Fixed Assets - University of Virginia

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Fixed Assets
Management of Capital
Equipment at the University
of Virginia
Introduction to Capital
Equipment Management
Equipment Additions
 Equipment Disposals
 Equipment Tracking & Maintenance
 The Inventory Process
 Financial Reporting

Equipment Additions

There are four ways that capital
equipment gets added to the Fixed
Assets module
– Purchases of $5,000 or more made in the
Purchasing Module “PO/AP” but ETF
equipment has $500 threshold
– Cost Transfers
» Example: Cavalier Computer
– Gifts-in-Kind (IX.A.11)
– Releases From Sponsors or Other
Universities (X.A.3) to UVA
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/Surplus
– 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
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 equipment for your organization – so what
do you need to do?
– Verify information in the system is accurate
– Ensure that Off-Ground Forms are filed promptly
– Contact the Fixed Assets Accounting Office when
changes need to be recorded for location,
assignment, etc.
– Complete and submit P-1 forms as needed
The Inventory Audit Process




The Fixed Assets Accounting Staff scans the
equipment in an organization
The Organization’s Equipment/Property
Contact is notified that the scan is complete
and they must run a report for equipment that
was not accounted for
The Fixed Assets Accounting Staff returns to
scan equipment that was found and records
equipment verified to be off-grounds
Remaining equipment not accounted for is
considered missing and a certification form
needs to be completed
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

The Role of the Fixed
Assets Accounting Office





Responsible for management, oversight and
reporting for all University equipment assets
Administrators of Fixed Asset Module of
Oracle and responsible for any data updates
to the system
Responsible for tagging newly acquired
equipment assets and collecting asset
information with electronic scanners
Responsible for UVA and Gov’t inventory
Responsible for control of asset retirements
The Role of Equipment/
Property Contacts



Provide information to the Fixed Assets
Accounting Staff for ALL equipment related
activity
Review equipment inventory reports to
ensure that your organization’s equipment is
properly accounted for
Stay current on equipment policies and
procedures
– Visit Fixed Assets Accounting’s website
– Call or email Fixed Assets Accounting Staff with
questions ([email protected])
How Oracle Changes the
Way We Do Business
Each person with FA Viewer or FA SelfService 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

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: It’s got to be right or a cost transfer
has to be done.
» Furniture is always non-capital equipment regardless of
threshold cost or quantity
The Importance of
Expenditure Types


The core data element for Fixed Assets
Accounting reporting
Understanding the signs….
– Use these for UNIT cost not total cost



>/= $5K: greater than or equal to $5,000
<$5K: less than $5,000
Cost transfers
– If the original expenditure category is wrong you
need to do a cost transfer according to the
instructions for the Grants Management module
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



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Inform the Fixed Assets Accounting Staff if equipment has
changed location or assignment
Review missing inventory lists and work with the Fixed Assets
Accounting Staff to reconcile any differences
Ensure Inventory Certification is completed & submitted
Ensure Off-Grounds certifications are completed & submitted
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

Fixed Assets Accounting Staff
Name
Position
Email
Phone
Gary Young
Director - Fixed
Assets Accounting
[email protected]
434-924-4284
Malika Ouenza
Manager - Plant
Accounting
[email protected]
434-924-4283
Donna Cox
Manager - Equipment [email protected]
& ETF Accounting
434-924-4323
Larry Norem
Equipment Specialist
[email protected]
434-924-0805
Mike Williams
Equipment Inventory
Specialist
[email protected] 434-924-4209
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