Reporting & Fixed Assets

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FIXED ASSETS
Presented by :
Aaron Helfenberger and Karen Worthy
Reporting & Fixed Assets
Our goal is to educate you on the
processes, procedures, and everyday
activities of the Reporting & Fixed
Assets office.
Agenda
• What is a fixed asset and why is it important?
• How is a fixed asset acquired?
• How do you maintain and dispose of fixed assets?
(FORMS)
• Annual Inventory
• Individual Responsibilities
What is a Fixed Asset?
A fixed asset is defined as University
property such as land, buildings, and
equipment, with a total cost equal to or
greater than $5,000, and a useful life of
two or more years.
EXCEPTION: Software must be over $100,000
Examples of Fixed Assets
 Buildings
 Campus Vehicles
 Infrastructure
 Equipment

Art Collections
Expanded Definition
 Total Costs = purchase price + other costs incurred to
place the asset in its location and condition for use
 Shipping/delivery costs
 Installation/set up fees
 Interest costs, legal fees, etc. incurred during the
construction of an asset (i.e. buildings)
 DOES NOT APPLY:
 Service contracts
 Extended warranties
Maintenance Costs
 Maintenance costs are expenses incurred to keep assets in
normal operating condition and to help maintain the original
use of the asset.
 Maintenance costs do not extend the life of an asset beyond the
expected useful life.
 Examples: repairs, replacement parts, painting, service
agreements, etc.
 MAINTENANCE COSTS = FIXED ASSET
Capitalization & Depreciation
 A fixed asset becomes ‘capitalized’ when it is recorded
on the financial statements as an asset.
 A fixed asset is ‘depreciated’ by allocating the cost of
the asset over its useful life.


Straight line method (total cost-salvage value/useful life)
NOT depreciated: land, certain land improvements,
construction-in-progress, works of art/historical treasures
UNC Charlotte Total Assets
($1,444,209,946)
UNC Charlotte TOTAL ASSETS =
$1,444,209,946
as of 6/30/13
Endowment
Investments
$66,538,488
4%
Other Investments &
Assets $14,374,343
1%
Cash, $328,969,656
23%
Fixed Assets
$1,018,489,762
71%
Receivables
$15,837,697
1%
Fixed Assets Expenditures
UNC CHARLOTTE
TOTAL FIXED ASSETS
$1,200,000,000
$1,000,000,000
$1,018,489,762
$893,141,364
$800,000,000
$810,994,573
$690,030,002
$600,000,000
$606,261,328
DOLLAR AMOUNT
$550,369,185
$400,000,000
$499,044,421
$460,723,941
$200,000,000
$0
2006
2007
2008
2009
2010
2011
2012
2013
UNC Charlotte Fixed
Assets by Type
UNC CHARLOTTE FIXED ASSETS BY TYPE
$1,018,489,762
as of 6/30/13
General Infrastructure
$151,652,648
Construction in
Progress $118,000,334
Buildings $655,172,579
Machinery & Equipment
$49,027,705
Art & Collections
$30,029,293
Land $7,331,270
Computer Software
$7,275,933
Facts and Figures
 Approximately 4,995 capitalized fixed assets
 As of June 30, 2013, total fixed assets were
$1,018,489,762 or approximately 71% of UNC
Charlotte’s total assets
 University fixed asset expenditures have increased by
85% in the last 5 years
The Fixed Assets office
 Implement and follow policies set by the Office of
the State Controller
 Follow FIT Standards issued by UNC System
 Ensures fixed assets are:




properly acquired
accounted for
maintained
disposed of
Policy Statement #601.15
CONTROL AND MANAGEMENT OF UNIVERSITY EQUIPMENT & OTHER PROPERTY
 Available at http://legal.uncc.edu/policies/up-601.15 (formerly
policy # 79)
 Highlights:
 Fixed assets definitions
 Responsibilities for each level of staff involved with fixed assets
 Obligated to comply with fixed assets procedures
 Supplemental Procedures to Policy #601.15 highlights:


Requirements during Annual Inventory
Process for lost and stolen assets
Fixed Assets Website
How is a fixed asset acquired?
