Major equipment is defined as property owned by UND with a value >/= $5000, which has a useful life of more than one year.
Equipment used in grants and contracts will be considered UND property if it is probable that ownership will revert to UND at the end of the grant.
Major equipment is tracked by Asset Management, but each department is responsible for tracking minor equipment items for their department. Many departments will not have any major equipment items; but, every department will have a major equipment inventory line item for their miscellaneous minor equipment.
Department responsibilities for major equipment include:
- Inform Asset Management when a major equipment item is received without an inventory tag
- Inform Asset Management of the location of new equipment
- Inform Asset Management of equipment donated to your department
- Inform Asset Management of updates to equipment location changes
- Conduct annual inventory
- Prepare Major Equipment Transfer Form to move equipment between departments
- Prepare a Surplus Property form to send surplus equipment to Surplus Property