Accounting Services

Effective: July 1, 1997
Revised: November 1, 2018
Related Procedure, Guidelines for Inventory of Capitalized Equipment

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 equal to or greater than $5,000 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.
    3. All departments are required to appoint an individual to be responsible for equipment, property disposals, transfers and physical security.  Job Duties and Success Criteria must be added to the individual’s performance evaluations (See related procedures section B)

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

  • Definition
    University equipment consists of asset acquisitions with a useful life in excess of one year.
  • Capitalized Equipment
    Equipment acquisitions, with a unit value equal to or greater than $5,000, are capitalized as assets in the University's General Ledger. All items meeting this criteria are tagged and are required to be inventoried annually.
  • Non-Capitalized Equipment
    Non-electronic and electronic equipment acquisitions with a unit value less than $5,000 are not tagged centrally. All electronic equipment is required to be entered into the web-based Departmental Asset Tracking system (See related procedures section H)

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.