Presented by the Controller’s Office
What is Property?
Capital vs. Expendable
• Capital
– Useful life extending beyond one year
– $5K threshold for tangible personal property
(equipment, furniture, computers, etc.)
– $100K threshold for buildings and infrastructure
• Expendable
– Useful life less than one year and/or an acquisition
cost of less than the applicable capitalization
threshold
• 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
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
• Role owners delegated via completion and submission
of Property Management Role Designation Form http://fla.st/1kn6Pum
Responsibility for FSU Property
Accounting & Property Services (APS)
• Establish policies and procedures ensuring the
safeguarding of university assets
• Ensure compliance with laws, rules,
regulations, policies and procedures
• Coordinate the annual physical inventory of
capital property
• Account for the acquisition, transfer and
disposition of capital property
• Maintain property records in OMNI
Responsibility for FSU Property
Sponsored Research Administration (SRA)
• Ensure property acquired with federal
contract or grant (C&G) funds are in
maintained in accordance with applicable
federal rules and regulations
• Coordinate the proper accounting for and
tagging of title restricted C&G property
• Approve transfers/dispositions of C&G capital
property before sending to APS
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
• Determines the appropriate disposition
method (surplus, scrap, etc.) for departmental
property
Responsibility for FSU Property
Property Manager
• Serves as final approver for the disposition /
transfer of certain departmental property:
– Expendable property (cost less than $5K)
– EXCLUDES all vehicles
– EXCLUDES all devices with a hard drive
• Must obtain approval of APS for the disposition /
transfer of all other departmental property:
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Capital property (cost at least $5K)
ALL vehicles
ALL devices with a hard drive
Must also obtain SRA approval for C&G property
Responsibility for FSU Property
Principal Investigator
• Manage all property acquired through their sponsored
awards
• Ensure compliance with terms and conditions outlined
in award
• Track equipment utilized in their facilities / under their
direction
• Assist in completion of reports and physical inventories
• Notify department of changes in condition, location or
loss/damage
• Also see the Government-Owned Property Appendix to
FSU Property Policies (http://fla.st/1iXP5Ee)
Responsibility for FSU Property
Principal Investigator (cont.)
• For subcontracts, PIs are responsible for:
– Ensuring government-owned property in the
subcontractor’s possession/control is properly accounted
for
– Ensuring any instance of loss, damage or distribution of
government-owned property is reported by the
subcontractor
– Notifying SRA of loss/damage/distribution of governmentowned property
– Obtaining inventory reports from subcontractors, as
required
– Coordinating with SRA on timely submission of required
reports
Responsibility for FSU Property
Property Custodian
• Serves as first point of contact with APS
• Coordinates with APS to identify new capital
property
– Assists in physical tagging
– Provides necessary information to APS to load
capital property in OMNI
• Maintains department’s property records
Responsibility for FSU Property
Inventory Taker
• Inventories department’s capital property
• Only required for departments that perform
their own inventory
– Generally, these are departments with a relatively
large number of capital property items
• For internal control purposes, should not be
the Property Custodian or Property Manager
Safeguarding University Property
Department Guidelines
• Lock equipment in secured locations
• 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
• Online at http://fla.st/1NpjPpS
• Submit an Attractive Item Additions Form to APS to
obtain property tags
• These tags will have a gold tag, unlike regular garnet tags
• Monitoring and control of these items is the sole
responsibility of the requesting department
– APS does not verify the accuracy of the related data in
OMNI
– Attractive Item transfers, dispositions, etc. must be
coordinated by the requesting department
Property Maintenance
Departmental Responsibilities
• Adequately maintain all departmental
property per manufacturer’s specifications or
as deemed necessary
• Keep maintenance logs for property
purchased through federal awards, which
include:
– Property Detail
– Property ID
– Date/Type of Maintenance Performed
• Notify APS if assets become impaired
Property Acquisitions
• Unless approved in advance by APS, capital assets may
not be purchased on blanket purchase orders or with
the FSU Purchasing Card
• APS is the only department authorized to have direct
contact with the Department of Motor Vehicles
• All capital property will be assigned a Tag Number by
APS, who will coordinate an appointment to:
– Assess whether a property tag can be physically applied to
the item
– Physically apply a tag, as appropriate
– Obtain necessary information about the asset to load into
OMNI (e.g. Serial Number, Description, Location, etc.)
Property Acquisitions
Capital Property Tags
• All non-C&G Property Tags:
– “Property of FSU”
– Black bar code label with garnet text on white background
– Tag Number begins with 4920 00
• Tags for C&G-funded property vary depending on FSU’s title to the
property, per the sponsored agreement:
1.
2.
“Property of FSU” (no title restrictions) - 4920 00
“Property of US Government” (Federal government retains title)
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3.
FSU Tag# - 4920 FT
Special “Property of U.S. Government” tag also issued
“Property of Sponsoring Agent” (non-Fed sponsoring agent retains
title) - 4920 AO
4. “Conditional Title” (FSU retains title with restrictions) - 4920 CT
– All C&G property tags have a black bar code and types 2-4 have a
green background color
Property Acquisitions
Equipment Fabrication
• Property fabricated or constructed by or for the University may
meet the criteria of a capital asset
• If equipment fabrication is expected to have a total value of at least
$5,000, department should:
– Notify APS before construction begins
– Coordinate the establishment of an Optional Chartfield 2 (CF2) value
– Use this CF2 on all POs and vouchers related to the fabrication
• Accurate and complete records of all fabrication-related
expenditures should be maintained by department
• Upon completion, the department should submit a memo to APS
detailing
– Description of the property
– Accumulated cost of the property
– Dept ID, Fund Code and Project ID (if applicable) to which the property
is to be assigned
Property Acquisitions
Donated/Gifted Property
• Benefiting a Sponsored Project (contract or grant)
– Property Manager should send a memorandum to SRA to
include:
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Itemized list of donated items, with complete descriptions
Value (cost or fair market value, if determinable)
Original acquisition date
Name/contact info of providing agency
– SRA will determine the acceptability of the donated item(s) and
to which contract/grant the item(s) will be assigned
• Benefiting other than a Sponsored Project
– Donations should always go through a university Direct Support
Organization (DSO) – Foundation, Research Foundation, etc.
