Asset management ensures institutional compliance, protects University assets, and supports accurate financial reporting and Facilities & Administrative (F&A) rate calculations.
This guidance applies to all Schools, Departments, and Divisions of the University of Maryland, Baltimore (UMB).
UMB maintains inventory records based on equipment classification.
Capital equipment is recorded in the University’s Capital Asset Management System and subject to biennial physical inventory. Departments must document additions, transfers, location changes, and deletions to ensure compliance and accurate financial reporting.
Departments are responsible for maintaining and tagging all non-capital and sensitive equipment. A complete inventory must be maintained and physically verified at least once every two years.
Surplus property includes University-owned equipment that is no longer needed. Departments must follow established procedures before transferring, disposing, selling, or donating assets.
Guidance on treating internally developed or purchased software as a capital asset, including capitalization rules, cost tracking, and useful life for financial reporting and F&A calculations.
Equipment inventory management is a departmental responsibility and is subject to audit review.
Equipment inventory responsibilities must be adequately segregated so that no individual has control over the entire process.
The following duties should be separated whenever possible:
Departments should complete Control Self-Assessment and Separation of Duties forms, as applicable, to document internal controls. Contact Management Advisory Services (MAS) for assistance.
Financial Services – Capital Equipment Inventory (FSCEI)
Procurement Services – Surplus Property
Management Advisory Services (MAS)
220 Arch St.
Office Level 2
Baltimore, MD 21201
The University of Maryland, Baltimore is the founding campus of the University System of Maryland.
620 W. Lexington St., Baltimore, MD
21201 | 410-706-3100
