BCIT makes beneficial use of its assets in pursuing program missions. Sound financial and business management principles require that the institute accurately records and accounts for capital assets on a regular basis. Most departments engage in the acquisition, transfer, disposal, and use of capital equipment and this policy sets forth the roles and responsibilities in regard to control and management of assets.
The mission of the Capital Equipment Program is to provide timely and accurate capital asset information that supports departments with the tagging, tracking and reporting of capital equipment on campus and to ensure that federal acquisition, funding and disposal regulations are met. Accurate maintenance of capital assets records is essential in order to assure safeguarded assets, financial accountability, reporting accuracy, adequate insurance coverage and efficient utilization of assets already on hand.
Significant financial and insurance exposure exists if the Institute’s assets are misused and/or misappropriated. Sound business practices require that a functioning assets management system be maintained in order to protect the Institute’s assets from misuse and /or misappropriation. Accordingly, an annual physical inventory of all institute assets is required.
- Purpose of Capital Asset Procedures Manual
- Definitions – Capital Assets
- Valuation of Capital Assets
- Types of Acquisition
- Amortization and Useful Life
- Inventory Count
- Tagging of Equipment, Non-Taggable Assets
- Donated Capital Assets
- Disposition of Capital Assets
- Physical Control of Assets, Custody and Security
- Maintenance of Capital Assets