Annual Major and Minor Equipment Procedures
Annual Major Equipment Inventory
An annual inventory of major equipment, requested by Asset Management each fall, serves to maintain accurate financial statements related to capital assets. North Dakota State Law (Century Code Chapter 44-04-07) requires each department to perform an annual inventory of major equipment.
Departments are notified once per year via memo regarding the due dates and procedures required to fulfill the annual major equipment inventory requirements.
Annual Minor Equipment Inventory
An annual inventory of minor equipment serves to maintain accurate records of minor equipment for insurance purposes. If a department does not maintain a minor equipment inventory spreadsheet, the department is not insured for any loss on that equipment. It is the responsibility of each department to keep an accurate and comprehensive minor equipment inventory spreadsheet to track minor equipment. The minor equipment inventory coordinator for each department should update this list regularly.
Departments are notified once per year via memo regarding the due dates and procedures required to fulfill the annual minor inventory requirements.
Annual instructions for completing the major and minor inventory procedures are provided at the links below.