The University of Illinois System has received approval from CMS at the State of Illinois to remove non-capitalized equipment from inventory that has depreciated below $1,000. Property Accounting has analyzed all non-capitalized equipment and estimated the depreciated value of each item.
Equipment depreciation listings
During December, Property Accounting will send each university unit a listing of all their equipment depreciated below $1,000 approved for record removal for Banner tracking purposes. Each unit will have an opportunity to review their list. Although not required, units may request retention of these Banner equipment tracking records if the estimated Fair Market Value exceeds $1,000.
Mass disposal dates and guidelines
Property Accounting will be working with AITS to perform mass disposal of these items during the week of February 8-12, 2021. During this time, the FABweb/Biennial Inventory applications will be unavailable for use.
The equipment records will be disposed with a unique disposal code for identification and the disposed records will still be viewable in Banner form FFIMAST. Once these records are removed in February, units will be required to physically remove the PTag numbered labels from items removed from inventory prior to their next Biennial Inventory certification.
As a reminder, although State regulations don’t require this equipment to be tracked, equipment purchased by the University of Illinois remains property of the State and must follow university disposal procedures.
Additional Info
For more information about Phase III of the threshold change, please refer to Equipment Threshold Change.
Contact
For questions regarding Phase III of the threshold change, please contact Marti Conrad at mdesjar2@uillinois.edu or 217-300-2159.
