tracking non-capitalized fixed assets below $10,000. Sensitive equipment can also be items vulnerable to theft or used off-site. Departments wishing to have specific types of equipment classified as sensitive can contact inventory so consistent procedures can be implemented. Freight must also be added to the value of the asset.

Equipment below $5,000 and NOT classified as sensitive -- use Object Code 3002 Equip as Supplies -- Can use PCard or Purchase Order
Inventory may apply property tags to these items.

IMPORTANT NOTES:
If equipment unit cost + freight pushes total cost to a higher threshold category, use the object code for the higher threshold category.

Example: $9,850 equipment + $150 freight = $10,000 Object code 4000 must be used

When multiple assets are purchased on the same PO, freight is distributed using % of cost method. Inventory can assist with calculations.
When capital and non-capital equipment are purchased on the same PO, separate object codes must be used.

Please contact the Inventory Office @ 755-2776 with any questions
on equipment object code assignment.

Adding New Assets to Inventory

When fixed asset purchases arrive at Central Receiving, Inventory applies the asset number sticker and marks the item for BSU Inventory prior to delivery. Items that are too big or awkward to unpack and re-pack in Central Receiving or items that are highly sensitive and must be set up by a factory technician are marked after delivery and set-up is accomplished. Items that are not delivered through Central Receiving must also be marked at the department site. If you receive equipment that has not yet been marked for inventory, please notify the Inventory Coordinator at 755-2776.

Returning Assets to Vendor/Manufacturer

If you must return a marked asset to the vendor/manufacturer for replacement, return, or repair, contact Inventory for removal of the asset number sticker from the equipment and from inventory records before it is returned. If you are not sure you will keep the asset, but are taking it on a trial basis, please make that clear on the purchase order so the asset is not marked until you decide to keep it.

Donated Assets

The Inventory Coordinator must be notified of assets donated to the University to determine whether or not they should be assigned an asset number and added to inventory.

Recording Betterment to Existing Fixed Assets

When creating a purchase order for $10,000 or more to upgrade or improve an existing fixed asset, please list the asset number on the purchase order. The cost of the upgrade/betterment must be added to the value of the existing asset. Object code 4000 must be used.

Relocation of Fixed Assets on Campus

If you are moving a fixed asset to a new campus location or transferring ownership to another department on campus, please notify Inventory so the record for that asset can be updated. You may e-mail the Inventory Coordinator or use the attached form to report this information.

Surplus Assets & Equipment

Usable assets should first be made available to other departments on campus. Contact the Inventory Coordinator to advertise any surplus assets you want to make available to the rest of the university. If there is no longer any use for an asset on campus, it must be disposed according to state law and the guidelines set forth by the Department of Administration and the MNSCU Board. Assets that are no longer usable shall be recycled to the full extent possible. All equipment with electronic circuit boards and all video display terminals and televisions are considered hazardous waste and must be disposed through a licensed hazardous waste recycler. These items are to remain in the Department until recycling is coordinated by Inventory Control with the Environmental Health and Safety Coordinator. Unusable assets that are not hazardous and cannot be recycled shall be disposed of according to instructions by the local waste disposal authority at the local facility. If you wish to dispose of a fixed asset, please use the attached form to request disposal. The asset number must be removed from the inventory system. In some instances, approval must first be obtained from Materials Management, Department of Administration. This is handled by the Inventory Coordinator after a request for disposal is received.

Physical Inventory

Physical inventory shall be taken at a minimum every two years, or more often if deemed necessary by the University or the Inventory Coordinator. (The exception is dormitory rooms, which shall be inventoried whenever required by the Board Office.) "Spot checks" may be ordered by the Board Office or performed by the Inventory Coordinator as often as deemed necessary. A department that has unsatisfactory physical inventory accuracy will be subject to more spot checks until acceptable accuracy is achieved. During physical inventory, Inventory Office personnel visit every building and room, recording asset numbers, brief equipment descriptions, and locations across the entire campus. The new date of the physical inventory is entered in the computer system for each asset number found and the location is changed if necessary. After all asset numbers found are updated in the computer inventory system, a computer printout is run for each department. Each department will then be contacted to find or account for any assets that were not found and updated by Inventory.

Missing or Stolen Assets

Please notify the Inventory Coordinator of any assets missing or stolen and provide copies of any Security Report or Police Report.

Use of University Property off Campus

The Inventory Coordinator must be notified of property removed from campus for use at home or other locations. Written permission must be obtained from a university administrator or college dean to use university property off campus and a copy of the written permission must be filed with the Inventory Office.

Personal Property on Campus

Personal property stickers and forms are available from the Inventory Coordinator for faculty and staff who wish to keep personal property on campus.