Transcript Property Management

Property Management
Initiatives
October 17, 2005
Office of the Comptroller
Goal
 Improve management of property assets
at Penn
 Property Administrators responsible for
maintaining data
 Hirons & Associates responsible for inventory
verification
Office of the Comptroller
Importance of Property Management
 Proper stewardship of our assets will
facilitate the accuracy of information
which ultimately effects
 Indirect cost proposal to Department of
Health Human Services (DHHS)
 Outside audits
– PWC & A-133
 University Financial Statements
Office of the Comptroller
What is Property?
 Any item valued at $5,000 or more
 Useful life of more than two years
 Penn has title to the asset
 Property items with a value of $5,000 or
more are tagged and inventoried
 Items identified by Property Management
Group (PMG) via paid invoices for
purchases in BEN Buys
 Source documentation, e.g. installation
location and category very important
Office of the Comptroller
Property Administrator Role
 Effective January 1, 2006 Property
Administrators will be required to update
Property Management System for
information such as
 Custodian
 Location
 Transfers between Schools/Centers will be
made only by PMG
 Completion of appropriate forms such as
Equipment Disposal From
Office of the Comptroller
Property Inventory Verification
 Quarterly review of additions, disposals &
transfers by Hirons & Associates, Inc.
 For each quarter beginning 1Q06
– Continuing through FY07 & FY08
– Site visits to begin October 17, 2005
 Verify additions – location, description, custodian,
tagging contact, category code
 Tagging of untagged assets
 Inquiry on asset disposals and asset transfers
Office of the Comptroller
Inventory of Assets
 Verification of all assets in Property
Management System
 Bi-annual inventory of all assets FY06
– Beginning April, 2006
 Quarterly cycle counts of assets FY07 & 08
– Replaces bi-annual inventory
– One-eighth (1/8) of Penn inventory will be counted
each quarter
– Over two year period all assets counted
Office of the Comptroller
Property Management System Training
 Training will be provided by the Financial
Training Department
 Current Property Administrators
 Those newly identified by their Senior BA
Office of the Comptroller
Training Outline
 Pre-requisite Knowledge Building On-Line
 Must pass with 100%
 Instructor-led session
 Hands-on system training
– Updating location, custodian, etc.
 Review of disposal process and
applicable forms
Office of the Comptroller
Future Initiatives
 Review of fixed asset policies
 Conversion to Oracle Fixed Asset system
Office of the Comptroller
Questions???
Office of the Comptroller