New and In-Use Equipment
According to State University of New York (SUNY) and Research Foundation guidelines, all State-owned (including Binghamton Foundation, Auxiliary Services and split-funded) and Research Foundation-owned assets valued at $5,000 and above with a useful life of more than one year are required to have an asset tag affixed and be entered into SUNY’s Real Asset Management (RAM) property control system. This equipment is subject to annual physical inventory by Asset Management. Assets that do not meet the $5,000 threshold are the responsibility of individual departments or offices as outlined below.
The campus Asset Manager is responsible for administering the property control system and ensuring that the campus abides by all State and Research Foundation requirements. This includes affixing an asset tag to new equipment valued at $5,000 or more and entering the asset into SUNY’s property control system, updating the property control system with changes as reported by departments, conducting an annual physical inventory of all assets in the property control system, reporting lost or stolen equipment to the Office of the New York State Comptroller and/or University Controller’s Office, processing the transfer of equipment between agencies, and disposition of surplus property.
Individual departments or offices are responsible for their assets valued at less than $5,000. This includes keeping inventory records for assets valued between $2,500 and $4,999 with a useful life of more than one year and those under $2,500 which are at high risk for loss or theft. Additionally, departments are responsible for notifying the Asset Manager and/or Research Foundation of the purchase of equipment valued at $5,000 or more as well as changes in equipment condition, status, location and assignment for tagged assets tracked in SUNY’s property control system, immediately reporting lost or stolen equipment (regardless of value) to New York State University Police, the Asset Manager and the Research Foundation, and requesting authorization for disposition of surplus, damaged or obsolete assets. Ownership tags are available upon request from the Asset Manager to aid departments in identifying such equipment as being property of Binghamton University and tracking the assets that do not meet the dollar threshold for inclusion in RAM.
Research Foundation Project Directors, Principal Investigators, and all Binghamton University and Auxiliary Services employees are considered Property Control Custodians and are responsible for the stewardship of all State and Research Foundation owned equipment assigned to them, including reporting changes in equipment condition, status, location or assignment to department-designated property record keepers and to the Asset Manager and/or Research Foundation as appropriate and immediately reporting lost or stolen equipment to New York State University Police.
Please complete a Transfer/Disposal of Equipment Form (Form A) when a change occurs for any of the following reasons.
Transfer to another location.
Transfer to another individual within a department.
Transfer to another department.
Temporary transfer off campus for repair or class project.
On loan, including routinely transported equipment such as a laptop. In addition to a Form A, an Equipment Loan Form must also be completed and a copy kept with the equipment.
Lost or stolen. Lost or stolen equipment must be reported to University Police immediately.
Trade-in toward purchase of new equipment.
Permanent disposal due to being damaged, inoperable or obsolete.
The asset manager will update the property control system with status changes for State or Research Foundation tagged assets. Departments are responsible for maintaining records for equipment below the $5,000 threshold.