To verify the location of assets and comply with state and federal standards. (Reference U.S. Office of Management and Budget: Circular A110*. )

 To insure compliance, the State Board of Accounts selects an auditing sample from the university files on an annual basis.
 Federal agencies request equipment lists for auditing purposes on a regular basis.

Scope: All organizations that purchase and maintain capital equipment

Definition:

Moveable Capital Assets are transportable equipment in the custody of Indiana University which have an acquisition value of five thousand dollars ($5,000.00) or more and a normal life expectancy of one year or greater.

The Custody of Assets is vested in the Board of Trustees of Indiana University for the title to all university equipment. Title to federally purchased equipment may be retained by the sponsoring agency or vested in the university depending on the regulations of the agency or the requirements of the research project. The equipment is not the personal property of the project director or the principle investigator.

A trakker is a handheld computer with a scanner used to scan the IU tag number affixed to capital movable equipment.

Procedures:

1. Federal regulations require each organization perform an inventory once every two years.
2. The Campus Capital Asset office will contact your organization's inventory representative to schedule your inventory date. On the day your inventory is to start, a representative from the Campus Capital Asset office will deliver the trakkers and train your inventory representative on the use of the trakkers.
3. If an untagged asset with a value of $5,000 or more is found the inventory representative should report to the Capital Asset Inventory Coordinator the room number, building number or building location, serial number and description of the untagged piece of equipment. The inventory representative should research this found equipment to determine the equipment's acquisition number or purchase order number. The equipment acquisition number or purchase order number will help Capital Asset Management in determining the cost of the asset within TOPS and allow for asset creation.
4. After the trakkers are returned, two reports may be generated:
   1. an error document that list problems encountered during the scan.
   2. a reconciliation report listing the equipment not scanned.
5. Organizations will be given a set amount of time to process their reconciliation report and to return the signed inventory certification letter to their campus Capital Asset office.