The Office of Property Control is responsible for the university’s asset management program. The office is responsible for working with U-M schools, colleges, and units to track and tag all equipment and assets valued at $5,000 or more, plus all sponsor-titled equipment, regardless of value. University equipment is inventoried every two years and sponsor-titled equipment is inventoried annually.
Contact Property Control:
Office of Property Control
7135 Wolverine Tower
3003 State Street
Ann Arbor, Michigan 48109-1273
Phone: (734) 764-6251
Fax: (734) 615-6235
Role of Financial Operations and the Property Control office
- Financial Operations reviews and adds financial assets valued at $5,000 and over to the Asset Management Module, which maintains information about equipment that the university owns, including its value and location. Financial Operations is also responsible for all transactions involving assets, including adding accounting entries to the general ledger, transferring assets to different organizations, making cost adjustments, and recording monthly depreciation.
- Property Control tags and tracks all assets valued at $5,000 and over.
Types of assets
- Financial—assets valued at $5,000 and over that are centrally tracked, tagged, capitalized, and depreciated. This includes land, buildings, and equipment. These assets are loaded into the Asset Management Module.
- Campus—assets valued between $1,000 and $5,000, and are not centrally tracked and tagged, capitalized, or depreciated. Examples include computers, printers, and copiers.
- Unit— assets valued under $1,000 or non-equipment. These assets are not tracked by Financial Operations or Property Control. Furniture is an example of a unit asset.
Link to Account Definitions
Adding new assets to your organization
- Voucher or purchase orders of $5,000 or greater: When equipment is purchased using a voucher or purchase order and charged to a specific shortcode, the asset will be automatically added to the system.
- Acquisitions under $5,000: Equipment valued at less than $5,000 is not automatically added to the system. Each department has the option of manually adding these assets to the Asset Management Module. Contact: email@example.com for more information.
Off-Campus Use of U-M Property
Employees with regular appointments and students with class requirements can use university equipment at off-campus locations whenever it will benefit U-M's teaching, research, administration, and patient care. Refer to the document Off-Campus Use of U-M Property