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 firstname.lastname@example.org
|Approved By:||Board of Trustees|
|Oversight Unit:||CONTROLLERS OFFICE|
|This policy has a related procedure. Click to view the procedure below.|
To assert ownership of all university purchases and define the accounting treatment of university purchases classified as fixed assets.
All faculty, staff, and students.
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.