4.2001R Inventory Control/Fixed Assets

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I. Title of Regulation

4.2001R Inventory Control/Fixed Assets

II. Objective of Regulation

To ensure proper record keeping and accountability for all College owned capital inventory.

III. Authority

N.J.S. 18A:64A-12 (l), (m); Bylaws of the Board of Trustees 1.3034(l).

IV. Regulation Statement

For inventory control purposes a capital item is defined as follows:

Capital assets are recorded at historical cost and include land, buildings and building improvements, furniture and equipment $5,000 and over. This is the fixed asset threshold. The costs of normal maintenance and repairs that do not add value to the asset are not capitalized. Major outlays for capital assets are capitalized as the projects are constructed and transferred to the appropriate asset category upon completion. Land is not depreciated; however, the other capital assets are depreciated using the straight-line method over the following estimated useful lives:

Useful Lives

Buildings and building improvements 10 – 45 years
Furniture and equipment 5 – 10 years

Capital Purchase Procedures:

A. The Finance Department and individual departments are responsible for all capital items assigned to cost centers.
B. It is the responsibility of individual departments to notify the Fixed Asset/Inventory Control Assistant and/or Purchasing Manager before transferring or deleting a capital/tagged item within their department.
C. Items will be purchased only through the Purchasing Department as stipulated in the College Policies and Regulations.
D. All capital items are deemed to be the property of Brookdale Community College and may not be disposed of without the approval of the Purchasing Manager and Executive Director of Finance. The disposal of property at or above the fixed asset threshold also requires Board of Trustees approval.
E. Capital items which are surplus to a department’s needs may be transferred to other departments upon notification to the Purchasing Manager and Fixed Asset/Inventory Control Assistant, with the approval of the Executive Director of Finance.
F. All capital/tagged items will be inventoried by college personnel as recommended. Perkins equipment and other grant equipment will be inventoried by the State when applicable. An official inventory will occur every 5 years by an external company.
G. If capital items are noted as missing, it will be the responsibility of the individual departments to report the missing item to the Executive Director, Finance and Director, Security and Public Safety, who will prepare an incident report.

V. Responsibility for Implementation

Vice President, Finance & Operations

Approved: President
5/25/76
Effective: 5/25/76
Approved: President, 2/17/2025