Policies

Fixed Assets Fixed Assets

Fixed Assets implements and follows policies set forth by the Office of State Controller, as well as UNC Business Process Standards issued by the UNC Business Process Compliance Office.

These standards help ensure that our fixed assets are acquired, accounted for, maintained and disposed of properly.

Items purchased with university funds are the property of the state and are not intended for personal use. To obtain the Fixed Asset Policy, click the following link UNCW Policies and enter "Fixed Assets" into the search bar. We have also provided three main policy inquiry subjects for quick reference. Please see tab references for each category.

Lost or Stolen Equipment

The department head or authorized departmental agent is responsible for notifying University Police immediately if equipment is lost or stolen, regardless of whether or not the equipment has a fixed asset tag. In addition, if the asset has a value of $5000 or more a moveable equipment form must be prepared and forwarded to Fixed Assets in conjunction with a police report.

What Do I Do When Equipment Is Lost or Stolen?

File a report with University Police.
If equipment $5000 or more fill out a movable equipment form.
Send a copy of the police report and a movable equipment form if applicable to Fixed Assets.

What Happens After I Report It Lost or Stolen?

Fixed Assets reported as lost or stolen will remain on the department's inventory listing for two inventory cycles.

The missing assets list will be circulated with the annual physical inventory for two years. If the asset is not found during this time period, it will then be declared permanently lost and removed from the departments fixed assets inventory.

Temporary Equipment Relocation

Departments are required to maintain a current record of any temporary relocation (using the Equipment Temporary Check-Out List or comparable form approved by Fixed Assets) whenever equipment is removed from the custody of the department or the employees to which the equipment is normally assigned, regardless of whether or not the equipment is on the department fixed assets inventory.

Equipment may be temporarily relocated with prior department head approval.

Except for repairs, the temporary removal of equipment is authorized only for university departments, employees, or for members of the SGA (when SGA equipment is involved). Off-campus use should be for work on a university assignment.

Removal of university equipment for off-campus use without department head approval may result in the individual being prosecuted for misappropriation of state property and/or larceny.

University equipment used off campus or loaned to another campus department or activity is subject to immediate return if requested by university officials, state auditors, or other state agencies.

Transfers Between Departments

The fixed assets inventory listing is the official record of fixed assets for which the department's authorized university official is responsible.

When fixed asset items are permanently transferred to another department or relocated, or when any equipment items are lost, stolen, or traded in, prepare a Movable Equipment form to notify the Fixed Assets Administrator so that the appropriate records may be adjusted.

Attach documentation as specified on the Movable Equipment form and submit to Fixed Assets Administrator. If Moving Services is needed to move equipment to any location other than Surplus Property, you must also submit a Moving Services Request.

A Moving Services Request is not needed when items are sent to Surplus Property. Moving Services Request instructions are available from the UNCW Surplus Office.

Before allowing the equipment to be removed, obtain the signature of Moving Services (or, if applicable, another individual who is removing the equipment) on the departmental copy of the Movable Equipment form.