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Section 12 - Property Accounting

Section 12.2 - Property Records

Date: 9/24/07 — Approved: Finance Board, editorial change 12/12/07

The AS Accounting Office administers detailed records of all items of property and movable equipment in the custody of AS divisions, regardless of location, acquisition method, or funding source, as well as general ledger control funds that reflect the total value of all AS property.
All property records are maintained in the FAS Fixed Asset Software System, which is integrated with the MIP Fund Accounting Software.

CONTROLLED EQUIPMENT RECORDS

The FAS Fixed Asset Software System may be used to record assets controlled by but not owned by the AS These records are treated like any other record for control purposes, but no overall dollar totals are maintained for them.  These records record items such as loaned equipment or equipment purchased by the University for use by the AS that, because of its value or sensitivity, should be controlled like owned equipment.

GROUP ASSET AND COLLECTION RECORDS

Equipment "groups" and collections may be recorded in the property records as one asset number. Individual items that belong to a group or collection are included regardless of their individual value.  For example, items that are similar in nature and their combined value are equal to or greater than $1,000 (10 chairs valued at $15 each). Divisions maintain individual accountability and control over items within a group or collection using unique internal procedures.

FIXED ASSET TAG NUMBERS

For identification and control purposes, all equipment under the jurisdiction of the AS that meets AS capitalization and control policies must be assigned a fixed asset number.  In addition, all software (regardless of price) must be assigned a fixed asset number.
Personal property brought onto AS premises is not given an AS fixed asset number. However, individuals are encouraged to place their own identification sticker on the item(s), prominently displayed, identifying themselves as the owner.

Numbered Labels

To maintain uniformity fixed asset tags are maintained by the AS Accounting Office. The fixed asset tag is affixed in such a manner that the markings remain undamaged and legible without defacing the equipment.
The assigned fixed asset tag is affixed to the equipment by means of a pressure sensitive label. The AS Controller or delegate provides uniform labels as required.

Exceptions to labeling/marking - Where it is impractical to use a pressure sensitive label because of wear, chemicals, sterilization, heat, or any other process which may deface the label or interfere with the use of the equipment, other means of marking such as stencils, contrasting paints, electric markers, stamping, etc., should be used to number the equipment and identify it as property of the AS. When labeling or marking is impossible because of the size or the sensitive nature of the item, photographs of the object or description together with any unique identifying information (serial number, measurements, maker’s mark, etc.) must be retained in a secure location.

Positioning of label/marking - The position of labels or markings varies for different types of equipment or for different uses, but a general uniformity should exist within the AS as a whole. Place the label/mark:

• On a permanent part of the equipment.
• Where it receives the least damage and wear.
• Where it can be easily seen.
• Whenever possible, the label/marking should be placed on the lower right hand corner.

Do not place the label:

• On ornamentation, cornices, or curved surfaces of molding or in any manner that adversely affects the aesthetic appearance of the equipment.
• Where it interferes with the use or repair of the equipment.

RECORD RECONCILIATION AND PHYSICAL INVENTORIES

Divisions must ensure at least annually that the FAS Fixed Asset Software System accurately reflects the status of the corresponding equipment assigned to their custody. This involves reviewing periodic reports and conducting physical inventories of the facility space/equipment assigned to them.

Changes

Changes in the status of equipment or other required information about equipment must be reported to the AS, Accounting Office within one week of the change and entered into the FAS Fixed Asset Software System.

Annual physical inventory and reconciliation

Divisions are required to conduct physical inventories of AS equipment at least once every year. All divisions are provided with an annual report listing the items of equipment that are in their custody.  The accuracy of this report must be verified in a timely manner and any corrections reported to the AS Accounting Office.

This process requires identification and review of all movable equipment assigned to the division and/or located within its physical facility space. The accuracy of all information for each item recorded on the detailed inventory listing, and any associated supplemental listings, must be verified. The physical inventory process must also include investigation of all equipment located within the division's assigned facility space, regardless of the equipment's custodial assignment. Alternative verification methods (such as bar coding) must incorporate review of all attributes prescribed for physical verification, and must be approved by the AS Accounting Office.

Initial results of the physical inventory are updated into the FAS Fixed Asset Software System no later than two months after initial distribution of the physical inventory notification. Any discrepancies identified during the physical inventory verification must be reconciled, resolved, and related updates recorded in the FAS Fixed Asset Software System. If a division fails to comply with this policy and the unresolved discrepancies are a material amount of the division’s inventory, the appropriate director to whom the division reports to will be notified and asked to assist the division in resolving the discrepancies.

PROCEDURE TO DISPOSE OF A FIXED ASSET

• All disposals must be approved by the area directors.
• All assets marked for disposal should have the tag removed and a fixed asset disposal sheet submitted and processed.
• The fixed asset disposal sheet should state the reason for the disposal and include the removed tag.
• The fixed asset disposal sheet should be completed in full and signed by two individuals (one of which is the Division  Director or the A.S. Associate Executive Director or the A.S. Executive Director).
• Once item has been disposed by the department, the item should be physically removed from the premises.
• Items that are just being inactivated and will be stored on-site should remain tagged and part of the physical inventory.

All AS divisions are responsible for disposing of their own fixed assets.

DIVISION DIRECTOR RESPONSIBILITIES

Each Division Director is responsible for maintaining adequate control of all movable equipment purchased or assigned to the division. The Division Director is also responsible for assuring that the verification of equipment reports, the affixing of fixed asset tag numbers to all items, the completion physical inventories at least annually, and the reporting changes in equipment status to the AS Accounting Office.  The Division Director is also responsible for approving all disposals.

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