University of Saskatchewan Policies

Fixed Assets - Inventory Control

Category:	Operations and General Administration
Responsibility:	Associate Vice-President (Financial Services)
Authorization:	Board of Governors
Approval Date:	September, 2000
Reformatted:	March 30, 2001

Purpose:

To enable the University of Saskatchewan to effectively manage its inventory of fixed assets.

Policy:

Fixed assets purchased by the University of Saskatchewan, from any source of funds, shall remain the property of the University of Saskatchewan, unless otherwise provided for in the terms of reference agreed to with the funding source.

All university owned assets must be inventoried if they have a useful life expectancy greater than one year and an original cost of $1,000 or more. Other University owned assets may be inventoried at the request of the custodian.

Procedure Summary:

• Purchases must be made in accordance with University policies with respect to product standards and ergonomic principles.
• Purchases must be coded to appropriate sub-codes as established in the Financial Records System.
• All equipment required to be inventoried must display a University of Saskatchewan equipment inventory tag; tags can be requested from Financial Services Division.
• Inventory information required for the Fixed Asset Management System must be provided to Financial Services Division by completing the Asset Record Form.
• Any changes in location or ownership of assets must be reported to Financial Services Division.

Contact: Equipment Inventory, Financial Reporting, Financial Services Division (966-4610)
Website: www.usask.ca/fsd 

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