 Capital Improvement Projects (Budget Office)
 Entering requisitions in 49er Mart
Question # 1
The $3,000 repair of the heating element on the pretzel
cart is a fixed asset.
TRUE OR FALSE
Answer # 1
 The $3,000 repair of the heating element on the
pretzel cart FALSE, IT IS A REPAIR
Question # 2
The one year service contract that costs $22,000 for
tuning the concert piano is a fixed asset.
TRUE OR FALSE
Answer # 2
 The one year service contract that costs $22,000 for
tuning the concert piano FALSE, IT IS A SERVICE
CONTRACT
Question # 3
What is not included in the total cost of
a fixed asset?
A. Shipping
B. Installation
C. Extended Warranties
Answer # 3
What is not included in the total cost of
a fixed asset?
A. Shipping
B. Installation
C. Extended Warranties
Question # 4
Which one of these is a capitalized
fixed asset?
A. Equipment
B. Land
C. Art
D. Buildings
E. All of the Above
Answer # 4
Which one of these is a capitalized
fixed asset?
A. Equipment
B. Land
C. Art
D. Buildings
E. All of the Above
Fixed Asset Requisition Problems
 Problems with descriptions and quantity
 Problems with lack of information in Internal Notes
 Problems with account codes
Example 1
Poor Requisitions (Example 1)
• Problem With Example 1:
Unclear Description (GEM e4)
• Solution:
Enter Layman’s Term Description in Internal Notes or
attach Internal Document providing information.
Example: Electric Vehicle
• Reason:
Informs Fixed Assets on what the asset is and assigns
an identifiable name for Inventory purposes.
49er Mart
Example 1 - Corrected
Example 1 - Corrected
Example 2 -Server
Poor Requisitions (Example 2)
Poor Requisitions (Example 2)
• Problem With Example 2:
Assets are being purchased out of one account when
multiple accounts should be used
• Solution:
When purchasing assets, be sure to purchase each
asset out of its proper account
• Reason:
When proper accounts are not used, expense accounts
are incorrect and financial statements will be
inaccurate.
Example 2 - Corrected
Example 2 - Corrected
Example 2 - Corrected
49er Mart
Example 2 - Additional
Example 3
Bioreactor
Poor Requisitions (Example 3)
Poor Requisitions (Example 3)
Poor Requisitions (Example 3)
• Problem With Example 3:
No reference to the related items included in the asset.
Non-capital items appear to be purchased out of the
incorrect account.
• Solution:
Reference the items included in the asset.
Example: (Items 1-8 all make up one asset - Bioreactor)
• Reason:
Not referencing all items included in the asset allows
the asset to be capitalized below its true value.
Example 3 - Corrected
Fixed Asset Account Codes
Account Codes (continued)
 Maintenance Contracts/Service Agreements:
Contracts between the University and a vendor
specifying a level of ongoing support for a product or
piece of equipment. Maintenance agreements often
cover a one-year or longer time period.
Account Codes (continued)
 Support Services: Services purchased from
independent contractors or external organizations for
professional and consultative personal services. These
services are needed for maintenance and/or ongoing
operations and cannot be provided by the current
staff. Such services are normally procured when there
is no maintenance contract or service agreement to fall
back on. An example of this type of expense would be
payment for support services related to software when
there is no maintenance contract or service agreement
in place.
Account Codes (continued)
 Repair & Maintenance Services: A one-time or
short-term agreement between the University and a
vendor to remediate a problem with a product or piece
of equipment. Often the agreement rate is based upon
an hourly labor charge plus parts and supplies. Both
parts and labor are recorded in the same account.
Note that repairs are corrective and restorative
following wear and deterioration; maintenance is
preventive and anticipatory.
