Transcript Document

Presented by the Controller’s Office
What is Property?
Capital vs. Expendable
• Capital
– Useful life extending beyond one year
– $5K threshold for tangible property (equipment,
furniture, computers, etc.)
• Expendable
– Useful life less than one year and/or an acquisition
cost of less than $5,000
• Expense Account Short List - http://fla.st/1AdJ22d
Expendable Property Accounts
Capital Property Accounts
Generally start with ‘74’
Generally start with ‘76’
What is Property?
Property Cost
• Total cost of property includes:
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Cost of item
Shipping
Installation
Other costs incurred to acquire and/or install property
Improvements that significantly extend the useful life of the item
• Software
– Capitalizable cost is based on acquisition value per licensed user
– Renewable annual licenses are not capital no matter cost/user
• Donated/gifted property
– Should always come through FSU Direct Support Organizations (DSOs)
– DSO should provide FSU with a memorandum describing the donation
and its value
– If this value is $5,000 or more the property should be capitalized
Responsibility for FSU Property
• All university-owned property should be properly
used and safeguarded by all employees at all
times
• Vice presidents, deans or directors may delegate
their ultimate responsibility for property
accountability to individuals in their department
with the following roles:
– Property Manager
– Property Custodian
– Inventory Taker
Responsibility for FSU Property
Property Manager
• By default is the department’s Budget Manager but can
be assigned to another
• For contract and grant acquired property, assigned to
Principal Investigator as long as contract/grant is active
• Responsibilities
– Approves the transfer/disposal of department’s property
– Runs reports to identify department’s inventory
– Provides support (i.e. Purchasing and/or Accounts Payable
documentation) to justify property acquisition cost
Responsibility for FSU Property
Property Custodian
• Serves as first point of contact with Property
Services
• Identifies University property (coordinates
completion of PIFs)
• Maintains department’s property records
Responsibility for FSU Property
Inventory Taker
• Inventories department’s property
• For internal control purposes, should not be
the Property Custodian or Property Manager
• For small, personnel-limited departments:
– This person may be the Property Manager
– A memorandum should be included with the final
inventory statement explaining the circumstances
Safeguarding University Property
Department Guidelines
• Lock equipment in secured locations
• Perform adequate maintenance and upkeep of
equipment
• Train staff on procedures for properly handling
equipment
• Lock doors when rooms are not in use
• Store equipment in environmentally suitable
locations to prevent corrosion, contamination
and damage of sensitive parts
• Track items that are removed from campus
Safeguarding University Property
Attractive Items
• Departments are encouraged to perform a risk
assessment (both financial and operational) on
their property to identify those items that are
particularly at risk or vulnerable to loss
• A cost/benefit assessment should be conducted
before developing any internal policies for
managing high-risk property items
• OMNI’s Asset Management system is available for
departments to help identify and track attractive
property
Safeguarding University Property
Attractive Item Additions Form (PA 02)
• Online at http://fla.st/XhmrUM
• Submit an Attractive Item Additions Form (PA 02)
Property Services to obtain property tags
• These tags will have a gold tag, unlike regular
garnet tags
Property Acquisitions
• All capitalizable property will be assigned a
Property Identification Number (aka Tag Number)
by Property Services
• Unless approved in advance by Property Services,
capital assets may not be purchased on blanket
purchase orders or with the FSU Purchasing Card
• Property Services is the only department
authorized to have direct contact with the
Department of Motor Vehicles
Property Acquisitions
FSU Tags
• Capital property tags can be identified by a
black bar code label with garnet text
• Will include Property Identification Number
and barcode
• Sent to FSU departments with Property
Identification Form (PIF)
– Information about the asset (e.g. location,
description) must be completed on PIF and
returned to Property Services
Property Acquisitions
Property Identification Form (PIF)
• Completed Property Identification Form
should be returned to Property Services
within 15 business days of receipt
Property Acquisitions
Equipment Fabrication
• Property fabricated or constructed by or for the University may
meet the criteria of a capital asset
