NCCCS EQUIPMENT MANUAL
RECORD ENTRY, CHANGE, OR DELETION PROCEDURES
Items will be entered into, changed or deleted from inventory records by the local college.
ENTRY OF RECORDS
All items of major equipment (items costing $1,000 or more) purchased totally or in part from state funds must be entered into the inventory records, changed as necessary, and deleted when final disposition is made. Equipment with a cost of less than $1,000 is considered minor equipment and your institution has the discretion of using equipment or current operating funds for these purchases. Refer to the NCCCSO Accounting Procedures Manual for further clarification.
State equipment - These are items purchased from the state capital outlay fund and entered into the records in Fund Source 1. The State Board of Community Colleges requires that items purchased from state funds which cost $1,000 or more, be placed on inventory.
State/Federal equipment - These are items bought with a mixture of state and federal funds. These items must be carried on the state inventory with the state portion of funding recorded in Fund Source 1 and the portion paid from federal funds recorded in Fund Source 2.
Federal equipment - These are items purchased totally from federal funds and are entered into the records in Fund Source 2.
Local equipment - These are items purchased from local funds and are entered into the records in Fund Source 3 or 8 (3 = County and 8 = Institutional).
Construction funds - These items are purchased as a part of a construction project. They are items of movable equipment and are entered into the records in the same manner as other state equipment as Fund Source 4
Donated equipment - These items are equipment that is donated to the college. These items should be recorded into the inventory records with the fair market value shown as the cost in Fund Source 6.
IMPORTANT INFORMATION: RECORDING TRADE-IN ALLOWANCE
For recording purchases for which you have a trade-in allowance, you must show the total value of the piece of equipment. For example, if the total cost of the equipment is $5,000, and you pay $3,000 and have a $2,000 trade-in allowance, the item would be entered into the records reflecting $3,000 in Fund Source 1 and $2,000 in Fund Source 5.