Account Codes (continued)
 Software Accounts:
- Software is only capitalized if over $100,000. Any
software purchased under $100,000 is coded as
non-capital.
Account Codes (continued)
 Software Accounts
- Software is only purchased out of a software account if it is
software that can be installed and operated on multiple
assets, including replacement assets, if the original
equipment fails.
- If an asset is purchased and software is purchased with the
asset that can only operate with the related asset, then the
software will be purchased out of the same account as the
equipment.
Capital Project Account Codes
Account
948020
948030
948040
948050
948110
948120
948130
948140
948150
948160
948170
948180
948200
948210
948220
948230
948240
948250
948260
948270
948310
948320
948330
948340
948341
948350
948360
948370
948380
948390
Description
Bldg Contingency Reserve - Cap
Bldg Planning Expenses - Cap
Bldg Design Contracts - Cap
Bldg Commissioning Agent - Cap
Bldg General Contracts - Cap
Bldg Electrical Contracts - Cap
Bldg Plumbing Contracts - Cap
Bldg Masonry Contracts - Cap
Bldg Roofing Contracts - Cap
Bldg Erosion Control - Cap
Bldg Mechanical Contracts - Cap
Bldg Landscaping - Cap
Bldg Grade/Fill/Clear - Cap
Bldg Asbestos Removal - Cap
Bldg HVAC Contracts - Cap
Bldg Refrigeration Contracts - Cap
Bldg Elevator Contracts - Cap
Bldg Fire Protection Contracts-Cap
Bldg Telecom Contracts - Cap
Bldg Testing/Boring - Cap
Bldg Legal Fees/Advertising - Cap
Bldg Construction Site Survey - Cap
Bldg Project Inspection Fees - Cap
Bldg Miscellaneous Costs - Cap
Bldg Fixed Equipment - Cap
Bldg Acquisition Costs - Cap
Bldg Legal/Recording Fees - Cap
Bldg Appraisal Fees - Cap
University Contingency - Cap
Construction Contingency - Cap
Account
948520
948530
948540
948610
948620
948630
948640
948650
948660
948670
948680
948700
948710
948720
948730
948740
948750
948770
948810
948820
948830
948840
948850
948910
948950
948960
948970
Description
Other Contingency Reserve - Cap
Other Struct-Planning Expense - Cap
Other Struct-Design Cont - Cap
Other Struct-General Cont - Cap
Other Struct-Electrical Cont - Cap
Other Struct-Plumbing Cont - Cap
Other Struct-Masonry Cont - Cap
Other Struct-Roofing Cont - Cap
Other Struct-Erosion Control - Cap
Other Struct-Mechanical Cont - Cap
Other Struct-Landscaping Cont - Cap
Other Struct-Grade/Fill/Clear - Cap
Other Struct-Asbestos Removal - Cap
Other Struct-HVAC Cont - Cap
Other Struct-Refrigerate Cont - Cap
Other Struct-Elevator Cont - Cap
Other Struct-Fire Protection - Cap
Other Struct-Testing/Boring - Cap
Other Struct-Legal/Advertising- Cap
Other Struct-Construct Survey - Cap
Other Struct-Project Inspect - Cap
Other Struct-Miscellaneous - Cap
Other Struct-Telecom - Cap
Land Acquistion Costs - Cap
Land Improvements - Cap
Land Legal/Record Fee - Cap
Land Appraisal Fees - Cap
Requisition Reminders!
 Enter an understandable asset description
 Use the correct account codes for each line item
 Utilize Internal Notes to communicate all important
asset related information.
49er Mart Requisition
Question # 1
You just purchased a microscope for $6,200. Which
account code will you use?
A. 942220 PC/Workstation/Printer Non-Capital
B. 944540 Science Equipment > 8 year life Capital
C. 940501 Office/Reception Capital
D. 944010 Science Equipment Non-Capital
Answer # 1
You just purchased a microscope for $6,200. Which
account code will you use?
