University Equipment and Fixed Asset Capitalization

Concerns about use of university equipment can be reported to Mike Bath, NMU Police Chief and Director- Public Safety (906) 227-2151 or mbath@nmu.edu
Fixed asset capitalization questions may be directed to Andy Zerbel x2745

Date Approved:8-18-2000
Last Revision:8-18-2000
Last Reviewed:2-1-2006
Approved By:Board of Trustees
Oversight Unit:CONTROLLERS OFFICE
This policy has a related procedure. Click to view the procedure below.

Purpose

To assert ownership of all university purchases and define the accounting treatment of university purchases classified as fixed assets. 

Applicability

All faculty, staff, and students.  

Policy

It is the policy of Northern Michigan University that the ownership of all land, building, and equipment rests with the University, rather than with a specific department, regardless of funding source.

Departments are to follow established University procedures regarding equipment purchases, disposition, and transfers. 

Fixed assets (land, buildings, or equipment purchased for long term use) having a useful life beyond a single reporting period and costing $5,000 or more shall be entered to the university's accounting system as a capital asset and expensed according to a schedule set by the Controller's office.