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Fixed Assets

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Fixed Assets Management of Capital Equipment at the University of Virginia Introduction to Capital Equipment Management Equipment Additions Equipment Disposals ... – PowerPoint PPT presentation

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Learn more at: http://www.virginia.edu
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Title: Fixed Assets


1
Fixed Assets
  • Management of Capital Equipment at the University
    of Virginia

2
Introduction to Capital Equipment Management
  • Equipment Additions
  • Equipment Disposals
  • Equipment Tracking Maintenance
  • The Inventory Process
  • Financial Reporting

3
Equipment Additions
  • There are four ways that capital equipment gets
    added to the Fixed Assets module
  • Purchases of 5,000 or more in the Purchasing
    Module PO/AP ( ETF equipment has 500
    threshold)
  • Cost Transfers
  • Example Purchases through Cavalier Computer
  • Gifts-in-Kind (IX.A.11)
  • Releases From Sponsors or Other Universities to
    UVA (X.A.3)

4
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/Su
    rplus
  • 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

5
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
    your organizations equipment So what do you
    need to do?
  • Verify information in the system is accurate
  • Ensure Off-Ground Forms are submitted promptly
  • Contact the Fixed Assets Accounting Office when
    changes impact asset location, assignment, etc.
  • Complete and submit P-1 forms as needed

6
The Inventory Audit Process
  • Fixed Assets Accounting (FAA) scans the
    organizations bar-coded equipment assets
    (excluding Org self-audit assets)
  • Upon completion, the Org Chair Equipment
    Contact receive a Not Found Capital Equipment
    Inventory Report which lists missing equipment
  • Org must audit this report, locate missing
    assets, complete and return report to FAA along
    with any required forms (Off-grounds P-1s )
  • FAA verifies found equipment and records
    equipment inventory info in Fixed Assets Module
  • Final Certification form is sent to Chair who
    confirms missing or non-missing equipment and
    returns signed form to FAA.

7
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

8
The Role of the Fixed Assets Accounting Office
pertaining to Capital Equipment
  • Responsible for management, accounting and
    financial reporting for University equipment
    assets
  • Administrator the Oracle Fixed Asset Module and
    data updates to the system
  • Responsible for tagging newly acquired assets
    collecting asset information with scanners
  • Control/report UVA and Govt inventory
  • Responsible for control of asset retirements

9
The Role of Equipment/ Property Contacts
  • Provide information to Fixed Assets Accounting
    for ALL equipment-related activity
  • Review equipment inventory reports to ensure
    your organizations equipment is properly
    accounted for
  • Stay current on equipment policies procedures
  • Visit Fixed Assets Accountings website
  • Call or email Fixed Assets Accounting Staff with
    questions (FixedAssetsAccounting_at_virginia.edu)

10
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

11
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 Its got to be right or a cost
    transfer has to be done.
  • Furniture is always non-capital equipment
    regardless of threshold cost or quantity

12
The Importance of Expenditure Types
  • It represents the core data element for Fixed
    Assets Accounting
  • Understanding the signs.
  • Use these for UNIT cost not total cost
  • gt/ 5K greater than or equal to 5,000
  • lt5K less than 5,000
  • Cost transfers
  • If the original expenditure category is wrong you
    need to do a cost transfer (exception All ETF
    cost transfers are done by Fixed Assets
    Accounting)

13
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 Fixed Assets Accounting if equipment has
    changed location or assignment
  • Review Not Found inventory lists and work with
    the Fixed Assets Accounting to reconcile any
    differences
  • Ensure Inventory Certification is completed
    submitted
  • Ensure Off-Grounds certifications are completed
    submitted

14
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

15
Fixed Assets Accounting Staff
Name Position Email Phone
Gary Young Director - Fixed Assets Accounting gdy4f_at_virginia.edu 434-924-4284
Lisa Layne Manager - Plant Accounting lwl5h_at_virginia.edu 434-924-4283
Richard Hebert Capital Equipment Accountant rah4xf_at_virginia.edu 434-924-4323
Larry Norem Equipment Specialist ljn8y_at_virginia.edu 434-924-0805
Mike Williams Equipment Inventory Specialist mww5w_at_virginia.edu 434-924-4209
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