Accounting Services

Effective:   July 1, 1997
Revised:   September 3, 2014
Related Procedure

Regulatory Authority: Section 1-49.4 of the Code of Laws of South Carolina and OMB A-21 and Federal Acquisition Regulations.

Clemson University will capitalize, tag for identification, and maintain detailed inventory records for all equipment items valued $5,000 or greater at a central University level. Custodial and security responsibility for all University equipment, both capitalized and non-capitalized, is vested at the departmental administrative level.

A. Legal Authority, Ownership, Custody and Control

  • Legal Authority. Section 1-49.4 of the Code of Laws of South Carolina makes the heads of State agencies and institutions responsible for personal property under their supervision and requires that such property, except for expendable items, be inventoried annually.
  • Ownership and Title. Ownership of all equipment acquired by the University, through acquisition or transfer, rests with the University rather than with any individual college, school or department.
  • Custody and Control
    1. The accountability for the proper care, maintenance, and security to prevent misuse or loss for all University equipment is delegated to department heads and principal investigators.
    2. The equipment accountability will be vested with the department in possession of the equipment, not the department that paid for it, if different.

B. Definition of Equipment, Capitalized Equipment, Non-Capitalized Equipment

University equipment consists of asset acquisitions with a unit value of $1,000 or greater and a useful life in excess of one year.
Capitalized Equipment. Equipment acquisitions with a unit value of $5,000 or greater and a useful life in excess of one year are capitalized as assets in the University's General Ledger.  All items meeting this criteria are tagged and inventoried annually.
Non-Capitalized Equipment. Equipment acquisitions with a unit value between $1,000 and $4,999 are not tagged centrally, and are not required to be inventoried annually.

C. Use of Equipment

Use of University Equipment.
University equipment should be used for University business only, and should not be removed from University premises for purposes other than University business.
Use of Personal Equipment. Personal equipment may be used at the owner's risk. Equipment items should be labeled to indicate personal ownership. Personal equipment will not be covered by University insurance, and the University will not be responsible for the loss of, damage to, or maintenance of personal equipment.