Asset Management
Training
Asset Management Training
The purpose of Asset Management training is to
provide instruction to Property Custodians,
Business Managers, Department Heads, and
other individuals handling Asset Management
on roles and responsibilities, policies and
procedures for inventory, tagging assets,
transfers, disposals, and contact information.
Asset Management
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Asset Management Functions
Governmental Role
Inventory Control
Procedures
Transfer of Equipment
Contact Information
Asset Management Functions
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The function of Asset Management is to tag newly
acquired moveable equipment, perform a physical
inventory of taggable equipment each year, maintain
accurate accounting records of capital and taggable
items, and help manage the removal of Surplus and
Scrap.
Serve as a liaison between the University, LPAA
(Louisiana Property Assistance Agency), State, Federal
and Private agencies regarding Inventory.
Ensure University compliance with University, System,
State and Federal property guidelines.
Governmental Role
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LSUHSC-NO is required by LA
State Law to accurately account for
all inventory.
Audits are conducted by various
agencies to determine compliance
with University, State, and Federal
rules and regulations.
Non-compliance with University,
State, and Federal rules and
regulations may subject the university
to fines and the withholding of
governmental funding.
Inventory Control - Requirements
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Louisiana Revised Statute 39:324 and 39:325 require entities to
conduct an annual inventory of movable property and report any
unlocated property to the Louisiana Property Assistance Agency
(LPAA).
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Louisiana Administrative Code Title 34 Part VII Section 313
states, in part, that efforts must be made to locate all moveable
property for which there are no explanations available for their
disappearance.
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Each department and/or division is required to have a property
custodian that will serve as a liaison or contact person to Asset
Management.
Inventory Control – Property
Custodians
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LSUHSC-NO Asset Management requires departmental
assistance by utilizing Departmental Property Custodians.
Property Custodians are responsible for:
 Locating all inventories and taggable equipment by
conducting a thorough search for items, including those not
located in the annual inventory
 Contacting Asset Management when an asset tag is worn or
missing
 Answering questions relating to departmental equipment
 Reporting changes in moveable equipment locations or
custodian names
 Reporting stolen items to University Police
 Ensuring that all equipment is used for University purposes
 Receiving and processing Asset Management forms
 Coordinating the disposal of departmental equipment.
Annual Inventories - Procedures
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LSU Health Sciences Center New Orleans (LSUHSCNO) is required by LPAA and the federal government to
perform a physical inventory of all taggable assets each
year.
Asset Management conducts inventories building-bybuilding using bar code scanners.
Asset Management will replace worn or missing
equipment tags
Upon completion of inventories, departments receive a
“Missing” report of property that was not found.
Annual Inventories – Procedures
Cont.
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Departmental Action Items
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Departmental personnel and/or property
custodians should complete the “Missing” reports.
Departments should respond within the time limit
specified by Asset Management. Property
custodians are responsible for:
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Physically locating assets that are “missing” and confirm
with Asset Management whether asset(s) have been
found.
Correcting any other discrepancies for the asset(s) on
the “Missing” report.
Asset Acquisition - Procedures
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Items of Property to be Inventoried – L.A.C. Title 34 Part VII Section 307A.
– All items of moveable property having an “original” acquisition cost, when
first purchased by the state of Louisiana, of $1,000 or more, all gifts and other
property having a fair market value of $1,000 or more, and all weapons and
electronic media assets, regardless of cost, with the exception of items
specifically excluded in Section 307E, must be placed on statewide inventory
system.
The University’s capitilization policy includes all moveable property items
with an acquisition cost of $5,000 or more and an estimated useful life greater
than one year.
Assets that are valued at a cost less than $5,000 will need to be coded
differently than capital equipment (moveable equipment $5,000 & above).
Asset Acquisition – Procedures Cont.
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How this impacts your purchases 
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If an item is valued at less than $5,000 this is considered a
taggable asset/supply and should be coded using the range
of “540100 through 540126”.
If an item is valued at $5,000 or more this is considered a
capital asset and must be coded using the range of “570000
through 579699”.
Asset Acquisition – Procedures Cont.
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The below is a visual representation of the coding that
needs to be adhered to when completing purchase
documentation and ensuring correct coding of assets.
$1,000
0
Non Taggable
Supplies
$5,000
Taggable Assets/
Supplies
Taggable Capital
Assets
540100 - 540126
570000 - 579699
Tagging Assets - Procedures
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All moveable assets must be tagged within 60
days from the date of receipt.
The property custodian or designee should call
Asset Management upon receipt of equipment
that meets the criteria of a taggable asset.
An Inventory Specialist will come to the
department and tag the equipment.
Scrap Equipment - Procedures
1.
2.
3.
Contact Safety department if toxic materials are present.
These will need to be removed (e.g. radioactive material,
chemical agents).
Contact IT department if scrapping electronic media
related equipment i.e. hard drives, software. All data must
be erased (sanitized) prior to inspection by Asset
Management. Following sanitization, a certificate of data
sanitization should be completed and a sanitization sticker
placed on equipment.
