Property Control
The Office of Property Control is responsible for U-M’s Asset Management Program. The office works with units to track and tag all capital equipment valued at $5,000 or more with a useful life of greater than one year, as well as all sponsor-titled equipment regardless of value. University capital equipment is inventoried every two years and sponsor-titled equipment is inventoried annually.
Unit Responsibility
U-M has a significant investment in equipment, representing long-term commitments to fulfill its mission. The university owns and controls all equipment purchased with U-M funds unless otherwise stipulated by the funding source.
Custody and use of all assets is the responsibility of the units.
Safeguarding U-M’s capital equipment assets is a priority for each custodial unit and those individuals responsible for those assets. Vigilance must be maintained to ensure that equipment assets are not lost, stolen, or vandalized. Units and their personnel should be cognizant of risks regarding their equipment assets and do whatever possible to minimize those risks.
Assumption of security and complacency regarding possible risks are the two most significant factors leading to asset loss.
For instructions on how to update your equipment records, please reference these guides.
Types of Assets
Capital assets: valued at $5,000 and over with a useful life of one year or greater:
- These are centrally tracked, tagged, capitalized, and depreciated.
- This equipment must be purchased under code EQPMT or 61400 to be added to the Asset Management Module by Financial Operations. FinOps definition of capital equipment can be found here.
Non-capital assets: valued below $5,000 are not tracked or inventoried by Property Control. Units can track these items as they see fit.
Please be aware that U-M does not donate equipment, per SPG 520.01. All items purchased with university funds must be disposed of through Property Disposition. This includes computers, monitors, computer peripherals, furniture, and all capital equipment.
Equipment Bought on Sponsored Projects
In all cases where capital equipment is purchased using sponsored funds in U-M’s general ledger system, the equipment is the property of the university and is subject to all related oversights and procedures.
If a capital equipment asset is purchased with sponsored funds, and the principal investigator or fellowship recipient decides to leave U-M and wishes to take the item (e.g., research equipment) with them, they, or the external entity, must purchase it from the unit. These assets must be cleared for sale or transfer by [email protected].
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 teaching, research, administration, and patient care at U-M.
For more information, see Off-Campus Use of U-M Property.
Policies
See SPG 520.01 Acquisition, Use and Disposition of Property (Exclusive of Real Property) for additional information.
Forms
The Asset Transfer form is used to document equipment transfers between U-M units.