In accordance with regulations of the State of Minnesota and Minnesota State Board policies and procedures, Winona State University is required to implement and maintain the objectives of these procedures to track and account for all university fixed assets. The inventory process is used to maintain campus records and requires the cooperation of university personnel to ensure accuracy of inventory records. Departments are accountable for all fixed assets assigned to their department.
Fixed Assets include personal property that maintains its identity in use, with a cost (or value if donated) greater than $10,000, and a useful life of more than two years. Sensitive items such as: weapons, vehicles, computers and related devices and works of art are included regardless of cost. All fixed assets will be assigned a numbered asset sticker and recorded in the ISRS equipment module.
Works of art or historical treasures are items that are held for public exhibition, education or research rather than financial gain. All works of art and historical treasures will be recorded at their historical cost (or estimated fair market value, if donated) whether they are held as an individual item or as a collection. Each piece or artwork or historical treasures will be assigned a separate asset number.
Gifts are contributions to the University in the form of real property, personal property, or cash. Personal property may include rare books, prints, antiques, art works, or equipment. For the donor’s benefit, all gifts should be made to the WSU Foundation for transfer to the University. The President of the University has the authority to accept gifts other than real property on behalf of the University. Gifts of real property and gifts over $50,000 must be formally accepted by the Minnesota State Board of Trustees and Foundation Board of Trustees. Items donated to WSU automatically become property of the State of Minnesota and must be identified and recorded accordingly.
Missing or Stolen Assets
When fixed assets are determined to be missing and possibly stolen, University Security along with the Inventory Office should be notified ASAP.
All fixed asset moves must be reported to the Inventory Office. The Inventory Office is responsible for keeping the location information in the fixed asset system up-to-date. Departments are responsible for the items in their possession. When reporting a fixed asset move, please include the asset number, asset description and the new location of the asset.
The State of Minnesota requires that physical inventories be completed every two years for most fixed assets. Assets with a cost or donated value above $10,000 must be inventoried each year.
Use of University Property Off Campus
The Inventory Office must be notified of property removed from campus for use at home or other locations. Written permission must be obtained from a University Administrator or College Dean to use university property off campus and a copy of the written permission must be filed with the Inventory Office.