• If equipment construction is expected to have a total value of at
least $5,000 should notify Property Services up front
• Accurate and complete records of all construction-related
expenditures (cost of labor and component parts, etc.) should be
maintained by department
• Upon completion, the department should submit a memorandum
to Property Services detailing
– Description of the property
– Accumulated cost of the property
– Dept ID and Fund Code to which the property is to be assigned
• Optional chartfields (CF1-3) may be useful in tracking these
expenditures in OMNI
Property Inventory
• All capital property must be inventoried annually
• Performed by department or by Property Services,
depending on number of assets
• Inventory Schedule
– Posted online the beginning of the fiscal year
– Contains information on:
• Inventory Deadline
• Number of assets to be inventoried
• Who will complete inventory (Dept or Property Services)
• Email sent to department in weeks leading up to their
inventory period, containing:
– Deadline reminder
– Detail of assets to be inventoried
Property Inventory
Inventory Scanners
• Handheld device used for scanning FSU
property tags
• Provide electronic data files that are loaded to
OMNI to update:
– Asset Location
– Inventory Date
• User & setup guides available online
– User guide - http://fla.st/1AdHy8m
– Setup guide - http://fla.st/1AdHBkr
Property Inventory
Inventory Certification Form (IC 852)
• Online at http://fla.st/1AdIzx7
• Form must be completed & signed upon
completion of inventory
• Serves several purposes
– Lists assets that could not be scanned
– Certifies proper completion of the inventory
process for all departmental assets
– Can be used to request replacement tags
• Addendum form available if additional space is
needed to list assets - http://fla.st/1AdII3D
Property Changes
• Documentation required whenever any of the following
changes made to capital property:
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Location
Transfers of ownership (department/fund/project)
Descriptions
Property disposal or acquisition via transfer to/from Surplus
Property
• Authorizations
– Only Authorized Signers can approve property changes
– Sponsored Research Accounting Services must also approve of
Contract/Grant-owned property changes
– For property transfers, Property Change Form (PC 213) form
must be signed by both transferring and receiving departments
• PC213 form online at http://fla.st/XhmHms and
http://fla.st/XhmUGv (addendum Excel form)
Property Dispositions
• ALL university property, regardless of cost (capital and
expendable), should be disposed of with the written
approval of the University’s Property Survey Board
Disposition Types
Lost/stolen, maliciously destroyed items
Cannibalization
Scrapped
Abandoned/non-recoverable
Transfer/donation to other organization
(non-C&G property)
Transfer/donation to other organization
(C&G property)
Disposal of U.S. government-owned
property
Trade-in
Surplus
Property Dispositions
• Lost/stolen, maliciously destroyed items
– Requires FSU Police Department notification
– Departmental accountability release granted on a
case-by-case basis
• Cannibalization
– Use of an items component parts for the repair of
other university property
• Scrapped
– Recycle or dump an asset with no value
Property Dispositions
• Abandoned/non-recoverable
– The cost to retrieve the property is greater than
the value of the item
• Transfer/donation to other organization (nonC&G property)
– Must route through Property Services
Property Dispositions
• Transfer/donation to other organization (C&G
property)
– Request should be routed through the Office of
Sponsored Research
– Principal Investigator (PI) must initiate request
– Factors to consider when requesting:
• Is the PI continuing the same research project at the
new institution?
• Will the transfer negatively affect other research of the
department and the functions of the remaining faculty?
Property Dispositions
• Trade-in
– The purchase requisition for the new property acquisition should
include:
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Description of property traded
A statement of condition
Details on the Trade-in allowance
FSU property decal number(s)
Serial number(s)
Model number(s)
Age of the property
Location of the property
– Disposition documentation sent to Property Services should include
the approved requisition
– Department should ensure any tag numbers or other references to
FSU property are removed prior to return to vendor
– Capital assets may not be traded in for expendable property
Property Dispositions
• Disposal of U.S. government-owned property
– Request should be made to the contracting officer for
authority to dispose of or transfer the equipment
– When a transfer of title has been affected, all U.S.