A. 942220 PC/Workstation/Printer Non-Capital
B. 944540 Science Equipment > 8 year life Capital
C. 940501 Office/Reception Capital
D. 944010 Science Equipment Non-Capital
Question # 2
You just purchased software for an i-Security Server that
costs $8,600 and the software can operate on multiple
servers. Which account should you use?
A. 942560 Software–Servers Capital
B. 942060 Software-Servers Non-Capital
C. 927340 Maint Contract–Server Software
D. 942040 Software-Mainframe Non-Capital
Answer # 2
You just purchased software for an i-Security Server that
costs $8,600. Which account should you use?
A. 942560 Software–Servers Capital
B. 942060 Software-Servers Non-Capital
C. 927340 Maint Contract–Server Software
D. 942040 Software-Mainframe Non-Capital
Question # 3
You are purchasing a server. Along with this server, you
are purchasing a 1 year support agreement for $7,000 to
address any complications. Which account code
should you use for the support agreement?
A. 928320 Repairs/Maint-Servers
B. 920300 Consult Fee Server Support Services
C. 942230 Server Equipment Non-Capital
D. 927350 Maint Contracts-Servers
Answer # 3
You are purchasing a server. Along with this server, you
are purchasing a 1 year support agreement to address
any complication for $7,000. Which account code
should you use for the support agreement?
A. 928320 Repairs/Maint-Servers
B. 920300 Consult Fee Server Support Services
C. 942230 Server Equipment Non-Capital
D. 927350 Maint Contracts-Servers
Question # 4
The printer you previously purchased is not
functioning correctly now. A service agreement was
never purchased for this equipment. Today you called
the vendor for technical assistance and were charged
$250. What account code should you use?
A. 928320 Repairs/Maint-Servers
B. 920250 Consult Fee PC/Printer Support Services
C. 942230 Server Equipment Non-Capital
D. 927350 Maint Contracts-Servers
Answer # 4
The printer you previously purchased is not
functioning correctly now. A service agreement was
never purchased for this equipment. Today you called
the vendor for technical assistance and were charged
$250. What account code should you use?
A. 928320 Repairs/Maint-Servers
B. 920250 Consult Fee PC/Printer Support Services
C. 942230 Server Equipment Non-Capital
D. 927350 Maint Contracts-Servers
Fixed Assets Forms
1.
Equipment Disposition/Transfer Form
2. Fabricated Equipment Form
3. Off Campus Location Form
4. Trade-In Form
5. Transfer Approval Form
Fixed Assets Equipment Disposition/Transfer Form
For assets that are:
- Surplused
- Stolen (plus Police Report)
- Traded-In
- Transferred
- Lost/Missing (plus
statement of attempts to
locate)
- Custodian name change
- Room/building change
Capital Fabricated Equipment
Fabricated Equipment is defined as
tangible property that is built or
assembled from individual parts that
have a combined cost of $5,000 or more
and a useful life of 2 or more years.
Fabricated
Equipment
Form
 This form must be
completed when a
department begins to
 build an asset that will be
fabricated. It must be
forwarded to the Fixed
Assets department.
Fabricated
Equipment
Spreadsheet
 Second, the department will keep
track of each item that is attached to
the fabrication using the Fabricated
Equipment Spreadsheet.
 Use the Fabricated Equipment
account code 944085.
 Reference name of the project in the
internal note (49er Mart)
 Complete and return to us on June 15
for each fiscal year.
Off Campus Location Form
 To be used when an asset is
located off campus
 Risk Mgmt signature is only
required if department obtains
insurance.
 Examples:
 Equipment used at the NC
Research Campus in
Kannapolis
 Backup servers located in
another state
Off Campus Location Form
page 2
Trade-In
Approval
Form
revised 4/15/2009
Fixed Asset Trade-In Approval Form
Before completing this form, please read the instructions located in the Instructions Tab. This form is to be completed by the responsible department
and forwarded for signatures. When all signatures are obtained, please send finalized form to the Fixed Assets Office, Reese Building, 4th Floor.
