Lane Community College requires that assets are protected, adequately maintained, and not placed at risk. It is the purpose of this policy to describe how capital assets are to be protected.
An inventory shall be maintained of all capital assets (also called "fixed assets" or "personal property") owned by the college. The capital asset definition and associated thresholds shall be defined and maintained in accordance with Generally Accepted Government Accounting Standards (GAGAS).
Each year capital assets inventory shall be listed and distributed to each budget authority showing those items for which the budget authority is responsible. Each item on the list shall be verified in accordance with the instructions accompanying the list, and the annotated list shall be returned to Purchasing Services within the allotted time. Each budget authority shall also be responsible for those items not on the list but which have, nevertheless, been acquired for use within that budget authority's domain.
Each budget authority shall be responsible for the appropriate use and maintenance of all assets within their jurisdiction and for the associated record-keeping. Records delineating the use of capital assets shall be maintained in accordance with the college records retention schedule. Additionally, each budget authority shall use appropriate tracking and logging techniques to ensure that the college responsibility for caring for its equipment is fully discharged.