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Introduction

About Equipment Inventory

Northwestern University maintains its equipment inventory to track capital equipment that costs $5,000 and over and has a useful life of at least one year. The inventory includes capital equipment in many of NU's buildings as well as some off-site locations.

The Property Accountant handles the day-to-day responsibilities of the inventory.  This includes the following:

- Updating the inventory records by recording asset descriptions, locations and accounting information in the asset management system for new asset additions (internal link) including purchases, donations, and transfers into the university from other institutions

- Updating the inventory records by processing asset retirements (internal link) including equipment scrapping, sales, donations, and transfers to other institutions with outgoing faculty

- Updating the inventory records by recording asset transfers (internal link) including transfers within the university (new building, room, department, custodian) and transfers to off-site locations both within the US and outside the US

- Reviewing and accounting for Fabricated Equipment (internal link) and Component System (internal link) projects

- Tagging (internal link) each new piece of capital equipment, however acquired, that has an original cost or setup valuation of $5,000 or more (including freight/transportation and setup costs)

- Coordinating the annual Capital Equipment Re-Inventory (internal link) project on the Chicago and Evanston campuses

- Training departments to set-up their own Non-Capital Equipment (internal link) inventory tracking systems