Equipment Inventory Policy

Property control tags identify each piece of University owned equipment (excluding Strong Memorial Hospital) which has a purchase cost of $5,000.00 or more per unit and a useful life greater than one year or more. For more detailed information please refer to the University’s Capitalization policy located here: https://www.rochester.edu/adminfinance/finance/wp-content/uploads/2024/06/Capital-Policy-Guidelines-07012024.pdf.  The equipment inventory also includes movable equipment that was capitalized under previous capitalization thresholds, as this equipment is required to be tracked by the cost center if the equipment is still being used for the intended purpose.

Financial Reporting issues property control tag(s) and forwarding the tag(s) and a copy of the invoice and/or purchase order to the cost center. The cost center administrator is required to verify receipt of goods and affix the property control tag to the appropriate item. Any updates to equipment records should be emailed to the Equipment Administrator at equipadmin@finance.rochester.edu.

Upon this verification, cost center administrators are responsible for updating location (including building and room number), responsible person and serial numbers for active equipment. Cost center users that need access to the URSpace equipment module are required to complete the URSpace access request form which is located at http://tech.rochester.edu/forms/urspace-access-request/

Financial Reporting should be notified at equipadmin@rochester.edu if any piece of equipment with a purchase cost greater than $5,000.00 has not been issued a property tag. Financial Reporting will review the supporting documentation, and a property control tag assigned, where appropriate.

Physical verification of departmental inventories by cost centers will be made every 2 (two) years as requested by Financial Reporting.

Page updated 10/9/2024

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