WE ARE REQUESTING APPROVAL TO TRADE-IN THE FOLLOWING ITEM (TO BE FILLED OUT BY DEPARTMENT)
Name of Equipment:
Description of Item:
University Tag #:
Original Purchase Price (Total):
Date of Purchase:
Current Condition:
Vendor Offering Trade-In Allowance:
Name of Replacement Item:
Description of Replacement Item:
Please give a brief statement indicating the advantage to trade-in versus other disposal options:
 4 signatures are required
Department Request
(Department Head)
Printed Name
Date
Phone:
Signature
 To be completed in addition
to Disposition/Transfer Form
TO BE COMPLETED BY PURCHASING OFFICE
Total Cost of Replacement Item:
Amount of Trade-In Allowance:
Final Purchase Price:
Purchasing Office Request
Printed name
Date
Phone:
Signature
Fixed Assets Officer Approval
Printed Name
Phone:
Signature
State Surplus Property Officer
Date
Transfer
Between
Agencies
Approval Form
 To be completed in order to
transfer fixed assets to and
from the University
 To be completed in addition
to Disposition/Transfer Form
Grant Transfer
Approval Form
 To be completed with the Transfer
between Agencies Approval Form
and sent to the Office of Grants &
Contracts Administration (formerly
Research Cost Management)
 Needs Vice Chancellor of Business
Affairs approval
Grant Property
 Grant property that costs over $5,000 is bar coded and accounted for by the
Fixed Assets department
 Purchases of equipment from grant funds must be made under established
purchasing policies AND follow the terms and conditions of the grant
 If a grant has additional requirements related to its fixed assets, contact the
Office of Grants & Contracts (formerly Research Cost Management) to ensure
all obligations are met
 Under no circumstances can grant property be transferred without the written
approval of the Vice Chancellor of Business Affairs
 See Policy# 601.12 for more information: (formerly policy # 56)
http://uncc.edu/policies/up-601.12
Gift Property
 Gift property that costs over $5,000 is bar coded and
accounted for by the Fixed Assets department
 Acceptance of gifts should be coordinated with the Vice
Chancellor for Advancement
 Always view the equipment before accepting it
 See Policy# 602.2 for more information: (formerly policy
# 28) http://uncc.edu/policies/up-602.2
Tagging
 Tag has a bar code and six digit
number
 Per FIT Standards, assets must be
tagged within 60 days of invoice
payment date
 All fixed assets are physically tagged
except for buildings, infrastructure,
land, and mainframe software.
Annual Inventory
 Inventory is conducted from August to June
 Department liaisons will receive email notification
from our office and will have 6 weeks to complete
 Check your assets listed before Inventory Control
comes to verify them
 Custodian is responsible for making all assets available
during inventory
Annual Inventory (cont.)
• Inventory Control department will physically check 100%
of department’s assets
• Strongly recommended that laptops be tracked at the
department level
• After physical inventory, we will send you an updated list
for your department head to sign and return to us within
10 business days.
Department Inventory Report
Printed name of
Inventory Clerk:
2012-2013 Inventory
ORG
Code:
Departm
ent
Name:
12800
Receiving & Stores
Departm
ent
Contact:
Printed name of
Department
Contact:Ron Greer
Round:
F = Found
By Signing, I
confirm that there
are no changes to
the listed assets
other than those
noted on this form
Ron Greer
Phone
Number:
(704) 687-0369
Total Inventory Value:
$243,625.93
CORRECTIONS Noted Below (when applicable)
Other Changes as Noted
(Including Clearer
Result of
Description)...
