This policy outlines the requirements for the tracking and physical inventory of moveable equipment in the Oracle Fixed Asset Module. This policy applies to moveable equipment having an acquisition cost of $5,000 or more and a useful life greater than one year.
The purpose of a physical inventory is to verify and document the existence, location, and condition of equipment and ensure the accuracy of Dartmouth accounting records. The Fixed Asset/Surplus Property Administrator must perform a biennial physical inventory of all moveable equipment.
Dartmouth College has a responsibility to accurately record, maintain and account for assets under its stewardship. This policy addresses how Dartmouth College complies with government regulations and accounting industry standards, and how it supports accurate reporting of the physical assets used to conduct its mission. As an institution of higher education that receives state funds, federal funds, other awards, and subawards used to conduct research, Dartmouth must meet administrative and documentation guidelines to support federal, state, and other regulatory requirements including the indirect cost proposal process. The requirements include keeping accurate equipment records with specified data and performance of a comprehensive biennial physical inventory of moveable equipment.
Most relevant forms and instructions can be found on the Finance website under Forms, Policies, and Systems.