Fixed Assets - University of Virginia

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18 Νοε 2013 (πριν από 3 χρόνια και 6 μήνες)

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Fixed Assets

Management of Capital
Equipment at the University
of Virginia

Introduction to Capital
Equipment Management



Equipment Additions


Equipment Disposals


Equipment Tracking & Maintenance


The Inventory Process


Financial Reporting

Equipment Additions


There are four ways that capital
equipment gets added to the Fixed
Assets module


Purchases

of $5,000 or more made in the
Purchasing Module “PO/AP” but ETF
equipment has $500 threshold


Cost Transfers

»
Example: Cavalier Computer


Gifts
-
in
-
Kind

(IX.A.11)


Releases From

Sponsors or Other
Universities
(X.A.3) to UVA

Equipment Disposals


There are a number of reasons for removing
equipment from the Fixed Asset module


Surplus

(V.II.A.6)


Use P
-
1 form and “Request to
Surplus” E
-
form at www.procurement.virginia.edu/Surplus


Release to

Other Universities
(X.A.2)
-

Use Form
P
-
1, and attach explanation from PI (Principle Investigator) &
“Request to Surplus “ form


Trade
-
In


Use Form P
-
1 Request and Document PO
(Purchase Order) Number


Cannibalization


Use P
-
1 Request


Donate

Use P
-
1 Request & “Request to Surplus” form


Abandoned or Missing


Use P
-
1 Request


Stolen


Use P
-
1 Request & file police report



Equipment Tracking & Maintenance


The orgs are primarily responsible for their
capital equipment and its maintenance.


Fixed Assets Accounting is responsible for
oversight of capital equipment policies for the
University


As the Equipment /Property Contact you are
responsible for the tracking and management
of equipment for your organization


so what
do you need to do?


Verify information in the system is accurate


Ensure that Off
-
Ground Forms are filed promptly


Contact the Fixed Assets Accounting Office when
changes need to be recorded for location,
assignment, etc.


Complete and submit P
-
1 forms as needed

The Inventory Audit Process


The Fixed Assets Accounting Staff scans the
equipment in an organization


The Organization’s Equipment/Property
Contact is notified that the scan is complete
and they must run a report for equipment that
was not accounted for


The Fixed Assets Accounting Staff returns to
scan equipment that was found and records
equipment verified to be off
-
grounds


Remaining equipment not accounted for is
considered missing and a certification form
needs to be completed

Financial Reporting


Sponsor Annual Report in September of
each year


Annual Report to SCHEV in October of
each year


Final Sponsor Property Reports


Annual Report to Budget for ETF
Allocation Analysis


Annual Financial Statements

The Role of the Fixed
Assets Accounting Office


Responsible for management, oversight and
reporting for all University equipment assets


Administrators of Fixed Asset Module of
Oracle and responsible for any data updates
to the system


Responsible for tagging newly acquired
equipment assets and collecting asset
information with electronic scanners


Responsible for UVA and Gov’t inventory


Responsible for control of asset retirements

The Role of Equipment/
Property Contacts


Provide information to the Fixed Assets
Accounting Staff for ALL equipment related
activity


Review equipment inventory reports to
ensure that your organization’s equipment is
properly accounted for


Stay current on equipment policies and
procedures


Visit Fixed Assets Accounting’s website


Call or email Fixed Assets Accounting Staff with
questions (FixedAssetsAccounting@virginia.edu)

How Oracle Changes the
Way We Do Business


Each person with FA Viewer or FA Self
-
Service access can query the Fixed Assets
Module directly


Each person with Discoverer can run their
own reports


Equipment in the Fixed Assets Module can
be updated from the integrated Oracle
Purchasing Module

The Purchasing Module


Accuracy


It is very important that ALL users in your
organization input data into this module correctly

»
Description: Must be completely filled out, using noun
first and followed by adjective. “Lab equipment” is NOT
sufficient if you have purchased a “laser, high intensity”.

»
Quantities: Must be on purchase order. On LPO show in
description; remember that items with many accessories
will be tagged as one item so you can put this on one line
in the purchase order (ex. Microscopes)

»
Freight & Installations: Code as part of capital equipment.

»
Training is NOT part of the value of the capital
equipment

»
Expenditure Type: It’s got to be right or a cost transfer
has to be done.

»
Furniture is always non
-
capital equipment regardless of
threshold cost or quantity

The Importance of
Expenditure Types


The core data element for Fixed Assets
Accounting reporting


Understanding the signs….


Use these for UNIT cost not total cost


>/= $5K: greater than or equal to $5,000


<$5K: less than $5,000


Cost transfers


If the original expenditure category is wrong you
need to do a cost transfer according to the
instructions for the Grants Management module

Equipment/Property Contacts must
:


Fill Out the P
-
1 Form When…


Transferring Equipment internally


Disposing of Equipment


Releasing equipment to another institution


Receiving specific types of Acquisitions


Review their Reports Monthly To…


Ensure each organization has accounted for all capitalized
equipment as well as Government
-
Furnished or owned equipment


Inform the Fixed Assets Accounting Staff if equipment has
changed location or assignment


Review missing inventory lists and work with the Fixed Assets
Accounting Staff to reconcile any differences


Ensure Inventory Certification is completed & submitted


Ensure Off
-
Grounds certifications are completed & submitted

Items You Will Need



Contact Information


List of Expenditure Types
(Discoverer Report)


The P
-
1 Form and Instructions


Inventory Certification Form


Off
-
Grounds Equipment Certification
Form


Fixed Assets Accounting Staff

Name

Position

Email

Phone

Gary Young

Director
-

Fixed
Assets Accounting

gdy4f@virginia.edu


434
-
924
-
4284


Malika Ouenza


Manager
-

Plant
Accounting

mo4x@virginia.edu

434
-
924
-
4283

Donna Cox


Manager
-

Equipment
&
ETF Accounting

dcc5w@virginia.edu

434
-
924
-
4323


Larry Norem


Equipment Specialist

ljn8y@virginia.edu

434
-
924
-
0805

Mike Williams

Equipment Inventory
Specialist

mww5w@virginia.edu


434
-
924
-
4209