Property Classification and Procedures
Capitalized and Leased Equipment Policy
Capital assets (including donated) will be recorded and tracked in the Banner fixed asset system and the Banner financial information system (FIS). Capital assets are personal property and equipment owned by UO that meets the following criteria:
- used for operations (not held for resale),
- has a useful life over one year, and
- a cost that exceeds the capitalization threshold of $5,000.
All leased or loaned property will be recorded and tracked in Banner Fixed Assets and Banner FIS (regardless of the dollar value). Capital assets and leased equipment will be tagged. Property Control staff will conduct a physical inventory at least biennially unless it is determined that an annual inventory is more appropriate.
High Risk Equipment
Equipment that costs less than $5,000 and is portable by nature, easily misplaced, or stolen. For more information, please see https://ba.uoregon.edu/content/high-risk-policy.
Personal Property Use On Campus
Faculty and staff members who keep items of personal equipment at the University should label those items to indicate personal ownership. Unless there is a written agreement approved by the Business Office, personal equipment is used at the owners risk.
In general, the UO does not accept responsibility for non-university owned property that is damaged, lost, or stolen. University insurance coverage is generally provided for non-University owned property that meets all of the following requirements:
- Is reported to and is tagged by the BA Property Control Department.
- Is used for official university business
- Its use has been approved by a UO Department Head or Director
- Is not for personal use (e.g. personal refrigerators, fans, pictures, paintings, plants, radios, etc.)
- Is referenced in a properly executed Personal Property Loan Agreement
- The loss claim meets the minimum deductible per occurrence and any other applicable policy requirements.
Please note, university departments may be held responsible for the difference in the insurance proceeds and the repair or replacement cost per the Personal Property Loan Agreement. The BA Property Control Department suggests that individuals who have personally owned property on campus take the following precautions to avoid the possibility of it being mistaken for university owned property:
- Mark the equipment for identification of ownership
- Provide the department head with a list of personally owned property being used on university premises
All departments are responsible for ensuring that University property is properly stored and secured when it is not in use by a University employee.