Policy Number: 302.1.2
Policy: Property/Equipment - Capital Assets
Date Adopted: 04/96
Revision Date: 1/04
Approved By: Robert A. Duringer, Vice President for Administration & Finance
The University of Montana must maintain accurate property/equipment ("capital asset") records that identify property/equipment of the University, as well as control systems to provide adequate safeguards to prevent loss, damage, or theft of capital assets.
Capital assets and property/equipment of a relatively permanent nature with an expected useful life of more than one year and a unit cost that meets or exceeds the following:
- Buildings $ 25,000
- Building Improvements $ 25,000
- Equipment $ 5,000
- Infrastructure $500,000
- Intangible Assets (software) $ 5,000
- Land (no minimum)
- Land Improvements $ 25,000
- Library Books & Materials (no minimum)
- Museum & Art Collections $ 5,000
It is the policy of the University to conduct periodic inventories of all property/equipment. Business Services - Property Management conducts such inventories- at a minimum- on a biennial basis.
