CDB REGULATION

CAPITAL ASSET INVENTORY

SECTION ONE: PURPOSE

1.01 It is critical that the equipment inventory system of Angelina College provides control and accountability over capitalized equipment and other assets and that it gathers and maintains information needed for the preparation of financial statements.

SECTION TWO: ADMINISTRATIVE RULE

2.01 Physical equipment inventories will be performed in accordance with Generally Accepted Accounting Principles (GAAP).

SECTION THREE: DEFINITIONS

3.01 Fixed assets are defined as items that are tangible in nature, have a useful life of more that one year and are reasonable identifiable and controllable. They may include land, buildings, machinery, furniture and other equipment that are held or used over a period of time more than one year.

3.02 Equipment is a general term referring to fixed assets that are not land or buildings. Land and buildings are referred to as real property. Equipment includes machinery, furniture, instructional equipment and other such fixed assets.

3.03 Capitalized fixed assets are those fixed assets having an acquisition cost over an established threshold dollar amount and are recorded in the financial records as such. The College has established capitalization thresholds of $10,000 for equipment.

SECTION FOUR: RESPONSIBILITIES

4.01 The Controller will ensure that a system of internal controls is maintained for safeguarding equipment of the College. The system will provide for adequate identification of these assets and properly recording the assets in the college accounting system.

4.01.1 The Angelina College Business Office will conduct physical equipment inventories. The College’s equipment inventory will include capitalized equipment as well as equipment with an acquisition cost below the capitalized equipment threshold.

4.01.1a Capitalized equipment with a threshold for classifying individual capital assets shall be $10,000 

4.01.2 All organizational units at the college campus will appoint a property custodian for the purpose of safeguarding and tracking the equipment under their control. Property custodians will report any property/equipment movements and dispositions such as lost, stolen, damaged, traded, salvaged, cannibalized, or destroyed. 

Vice President of Business Affairs is responsible for reviewing and updating this policy. Policy reviews are made in accordance with the Office of Institutional Effectiveness Policy Tracking document.

Document History

Adopted: 1/2025