| Minor equipment is defined as personal property valued at < $5000, which has a useful life of more than one year and is not materially altered by use. Effective July 1, 2001, the state legislature raised the threshold for major equipment from $750 to $5000. This change in state law resulted in 30,000 items being moved from major equipment to minor equipment.
Because minor equipment items are not tracked on the inventory system by Asset Management, removing the items from major inventory places the responsibility for tracking these minor equipment items on the department. Many departments will no longer have any major equipment items, but every department will have a major equipment inventory line item for miscellaneous minor equipment.
Asset Management will be working very closely with departments to ensure that all items removed due to state law changes are accounted for on their minor equipment inventory. Do not remove any tags from items these items.
All original inventory equipment tags will remain on the items moving to minor equipment. This will help us during the transition to be sure all items are accounted for. These items are on the system, and can be accessed on FA 85. The property type has been changed to exclude these items from major equipment lists. Communications from Asset Management regarding these changes went out on September 18, 2001. |
