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: – – – – – 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: – – – – 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) • • 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: • • • • 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: – – – – 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: – – – – – – – – 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: – – – – – – 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