Physical
[For example: "MFKR s/b
Inventor
Location should
Custodian Name should
Kawasaki & serial # s/b
y (see key at top
be…
be…
QB0744-832]
right)
NF = Not Found
Signature of
Department
Contact:
Required to be obtained by Inventory Control prior
to leaving the department
[email protected]
# of
Assets:
Inventory Key:
Aug Rnd
1
S = Surplus (requires Disposition
Form)
ST = Stolen (requires Disposition
Form
and Police Report)
15
Information Currently in Fixed Asset System
Asset #
Location
0000516
27
RS0000
0000549
47
RS0000
0000650
38
RS0000
0000679
30
RS0000
0000726
43
RS0000
0000777
29
RS0000
0000784
77
RS0000
0000802
41
RS0000
0000807
90
RS0000
0000812
20
RS0000
0000812
21
RS0000
0000812
22
RS0000
0000812
23
RS0000
0000821
51
RS0000
0000828
80
RS0000
Description
MFKR
Utility Vehicle Club
Car
CLBCAR
Van Ford Minivan FORD
Pickup Truck
DODGE RAM
Pickup Truck 1 Ton
Cab W/Lift Gate
&Rails
DODGE
Forklift
TOYOTA
Model
AcquisCustodia
ition Date Acquisition Cost Custodian Name n Status
EMPLO
6,825.04Greer, Ronald P. YEE
EMPLO
15,850.09Greer, Ronald P. YEE
EMPLO
14,474.41Greer, Ronald P. YEE
3B6MC36511M5
40652
(PM-6368) RAM 2001/03/12
F150 PL 9835
2005/05/20
(S-10) Star Va
2007/04/30
(PK-6536)
2008/03/06
EMPLO
23,645.12Greer, Ronald P. YEE
EMPLO
24,152.03Greer, Ronald P. YEE
EMPLO
10,500.00Greer, Ronald P. YEE
EMPLO
13,782.00Greer, Ronald P. YEE
EMPLO
14,947.00Greer, Ronald P. YEE
EMPLO
33,158.00Greer, Ronald P. YEE
2009/05/13
EMPLO
8,724.00Greer, Ronald P. YEE
2009/05/13
EMPLO
8,724.00Greer, Ronald P. YEE
2009/05/13
EMPLO
8,724.00Greer, Ronald P. YEE
Sterling
67461
1FTYR10DX5PA
56298
1FTRF12W85N
B60974
LS4BAB3D06GI
22651
JLSBBE1S17K0
00757
Mag
LKHNC1CH69A
T10357
(RS-1) T-Mag
Mag
LKHNC1CH89A
T10358
(RS-2) T-Mag
Mag
LKHNC1CHX9A
T10359
T-Mag (RS-3)
Mag
LKHNC1CH69A
T10360
(RS-4) T-Mag
2009/05/13
P005V03624J
2011/01/28
EMPLO
8,724.00Greer, Ronald P. YEE
EMPLO
39,848.00Greer, Ronald P. YEE
2012/05/30
EMPLO
11,548.24Greer, Ronald P. YEE
2005 Pickup Truck FORD
Pickup Truck
Tiger Star Cargo
Van
Box-Style Diesel
Powered Truck
Commercial Grade
Utility Vehicle (TMag)
Commercial Grade
Utility Vehicle (TMag)
Commercial Grade
Utility Vehicle
(t_mag)
Commercial Grade
Utility Vehicle (TMag)
Serial #
9534454852
(S-2)
1995/04/06
1FTDA14U2TZB
35238
(74403-R) Aeros 1996/05/29
1B7HC16Y31S7
51807
1500 (PM 4241) 2000/05/22
FORD
Tiger
Commercial ForkliftHYSTER
Kawasaki Mule
4000 2 Passenger
Utility Vehicle
KAWASAKI
7FGU25
2003/02/25
(7505) RANGER 2005/01/28
H90FT
1AFCP16CB502
825
MULE 4000
Final Inventory Report (needs signature!)
Missing Assets
 A missing asset list is compiled during the Annual Inventory.
 The Fixed Asset department will email departments a list of
assets that were missing.
 University departments confirm if assets have been found or not.
 Inventory Control re-verifies any assets that have since been
found.
 Final missing assets are forwarded to the Vice Chancellor of
Business Affairs, Department Heads, and Internal Audit. They
are also included on the State Bureau of Investigation Report.
