Assets Management Functions

The primary functions of Assets Management are:

• To maintain records for the identification and location of institutional equipment, and
• To arrange for disposition of surplus equipment

Most non-consumable property, with a value of $5000 or more, regardless of source, is subject to the property inventory procedures of the University of Medicine and Dentistry of New Jersey.

The responsibility for real property and equipment has been delegated to the VP for Financial Affairs and Treasurer. Final accountability for property use, however, has been delegated to the responsible department heads.

Asset Management is involved during three phases of your equipment's life cycle:

• When you acquire it
• When you inventory it
• When you dispose of it

We are available to aid and assist you in discharging your responsibilities as Department Property managers.

Assets Management Does:

• Maintains records for the identification and location of capital equipment.
• Arranges for the disposition of surplus equipment
• Warehouses excess and/or obsolete equipment pending final disposition through salvage, scrap or transfer.
• Tags equipment over $50,000 and mail the tags for equipment under $50,000 which is delivered to your department.
• Re-issues equipment to departments within the University and other outside agencies.
• Conducts periodic audits of your department's equipment.

Assets Management Does Not:

• Coordinate the repair of equipment. This is the responsibility of the user department.
• Place equipment on a maintenance agreement. This is initiated by the user department by submitting a Purchase Requisition to the Purchasing Department.
• Physically relocate equipment for you; this is a function of Transportation/Housekeeping.
• Investigate stolen equipment; this is a function of the Public Safety Department. (Assets Management should be contacted when equipment is moved or stolen.)