– A memo with the information above PLUS DeptID / Fund /
Project ID to which the property is to be assigned should be sent
to the appropriate DSO as well as APS
Property Inventory
• All capital property must be inventoried annually
• Performed by department or by APS, depending on number
of assets
• Inventory Schedule
– Posted online the beginning of the fiscal year
(http://fla.st/1SLT7fX)
– Contains information on:
• Inventory Deadline
• Number of assets to be inventoried
• Who will complete inventory (Dept or APS)
• 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/1QkIFgM
– Setup guide – http://fla.st/1QkIEcZ
Property Inventory
Inventory Completion Certification
• Online at http://fla.st/1SLTNBT
• Form must be completed & signed upon completion
of inventory
• Required for every department with at least one
capital asset (even if APS performs the 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/1SLTRBv
Capital Property Moves / 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
Documented via Capital Property Change Form
• Form online at http://fla.st/1Ma06g5 and
http://fla.st/1Ma09Zv (addendum Excel form)
• SRA must approve of Contract/Grant-owned
capital property changes
• Physical relocation handled by Building Services,
via a Facilities work order (http://fla.st/1iXOX7N)
Property Dispositions
Accountability Release
• All disposition types require the completion
and approval of an Accountability Release
form (AR) if the property is:
– Being transferred to Surplus Property OR
– Capital (cost at least $5,000) OR
– A vehicle OR
– Contains a hard drive
• AR online at http://fla.st/1WPrYOQ and
http://fla.st/1WPs1Kx (Excel addendum form)
Property Dispositions
Surplus Property
• Items that are obsolete, uneconomical,
inefficient, or no longer serve a useful function.
– Made available to other departments first
– Then sold via online auctions
• 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 Manager is responsible for determining
whether items have residual value.
• Property which is unsafe for further use or which
has no value should not be classified as surplus.
Property Dispositions
Expendable Property
• Property items with an original cost of less
than $5,000.
• Department Property Manager must approve
of these dispositions.
• If the item does not contain a hard drive, is
not a vehicle and has been deemed to have no
residual value, no further approvals are
required.
• Assistance in physical disposition of items is
available via a Facilities work order.
Property Dispositions
Trade-Ins
• 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 APS should include the approved
requisition
• Department should ensure any tag numbers or other references to
FSU property are removed prior to return to vendor
• Vehicle Acquisition Form should be used for vehicle trade-ins
(http://fla.st/1N8kSu3)
Property Dispositions
Other 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 item’s component
parts for the repair of other university
property
• Scrapped – Recycle or dump an asset with no
value
Property Dispositions
Other Dispositions
• Abandoned/non-recoverable – The cost to
retrieve the property is greater than the value of
the item
• Transfer/donation to other organization (C&G
property)
– Request should be routed through SRA
– 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
U.S. Government-Owned Property
• Request should be made to the contracting
officer for authority to dispose of / 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
Property Dispositions
Hard Drive Scrubbing
• Any property containing a hard drive must be scrubbed
prior to disposition
– These types of items may include PCs, laptops, smart phones,
copiers, etc.
– The Accountability Release form must include the initials of the
departmental employee who scrubbed the item’s hard drive
– 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 Surplus Property
• Additional information on media scrubbing is available at
http://its.fsu.edu/IT-Security/Computing-Security/DataCleansing
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) for capital property
• Form online at http://fla.st/1OH5w6g
Removal of Property from FSU
• Removal of capital equipment for a period up to 1 year
– Must be approved by the department’s Property Manager
or budget account manager
– DATES RUN JULY 1 – JUNE 30 ONLY
– The ER for the item will automatically expire on June 30th
of the fiscal year in which the form was completed
• Removal of capital property in excess of one year
– Must be approved by the appropriate Dean, Director or
Department Head
• Upon return of the equipment to campus, the Property
Custodian must sign a copy of the ER and return to APS
Vehicles
• APS obtains Registrations/Titles for vehicles, boats,
trailers, and mobile offices
• All required documents from a vessel or vehicle must
be sent to APS including:
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FSU Vehicle Acquisition Form (http://fla.st/1N8kSu3)
Purchase Order (copy)
Manufacturer’s Certification of Origin/Title (original)
Dealer Invoice (copy)
Application for registration / Title (original)
DeptID / Fund to be charged for registration & title fees
• 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 - http://controller.vpfa.fsu.edu/query
Resources
• Asset Management website http://controller.vpfa.fsu.edu/asset-management
• University Property Policies (OP-D-2-F) - http://fla.st/1AdLpCc
• Frequently Asked Questions - http://fla.st/1OH60cu
• Departmental Business Management Guide - http://fla.st/1OH62Ba
• Property Forms - http://fla.st/1OH638e
• Additional information on OMNI, queries and reporting at FSU is
available via the Controller’s Office General Ledger classes http://fla.st/1OH67VB
• FSU Surplus Property website http://controller.vpfa.fsu.edu/surplus