Capital Inventory

The Business Office maintains a Capital Asset Schedule of all investments in property, plant and equipment according to the college capital asset Policy #1940 as follows:

1. Receive each capital equipment item based on the following definitions of capital assets:
   1. All land, property, plant and equipment with a unit cost of $5,000 or more;
   2. Have an estimated useful life of more than one year; and
   3. Represent a betterment or improvement to an existing asset.
2. Assign a number to the scheduled item and secure it to the equipment.
3. List the item in categorical detail by type and date acquired.
4. Maintain a running list of all capital assets assigned to investment in plant.
5. Perform capital assets inventories at least once every two years.
6. The Capital asset schedule will be modified as equipment becomes impaired, is removed and/or is disposed.
7. The Capital asset schedule will be updated annually.