Procedure 2355

Capital Inventory

The Business Office will keep an Inventory List of all investment in plant. This will be accomplished as outlined by the college capitalization policy.

• 1. Receiving each capital equipment item based on the following terms for capital:
  
  
• a. Equipment and furnishings with a unit cost of more than $500.
  
• b. Have an estimated useful life of more than one year.
  
• c. Represent a betterment or improvement to an existing asset.
  
  
• 2. Assign a number to the listing item. This is an assigned NPC number placed on the equipment item.
  
  
• 3. Listing the assigned item categorically by number.
  
  
• 4. Keep a running list of all capital assigned to the investment in plant.
  
  
• 5. Perform periodic inventories. All fixed assets must be inventoried once every three years.
  
  
• 6. Equipment, capital investment, will be written off as necessary.
  
  
• 7. Inventory listing of investment in plant will be as current as possible showing NPC investment.
  
  

[Based on Policy #1210; Rev 10/17/94]