Asset Purposes & Categories

Asset Purpose

To enable proper reporting and compliance, all Assets entered in the Central Asset Management System must first be classified as having one of the following three purposes:

  1. Research

  2. Teaching

  3. Operations

 

The rules below apply when determining an Asset’s Purpose:

Any asset purchased in whole or in part using agency grants or research funding must be recorded under Research.

Irrespective of its source of funding, any asset used for research (even if only occasionally) must be identified as Research.

Assets used only for Teaching and not procured using Agency Grant or Research Funding, are to be recorded under Teaching.

Assets used for operations only, and not procured using Agency Grant or Research Funding, are to be recorded under Operations.


Categories

McGill University is developing plans to gradually optimize the lifecycle management of the following assets:

Furniture and Appliances

Any furniture or appliance used for University-related activities.

Furniture and Appliances are designated for tracking and tagging if they meet any of the criteria below:

  • Minimum value threshold of $1,000 at time of acquisition.
  • Any appliance containing refrigerants, regardless of value.
  • Any appliance, which may be subject to third party audits for environmental, health, or safety purposes, regardless of their value.

IT Assets - Hardware

IT Assets – Hardware refers to any IT equipment used on or off campus, for University-related activities. This includes equipment such as: personal workstation components such as desktops and laptop computers, printing and scanning devices, mobile communication devices, fixed communication equipment, data-storage and distribution devices, audio-visual equipment, peripherals and other mobile devices, POS stations, 3-D printers, and so on.

IT Assets – Hardware are designated for tracking if they meet any of the criteria below:

  • Minimum Value Threshold of $250 at time of acquisition.
  • Is used to either collect, record, analyze or distribute University data, regardless of its initial dollar value.

IT Assets – Software

IT Assets – Software refers to any type of software used on or off campus, purchased and installed on either a University computer or server, or any computer or server, dedicated for use by McGill University. This does not include software as a service tool, and or other subscriptions.

IT Assets – Software are designated for tracking if they meet any of the criteria below:

  • Minimum Value Threshold of $1,000 at time of acquisition.

Musical Instruments

Any musical instrument is designated for tracking and tagging if it meets the following criteria:

  • Minimum Value Threshold of $1,000 at time of acquisition.

Non-Depreciable Assets

These include any artwork, architectural element, artefacts, or other items of historical significance. Regardless of financial value, tracking and tagging may be advised on a case-by-case basis, in collaboration with University Archives, and other experts.


Scientific Instruments

Measurement instruments, microscopes, medical and dentistry instruments, incubators, spectrometers, scanning devices. Includes any asset used for research purposes and which does not fall, first, in any of the other categories (IT-Hardware, IT- Software, Furniture and Appliances, Musical Instruments, and so on).

  • Minimum value threshold of $1,000 at time of acquisition.
  • Scientific Instruments containing refrigerants, regardless of their value.
  • Scientific Instruments, which may be subject to third party audits for environmental, health, or safety purposes, regardless of their value.

Sports and Recreational Equipment

This category includes gym and fitness equipment, treadmills, soccer nets, paddleboards, etc. Sports and Recreational Equipment are designated for tracking and tagging if they meet any of the following criteria:

  • Minimum value threshold of $1,000 at time of acquisition.
  • Sports and or recreational equipment, which may be subject to third party audits for environmental, health, or safety purposes, regardless of their value.

Tools and General Machinery

This categories includes items such as drills, floor buffers, metal presses, sawing, milling and cutting equipment, compressors, farming tools and equipment. Tools and General Machinery are designated for tracking and tagging if they meet any of the following criteria:

  • Minimum value threshold of $1,000 at time of acquisition.
  • Any tool or piece of machinery, which may be subject to third party audits for environmental, health, or safety purposes, regardless of their value.

Vehicles

Any motorized or non-motorized vehicles, including vehicle attachments, trailers or boats, used for transporting people, equipment, animals or goods in the context of University-related activities.

  • There is no Minimum Value Threshold or risk criteria for vehicles. All vehicles fall under the scope of the Asset Management Program and must be tracked and tagged.

 

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