Asset Management

On this page:

UB Asset Management maintains equipment records and ensures that applicable items of equipment are identified by means of a university tag number for equipment purchased with state, Research Foundation and UB Foundation funds.

The Purpose of Maintaining an Asset Inventory

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.

Responsibility

Asset Management

Asset Management is responsible to manage and maintain the centralized accounting and reporting of university equipment in SUNY's property control system.

Departments

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

General Asset Management Definitions

Equipment:  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.  Equipment does 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.

Contact an Expert

Nicole Mayer

Asset Management, Financial Management

Valerie Dennis

Asset Management and Cost Accounting

Financial Management

Phone: 716-645-2604

Email: vlb5@buffalo.edu

Related Forms, Policies and Training

Webpage Feedback

Didn't Find What You Were Looking For?

(Required)
 
(We'd like to respond to you.)
(Required)