Government identification must be removed and a
University Property decal will be provided by Property
Services and affixed to the equipment
• All disposition types EXCEPT transfers to Surplus
Property require the completion and approval of an
Accountability Release form (AR 212)
• AR 212 form online at http://fla.st/1rSPCdf and
http://fla.st/Xhn00G (Excel addendum form)
Property Dispositions
Surplus Property
• Items not wanted by departments are sold at
auction to the public
• Only property that is in working condition, or
which has parts that are valuable and could be
readily used or re-sold should be classified as
surplus
• Property which is unsafe for further use or which
has no value should not be classified as surplus,
– May be disposed of via cannibalization or
recycling/dumping using the Accountability Release
Form (AR 212)
Property Dispositions
Surplus Property
• To classify property as surplus and initiate the transfer of property
to the surplus warehouse, the department Property Custodian
should complete a Property Change Form (PC 213)
• Any property containing a hard drive must be scrubbed according to
University policy
– These types of items may include computers, printers, copiers,
cameras
– The PC 213 must include the initials of the departmental employee
who scrubbed the hard drive on the item
– Each item scrubbed should have a properly completed scrub sticker
attached
• Should include date computer was scrubbed and name of person who
scrubbed
• Stickers may be obtained from Property Services
• Additional information on the Surplus Property process is available
at http://fla.st/Xhn8gB
Removal of Property from FSU
• Property may be removed from campus
locations only if
– It is required by a contract or grant or
– If the use of the property in the off-campus
location will further the goals of the University
• Must use the Equipment Use Request Form
(ER 244) for capital property
• ER 244 online at http://fla.st/Xhnt2T
Removal of Property from FSU
• Removal of equipment for a period up to 1 year
– Approved by the department’s Property Manager or budget
account manager
– DATES RUN JULY 1 – JUNE 30 ONLY
– The ER 244 for the item will automatically expire on June 30th
of the fiscal year in which the form was completed
• Removal of property in excess of one year
– Must be approved by the appropriate Vice President or Dean
• Upon return of the equipment to campus, the Property
Custodian must sign a copy of the ER244 and return to
Property Accounting
Vehicles
• Property Services obtains Registrations/Titles for
vehicles, boats, trailers, and mobile offices
• All required documents from a vessel or vehicle must
be sent to Property Services including:
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Purchase Order (copy)
Receiving Report (copy)
Manufacturer’s Certification of Origin/Title (original)
Dealer Invoice (copy)
Application for registration/Title (original)
Payment request for the license plate
• Vehicles may not be driven until properly registered,
tagged and insured by the University
Useful OMNI Queries
Query Name
Description
FSU_DPT_AM_CURR_ASSETS
List your department's current assets
FSU_DPT_AM_PROPERTY_ROLES
Identifies the Property Manager, Property Custodian
and Inventory Taker for each department
FSU_DPT_AM_NOT_INV
Assets not yet inventoried in the current inventory
cycle
FSU_DPT_AM_ASSETS_INV
Assets inventoried by department in the current
inventory cycle
FSU_DPT_AM_LAST_INV_DT
The last inventory date of assets not yet inventoried
in the current cycle
FSU_DPT_AM_ASSET_ACQ_CUSTODIAN
Detailed acquisition and custodial (offsite to)
information for department’s assets
FSU_DPT_AM_TRANS_RET_ASSETS
Assets transfers and retired by department
FSU_DPT_AM_CURR_NONCAP
Expendable property that was added manually to
OMNI Asset Management for tracking/inventory
purposes
Complete listing of Controller’s Office queries
Resources
• Accounting & Property Services website - http://fla.st/Xho7gU
• University Property Policies (OP-D-2-F) - http://fla.st/1AdLpCc
• Frequently Asked Questions - http://fla.st/XhnC6p
• Departmental Business Management Guide - http://fla.st/XhnB2o
• Property Forms - http://fla.st/1AdL8PE
• Additional information on OMNI, queries and reporting at FSU is
available via the Controller’s Office General Ledger classes http://fla.st/1AdKQsd
• FSU Surplus Property website - http://fla.st/1nzFgfn