Fixed Assets collects and maintains information on all tagged equipment owned by Central Michigan University. Fixed Assets provides accurate and uniform information related to tagged, movable capital and non-capital equipment.
These centrally maintained equipment inventory records are available for use by all university departments. This information is critical for university-wide asset valuation, property management and insurance purposes.
Frequently asked questions
What is the purpose of the annual departmental equipment inventory?
The purpose of an equipment inventory is to account for university-owned equipment. Individual departments or cost centers are responsible for verifying the physical location and condition of their assets. The State of Michigan, the Fixed Asset Office, and the Internal Audit Office may review the results of each department’s equipment inventories.
When will our department need to conduct its equipment inventory?
All university departments shall conduct an equipment inventory once per year. The Fixed Assets department will send a request to all university departments asking them to conduct an equipment inventory. The request will include instructions and the equipment inventory completion deadline.
If your department has questions concerning the equipment inventory process, contact Fixed Assets at (989) 774-6784.
Once your department has completed its equipment inventory and returned the updated inventory information to Fixed Assets, your results will be reconciled with current records and the department inventory records will be updated.
What are the basic steps of conducting a departmental equipment inventory?
1. Visually verify the tagged equipment items listed on a departmental equipment inventory list.
2. Verify each equipment item. Record any updates, such as current equipment location.
3. Record any additional tagged equipment items not listed. Include tag number, building, room number and responsible department. If you find equipment not tagged but should be, record the manufacturer, model, serial number, method of purchase, and any other pertinent information and include it with your completed report.
4. Complete the equipment inventory within the stated timeline.
5. Indicate the person responsible for equipment inventory in your department, the account director for the cost center, and keep a copy of the completed report for your files.
6. Return the updated and verified equipment inventory report to Fixed Assets. The preferred method of return is via Sharepoint or email firstname.lastname@example.org. The Fixed Assets Office is located in the Combined Services Building, Room 204.
When conducting my department's physical inventory, does my department need to find all items on its equipment inventory report?
CMU policy and State of Michigan regulations specify that the university must inventory equipment on an annual basis. Equipment meeting the following three criteria must be inventoried:
• Grant purchased equipment
• Plated automobiles and trailers
• Any item that’s original value was $5,000 or more
You may also report changes to other tagged equipment but this is not mandated. All changes and updates that are sent to the Fixed Assets office will be validated and then posted to your inventory.
Items that cannot be found should be noted on the inventory records. Fixed Assets, Internal Audit, and the responsible cost center may need to work together to investigate the cause of missing item(s).
What does the term tagged equipment mean?
The Fixed Asset office supplies the university with its official equipment identification tags. The equipment identification tags are made of white vinyl material and have black lettering with Central Michigan University printed on them, a serialized identification number, barcode and a pressure-sensitive, high-tack adhesive on the back of them. Once the tags are affixed to the equipment correctly, they are difficult to remove.
All equipment with a purchase price greater than $5,000 must be tagged and inventoried. Equipment valued at less than $5,000 may also be tagged. Tagging these items identifies them as CMU property, provides valuable property management information and helps to deter theft. If your department has items that you would like tagged and added to your equipment inventory, please contact Fixed Assets at email@example.com or (989) 774-6784.
If equipment is purchased with grant money, does it need to be tagged and inventoried?
Yes. All equipment purchased with grant funds must be tagged and inventoried. Grant-purchased equipment is visually set apart from other equipment by the use of blue grant equipment inventory tags.
My department has old equipment that it no longer needs. Can I donate it or give it away?
No, university assets are property of the State of Michigan and as such cannot be transferred, donated, or loaned to other entities.
I found a vendor who will allow me to trade in my current computer equipment for a discount on new computers. Can I trade my old computers in?
The answer to this question can be complicated. Some equipment can be traded in and some equipment cannot be traded in toward the purchase of new equipment. Contact Fixed Assets to discuss the items being considered for the trade in and contact Contracting & Purchasing Services for guidance regarding the trade in agreement and its legalities.
With the prevalence of personal and laptop computers, it has become quite common for employees to take equipment home. Can I take university equipment off campus?
This decision is up to each department. If your department allows employees to take equipment to their home this practice should be documented and the items taken must be accounted for.
Two methods of documentation are recommended, the first is to keep a log of all equipment taken home by employees. The log must include the employee's name and address. It must also contain the tag number, serial number and a brief description of the equipment.
The second method is to ask Fixed Assets to update the departmental inventory with a record of the equipment being used at the employee's home. This method should only be considered for items that will be in use at the employee's home for long periods of time. Fixed Assets will record this location in the equipment record for the department and it will become part of the department's permanent inventory records.
Our department is in need of furniture and equipment, but cannot afford to purchase new. Where can we obtain furnishings?
Fixed Assets can supply your department with information on available surplus items held in storage. Surplus equipment and furnishings are available to university departments on a "first come, first serve" basis at little or no cost.