Property & Equipment FAQs

Property

Questions regarding Surplus/Excess property that I want to sell, or buy?
Visit the Purchasing Office

Questions concerning  Internal Controls for Inventory?
Visit  SU Audit and Management Advisory Services

Questions regarding Construction and Renovation?
Visit  Campus Planning Design and Construction

Questions concerning Real Estate?
Visit the Real Estate Office

Accounting for Excess Property Sales – Please note that excess property sales may no longer be deposited to an expense account (i.e., accounts beginning with ’56’).
All excess property sales must be accounted for as revenue for the selling department. Please use one of the following revenue accounts to record the sales income:

480057, Other-Excess Property Income (cash or check sale and the selling department is not an auxiliary department)

470057, Auxiliaries-Excess Property (cash or check sale and the selling department is an auxiliary department)

800057, Internal Income-Excess Property (ID sale, note: buying department should use an appropriate expense account)

Equipment

Questions or Problems with your Major Equipment Inventory?
Contact the Property Management office located within the Comptroller’s office with questions concerning your departments’ major equipment inventory. Contact Judith Alberts at 315-443-5372 or email at jlalbert@syr.edu

What is 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 or equal to $5000, 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.