Property Accounting:
The University of Miami follows standardized policies with respect to the acquisition, capitalization, management and disposition of equipment for financial statement purposes, compliance with government/sponsor requirements, and to support indirect cost recovery.Definition for Capitalization of Movable Equipment
Non-Capital Expenditures
Duties and Responsibilities of Property Accounting
Custodial Department’s Responsibilities
Each department is directly responsible for the control, use and security of movable equipment in its possession. In accordance with this responsibility, each department is to have a Property Administrator to facilitate processes and communication. The Department’s Property Administrator or designee and others who are directly involved in equipment purchasing and inventories should be familiar with University policies and procedures.
The Department’s Property Administrator should be a business manager or staff assistant who reports directly to the department head. Responsibilities of the Department’s Property Administrator include:
All sales of equipment need to be coordinated through Property Surplus. See "Deletion of Equipment from University Assets" policy.
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