All non-expendable personal property with an acquisition cost of $1,000 or greater or $500 to $999 or more for “high risk” items such as; cameras, video records, computer equipment, televisions, etc. shall be maintained on a central inventory system.
All non-expendable personal property with a $500 or more purchase price utilizing federal funds will be inventoried.
Capital assets are classified with an original purchase price of $5,000 or more.
To be classified as non-expendable personal property an item must be a unit of furniture, an instrument, machine, or an apparatus and have a useful life of 2 or more years.
All state and federal regulations and laws will be adhered to.
Other non-expendable personal property not meeting the criteria established shall be maintained by each college and central office to maximize insurance reporting and inventory control over all assets.
BCTC will conduct an annual physical inventory of personal property prior to June 30th each year. The individual to whom custody of the property is assigned and the administrative head of the college/office will note all exceptions to the inventory report and sign it in the space provided. These signed reports will be maintained on file in the Property Management Division of KCTCS Facilities Management.