Summary
Normandale Community College follows Minnesota State Procedure 7.3.6 to ensure proper management of institutional assets. The policy requires annual physical inventory for capital assets valued at $10,000 or more and a three-year cycle for other technology assets. Faculty and staff must monitor official communications, verify assigned assets, and maintain accurate records to support compliance and operational integrity. For assistance, contact the IT Services Help Desk.
Body
Overview
Normandale Community College adheres to Minnesota State Procedure 7.3.6 – Capital Assets, which outlines the requirements for managing and verifying institutional assets. As part of this compliance framework, the college conducts regular technology asset inventories to ensure accurate recordkeeping, financial accountability, and effective device management across campus.
Policy Requirements
Under Subpart E – Physical Inventory, the following guidelines apply:
- Annual Inventory: All capital assets with an acquisition cost or value of $10,000 or greater must be physically inventoried once per year.
- Cyclical Inventory: All other technology assets must be inventoried on a three-year cycle at minimum, ensuring that no asset goes unverified beyond this period.
These requirements support system-wide efforts to maintain transparency and control over institutional resources.
Faculty and Staff Responsibilities
All faculty and staff members are expected to:
- Monitor Official Communications: Stay informed by reviewing emails and announcements related to inventory procedures and deadlines.
- Verify Assigned Assets: Confirm the accuracy of technology assets assigned to them by following the asset verification procedures.
- Maintain Accurate Records: Ensure that asset records remain current and reflect any changes in assignment, location, or condition throughout the year.
Timely and accurate participation in the inventory process is essential for maintaining compliance and supporting the college’s operational integrity.
Support and Questions
For assistance with asset verification or questions regarding the inventory process, faculty and staff should contact the IT Services Help Desk (952) 358-8181