Asset Management Procedures
The Role of Asset Management
Accounting standards and federal regulations require the University to identify and control the location, use, and status of capital equipment.The Reporting and Compliance, Asset Management team, is responsible for recording and maintaining records of all capital assets purchased through the University's procurement system. If you have any questions regarding asset management or your role please email email@example.com.
Capital assets are defined as tangible items that have an acquisition cost of at least $5,000 and have an estimated life of at least two years. Small Value Property is defined as all tangible items that have an acquisition cost between $3,000.00 - $4,999.99.
All small value property assets, assets costing between $3,000.00 and $4,999.99 and all capital assets, assets costing more than $5,000.00 are to be tagged when received into PeopleSoft. Small value property assets are to be identified by a yellow tag, and all capital assets are identified with a white tag. Please contact your Inventory Coordinator, Business Manager or the Asset Management specialist at firstname.lastname@example.org to report any assets that have not been tagged.
Asset Account Codes
If the purchase is for an item that is classified as an SVP (cost including delivery and set-up is between $3,000 and $4,999.99) please use the following account codes:
- 743200 - general equipment
- 743230 - computer equipment
- 743500 - furniture
- 744200 - IT equipment (NOT computers)
If the purchase is for an item that is classified as an Asset (cost including delivery and set-up is equal to or greater than $5,000) please use the following account codes:
- 843100 - general equipment
- 843300 - computer purchases
- 843320 - computer hardware
- 843390 - other IT purchases
- 841100 - vehicles
Responsibility of Faculty & Staff
Faculty & Staff should note that anything purchased from a University cost center is the property of the University and must be returned to the University should the item no longer be used for the purpose for which it was purchased, or the faculty or staff member leaves the University.
Asset Approval to Take Equipment Off Campus Form
This form is required whenever an University asset is removed from campus (with the exception of PDA, flash drives, cell phones, and laptop computers). The completed from should be sent to Information Technology Services (ITS), Inventory Control at MD #3503 for validation in the asset management system. The department using the asset is also required to maintain a copy of the completed form. The custodian is also required to notify ITS once the property is return to campus
Asset Relocation Form
This form is required whenever an asset is relocated on campus. The completed from should be sent to ITS, Inventory Control at MD #3503 for validation in the asset management system. The department using the asset is also required to maintain a copy of the completed form.
Asset Transfer Form
This form is required when an asset is transferred to another custodian within the University. The completed form should be sent to Office of Finance and Accounting, Inventory Control at MD #9110 for validation in the asset management system. The department using the asset is also required to maintain a copy of the completed form.
Laptops, Parts, and Accessories
To ensure all laptops, parts, and accessories are checked in and/or transferred as
a complete unit, ITS also tracks this equipment. Whenever a department/employee receives
and/or transfers a laptop, part, and accessories, they are required to contact so
the items are inventoried and tagged correctly:
Information Technology Services
Disposal or Surplus of Assets
When a tagged asset is destroyed or no longer in use, it must be disposed of properly. Contact the following for property surplus:
General Furniture and Non-IT related Equipment