Part III - UNM Finance: Practical Applications

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Standard Accounting Resource Manual (SARM)

MSC 0000 00
1 University of New Mexico
Albuquerque, NM 87131

Inventory

UNM Property Management and Control (Policy 7710), states that inventoried property is defined, with one exception, by the following three criteria:

1) The cost is greater than $5,000,

2) The property has a useful life of more than one (1) year, or

3) The property costs less than $5,000 but require separate tracking for University insurance purposes (i.e., drones, computers, loaned or leased property.

Inventoried property costing more than $5,000 is also defined as equipment and is capitalized on UNM's financial statements and is depreciated.