Effective 7/1/2016 the UW will no longer be required to inventory items with a previously acquired value under $5,000 that are still depreciating.
UW Financial Reporting has consulted with the University’s auditor (KPMG) and has determined that the impact to the financial statements will be material if records with previously acquired values under $5,000 are removed from the inventory system and written-off from the financial records. We will continue to depreciate these items over the next 5 years (FY17 – FY21) until they are fully depreciated or disposed of (asset retirement), then remove these items from the fixed asset system. In FY22, the remaining items under $5,000 will be written-off and removed from the fixed asset system.
The exception to this will be equipment deemed as sensitive items in the 10XX class code series (weapons, firearms, signal guns and accessories). These items are considered at risk or vulnerable to loss and will remain in the inventory system (regardless of the acquisition cost) and physically verified periodically.