Property Accounting

All items which qualify as property will be placed on inventory records, regardless of source of receipt. The Dean, Department Chair or designee are responsible for notifying Inventory Control of the receipt of property to be inventoried as well as the custody, proper use, reasonable care, and maintenance of all property purchased, assigned to, or under the control of their respective departments or locations of the University of Louisville.

The property inventory will be maintained on a current basis. It shall be the duty of the person stated above to furnish to the Inventory Control Office, on a timely basis, full information as may be required to keep inventory records current.

Non-taggable asset - An asset with an original cost equal to or greater than $1000.00 on which the barcode tag cannot be affixed due to size, environment, fragility, etc.

Property - An item of movable tangible personal property, which has a cost or value of $1,000 or more, a useful life of more than one year, and which retains its identity as a separate and identifiable item.