Property Record Guidelines
When should something go into Property Management records?
- Property Management records must be maintained on all non-expendable, movable property and equipment owned by the college which has a historical cost (or fair market value for gifts and donations) of $1,000 or more, and a life expectancy of two years or more. Such property will be tagged and inventoried. All equipment purchased through the following methods must be inventoried and tagged
- Various funding sources including federal grants, contracts, state appropriations, student fees, generated revenue, private funds, etc.
- Purchased with funds administered by another institution or entity but being used and maintained at Salem State University
- Transferred from another institution
- Donated, on loan, constructed, or installed by industry for the purpose of collaborative research
- Self-contained for its primary function (not a component part of another piece of equipment)
- Has sufficient individuality and size to make control feasible by means of bar coding, or other tagging methods.
How is "equipment" defined?
Salem State University uses the Office of Management and Budget (OMB) Circular A-21, as revised on July 26, 1993, effective January 1994, which establishes a definition for equipment as "non-expendable, tangible personal property having a useful life of more than two years, and an acquisition costs of $1000 or more per unit."