Asset Management

Assets: Items costing $5,000 or more that may be used repeatedly without any material impairment of physical condition and which have a probable life expectancy of one or more years, including machinery, vehicles, and apparatus.  Assets do not include fixed building equipment such as heating, ventilating, plumbing, and electrical items.

Exceptions:

Sponsor-Defined Equipment: RF equipment costing less than $5,000 and purchased with funds from a sponsor who requires equipment to be inventoried at a lower dollar level.

Owner:  Title shall vest with the organization (state, RF, UBF) that funded the purchase unless otherwise specified in the terms of a sponsored agreement. “Owner” shall be defined as the department which is the primary user of the asset.

Maintaining an asset inventory helps to establish property control and accountability in compliance with the rules and regulations as established by the Office of the State Comptroller, the Research Foundation of SUNY and federal guidelines.

Asset Management is responsible for managing and maintaining the centralized accounting and reporting of university assets in SUNY's property control system.

Each department must have an Asset Coordinator to assist Asset Management in various aspects including location of equipment, circulation of information within the department and the disposal of equipment. The Asset Coordinator is also responsible for the biennial physical inventory of equipment.