Trash, debris, and the like must be removed from
furniture, refrigerators, etc.
Scrap Equipment – Procedures Cont.
4.
5.
Send a request via email to NO Inventory in Asset
Management with the following information:
a. Tag number aka “Asset number”, if applicable
and available
b. Brief description of the equipment
c. Quantity, location
Option of Completing a “Notice of Change in
Moveable Equipment” form in lieu of an email
request
Surplus Equipment – Procedures
1.
2.
3.
4.
Ensure that the selected equipment is of no use to
another department.
Contact Safety department if toxic materials are present.
These will need to be removed (e.g. radioactive material,
chemical agents.)
Contact IT department if sending electronic media
related equipment to surplus (e.g. hard drives, software).
All data must be erased (sanitized) prior to inspection by
Asset Management. Following sanitization, a certificate
of data sanitization should be completed and a
sanitization sticker placed on equipment.
Trash, debris, and the like must be removed from
furniture, refrigerators, etc.
Surplus Equipment – Procedures
Cont.
4.
5.
6.
6.
Any idle or surplus equipment not being used by the
Department must be reported to Asset Management.
Once it’s determined that an item should indeed be sent to
surplus and the above action items have been completed (if
applicable) the below steps follow.
Send a request via email to NO Inventory in Asset Management
with the following:
a.
Tag number aka “Asset number”
b.
Brief description of the equipment.
c.
Quantity, location
Option of Completing a “Notice of Change in Moveable Equipment”
form in lieu of an email request.
Equipment Disposal – Asset
Management - Procedures
Upon receipt of Scrap and/or Surplus requests, Asset
Management will perform the following:
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Inspect items for safety, condition, and reference
information. A sticker for scrap or surplus may be placed
on the item(s).
Initiate LPAA paperwork transfer.
Direct the Department to create a work order for Physical
Plant and/or contact an outside contractor to coordinate
the transfer of items from the department to an interim
pick-up area and/or disposal.
Final pick-up occurs upon approval from LPAA.
Donated Assets - Procedures
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Definition
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All equipment donated to LSU Health Sciences Center New
Orleans (LSUHSC-NO) must be recorded for financial statement
purposes.
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If the value of an item is $1,000 or greater then it is tagged and
recorded on the Movable Property Inventory.
Action Items
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Contact Asset Management immediately upon receipt. Notification
should include the following via email or memo:
 Verbiage documenting the receipt and acceptance of the
donation.
 A valuation review of the donated equipment must be
attached.
 Applicable portions completed by the donor of the form
Certification of Donation or Contribution of Property of a
Sophisticated & Technological Nature.
Donated Assets – Procedures Cont.
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Methods of Valuation (case by case)
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the net value of the equipment as stated by the donor (for
new equipment).
a quotation obtained by Purchasing (for donated equipment
commonly sold through wholesalers).
an estimate by the director of Purchasing based upon
comparable items.
Upon receipt of notification, Asset Management will set
up an appointment to affix a LSUHSC-NO tag to the
donated equipment.
PeopleSoft database will be updated to include the
donated asset accordingly.
Stolen Equipment - Procedures
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Department personnel must report stolen
equipment immediately to University Police.
A police report must be completed by the
Department.
The Legislative Auditor, Director of Internal
Audit, Asset Management Manager, Director of
Compliance, and the District Attorney should be
notified by University Police of any apparent
theft of public funds or assets.
Off-campus Equipment $1,000 and greater
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LSUHSC-NO equipment $1,000 and greater may be
taken and used off-campus if used for permissible
reasons and properly authorized.
Receipt and return of equipment should be sent to the
Property Manager in the Asset Management
Department.
Off-Campus equipment should be returned to the
University prior to an individual’s separation or upon
notice.
Violation of this policy constitutes misuse of University
equipment, materials, services and other property and
may result in University disciplinary action/and or
criminal charges.
Off-campus Non-Taggable Property less than $1,000
 LSUHSC-NO property less than $1,000 may be taken
and used off-campus if used for permissible reasons
and properly authorized.
 Receipts and return of property should be maintained
by the Department.
 Off-Campus property should be returned to the
University prior to an individual’s separation or upon
notice.
 Violation of this policy constitutes misuse of University
equipment, materials, services and other property and
may result in University disciplinary action/and or
criminal charges.
Transfer of Equipment
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Intradepartmental Transfers
Departmental Transfers
Grant Transfers
Other State Agency Transfers
Intradepartmental Transfers
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Definition
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Transfer of equipment within a department from
one departmental member to another e.g. room to
room.
Action Items
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Send a notification to Asset Management via email
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Include new custodian, building and room number.
Complete the “Notice of Change in Moveable Equipment”
form in lieu of email.
Departmental Transfers
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Definition
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Transfer of equipment from one department to another
Action Items
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Send an email to Asset Management indicating the following :
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Tag number, description
New department custodian, room number, and building.
