Overview of Property Management
Property Management is the central record-keeping area for fixed assets owned by Syracuse University. Capitalization thresholds for assets with a useful life greater than one year include:
- Equipment greater than $5,000
- Building improvements greater than $50,000
- Software greater than $100,000 for new purchase. Renewal of licenses, maintenance, and subscription charges are not capitalized.
These records are maintained in the PeopleSoft Asset Management system and includes all land, land improvements, buildings, equipment, library and art collections, and construction in progress held by the University.
Overview of the Major Equipment Inventory (MEI)
On a unit record basis, the Major Equipment Inventory (MEI) includes the identity, cost, age, location and custody of major equipment used at Syracuse University. Through analysis of purchase orders, gift records, sale of excess property, and communication from departments, the Office of Financial Analysis within the Comptroller’s Office regularly adds new equipment and deletes disposed or scrapped equipment by updating the MEI. In accordance with University policy, all major equipment, which is defined as equipment with an expected useful life of more than one year and a value greater than $5,000, both University owned and sponsored, is physically tagged with an SU identification number. Communication of each major equipment item’s movement, use, and appropriate disposal is the responsibility of the college, school, or department. It is crucial that each area implements centralized procedures to control its major equipment from acquisition to disposal.
Equipment purchased or furnished for use on sponsored grants and contracts is included in the MEI even though the University may not hold title to the equipment. The University maintains the central equipment records for property control, insurance, accounting purposes, and to comply with government research requirements. For the college, school, or department, the Major Equipment Inventory (MEI) information may be useful for documenting property losses and planning for future capital equipment needs.
Questions concerning your department’s major equipment?
Contact the Property Management office located within the Comptroller’s office with questions concerning your department’s major equipment inventory or call Salin Lakhe at 315-443-3131.
Questions regarding surplus/excess property that I want to sell or buy?
Contact Materials Distribution.
Questions regarding Construction and Renovation?
Visit Campus Planning Design and Construction
Questions concerning Real Estate?
Visit the Real Estate Office