Nothing too complicated. In all of the facilities I have worked with, we would keep a detailed record for each piece of equipment, noting date purchased, dates and nature of maintenance, dates and nature of repair(s), date replaced and destination of the piece of equipment.
Replacement plan/cycle–when needed.
at my own studio, the equipment is under constant scrutiny because my husband and I are the only ones using it, and we make sure it is in proper working order or else replace or repair as needed.
At a club where I belong, all is inventoried, and repairs or replacements are done as needed but not on a pre-determined cycle.