Department Head Responsibilities
 Take adequate precautions to ensure that arson, damage,
theft, embezzlement, or misuse of any asset is prevented.
 Comply with University, State, and Federal policies and
guidelines regarding inventory verification, inventory
disposal, and reporting lost or stolen inventory.
 Upon a change in management, conduct an internal review
and account for all assets (Recommended by FIT as “Best
Practice”).
Property Liaison Responsibilities
 Assist with tagging of assets and Annual Inventory
 Locate department assets before your scheduled
inventory verification
 Notify Fixed Assets department of changes in the
status of assets (i.e. stolen, lost, location change,
missing/defaced tag, transfers, surplus, traded in)
(Use Fixed Asset Equipment Disposition Form for this)
Accountability
Fixed Assets have become more scrutinized in recent
years during state audits
Not following correct policies and procedures leads to
audit findings
Could lead to restrictions on how we spend state funds!
Question # 1
If you have equipment/supplies you no longer need
and use, you can give it away to another department or
state agency for their use by sending them an email to
tell the to come pick it up.
 TRUE
 FALSE
Answer # 1
If you have equipment/supplies you no longer need
and use, you can give it away to another department or
state agency for their use by sending them an email to
tell the to come pick it up.
 TRUE
 FALSE
Question # 2
A Fixed Asset Equipment Disposition / Transfer Form
should be completed when you:
A. No longer need or can use equipment
B. Want to transfer equipment or supplies to another
department
C. An asset cannot be located during annual inventory
process
D. You want to loan equipment to another institution,
agency, etc.
E. All of the above
Answer # 2
 A Fixed Asset Equipment Disposition / Transfer Form
should be completed when you:
A. No longer need or can use equipment
B. Want to transfer equipment or supplies to another
department
C. An asset cannot be located during annual inventory
process
D. You want to loan equipment to another institution,
agency, etc.
E. All of the above
Question # 3
During the inventory process, the department liaison
should:
A. Know the location of every asset listed on their
department’s report
B. Accompany Inventory Control as they verify the list
of assets
C. Make any corrections or additions to the inventory
list
D. All of the above
Answer # 3
During the inventory process the department liaison
should:
A. Know the location of every asset listed on their
department’s report
B. Accompany Inventory Control as they verify the list
of assets
C. Make any corrections or additions to the inventory
list
D. All of the above
Question # 4
If more than one purchase order is being used to build
one asset that will total $5,000.00 or greater you must
complete a ______________ form and forward to Fixed
Assets before fiscal year end.
A. Disposition Transfer Form
B. Off-Campus Equipment Agreement
C. Fabricated Equipment Form
D. Trade-In Approval Form
Answer # 4
If more than one purchase order is being used to build
one asset that will total $5,000.00 or greater you must
complete a ______________ form and forward to Fixed
Assets before fiscal year end.
A. Disposition Transfer Form
B. Off-Campus Equipment Agreement
C. Fabricated Equipment Form
D. Trade-In Approval Form
Important Takeaways
 All employees are responsible for protecting the University’s property
 Use correct account codes and give full descriptions of assets for
requisitions in the internal notes section in 49er Mart
 Assets must be tagged within 60 days of invoice payment date
 When applicable, complete the correct Fixed Assets forms and forward
to us
 Prepare for your Annual Inventory
 Visit our website:
http://finance.uncc.edu/controllers-office/reporting-fixed-assets/
Reporting & Fixed Assets Office
Reese Building
Kendra Cooks
Controller
Tony Georges
Financial Reporting Mgr.
(704) 687-5755
Kim Seamans
Vacant
Financial Reporting Accountant
Sr. Financial Reporting
Accountant
(704) 687-5780
(704) 687-5752
Aaron Helfenberger
Karen Worthy
Fixed Assets Officer
Fixed Assets Accounting Tech.
(704) 687-5753
(704) 687-5754
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