Acceptance emails must be received from receiving department.
Complete the “Notice of Change in Moveable Equipment”
form in lieu of email.
Intradepartmental & Departmental
Transfers
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Once emails/forms have been received by Asset
Management, the following are executed:
The requests are validated.
 Upon validation, the new custodial information is
updated in PeopleSoft.
 Arrangements are made with Physical Plant or an
outside contractor for transport when applicable.
 The Department is responsible for completing a
work order to Physical Plant on Intradepartmental
or Departmental Transfers.
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Grant Transfers
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Definition
 Equipment that is—either sponsor-owned or funded—being
transferred from one University or entity to another
University or entity.
Action Items
 Sponsored Projects should be notified immediately.
 Asset Management must be notified thereafter.
 A relinquishing statement must be sent to Asset
Management accompanied by the Grant ID number.
Request will not be processed without this information.
 If a grant is not continuous, the equipment is the property of
LSU Health Sciences Center New Orleans.
Other State Agency Transfers
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Definition
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Equipment being transferred outside of the
University to an agency within the LSU system (e.g.
Hospital).
Action Items
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Send notification via email or complete a “Notice to
Change Moveable Equipment” form.
Grant & Other State Agency
Transfers
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LPAA is contacted for approval by Asset Management.
Upon approval, arrangements are made for transport.
Shipping and Freight costs may apply.
The requestor will receive verification via Asset
Management on approval status by LPAA. The transfer
cannot take place until approval from LPAA is given.
Assets are retired from the PeopleSoft database upon
approval from LPAA.
Asset Management Contacts
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Holly Roberts, Assistant Director
Accounting Services
(504) 568-3061
hkrobe@lsuhsc.edu
Chanel Baiamonte, Manager
(504) 568-4841
cbaia@lsuhsc.edu
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Joe St. Clair
Administrative Coordinator III
(504) 568-6280
jstcla@lsuhsc.edu
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Crystal Nelson
Administrative Coordinator IV
(504) 568-6281
cnelso@lsuhsc.edu
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Rashad Ketchens
Administrative Coordinator IV
(504) 568-8651
cnelso@lsuhsc.edu
Asset Management Training
THE END
Asset Management Review
Questions
1) All moveable assets must be tagged within _____ days
from the date of receipt.
(a)
(b)
(c)
(d)
90
60
30
120
Answer: (b) – Louisiana Administrative Code Title 34 Part VII
Section 307 states that items must be tagged within 60 calendar
days after receipt.
Asset Management Review
Questions – cont.
2) Property custodians are responsible for locating all
inventories and taggable equipment by conducting a
thorough search for items, including those not
located on the annual inventory.
(a) True
(b) False
Answer: (a) – True. Departments are required to have a
property custodian that will serve as a record keeper for
Department equipment and a contact for Asset Management.
Property custodian responsibilities include locating all
inventories and taggable equipment.
Asset Management Review
Questions – Cont.
3) If an item is valued at $1,000 to $4,999 and/or is electronic
media this is considered a _____________ and should be
coded using the range of “540100 through 540126”.
(a)
capital asset
(b) taggable asset/supply
Answer: (b) – A taggable asset/supply is defined as a taggable
moveable item that is valued below $5,000 but higher than
$1,000 and should be coded differently than a capital asset.
Asset Management Review
Questions – Cont.
4) Asset Management is responsible for removing toxic
materials, trash, debris, and sensitive data on items to
be scrapped or surplused.
(a)
(b)
True
False
Answer: (b) – The Department property custodian
is responsible for removing or coordinating the
removal of hazardous substances, trash, sensitive information,
etc.
Asset Management Review
Questions – Cont.
5) What State Agency approval is required for the final
disposal, removal, and/or transfer of equipment?
(a)
(b)
(c)
(d)
Louisiana State Legislature
Department of Health and Hospitals
LPAA – Louisiana Property Assistance Agency
None of the above
Answer: (c) – LPAA must approve the disposal, removal or
transfer of all equipment at LSU Health Science Center.
Asset Management Review
Questions – Cont.
6) Donated equipment to LSU Health Sciences Center New
Orleans (LSUHSC-NO) must be recorded for financial
statement purposes, and placed on the Movable Property
Inventory if value is $1,000 or greater.
(a)
(b)
True
False
Answer: (a) – All equipment donated to LSU Health
Science Center must be recorded for financial
statement purposes. Donated equipment is tagged if it is $1,000
or greater.
Asset Management Review
Questions – Cont.
7) For on-going grants being transferred to another University or
entity, what documentation is needed by Asset Management to
complete the transfer and get approval by LPAA?
(a)
(b)
(c)
(d)
Per 3
Relinquishing statement
Notice to Change Moveable Equipment form
All of the above
Answer: (b) – A relinquishing statement approved by
Sponsored Projects including the Grand ID number(s) is required
to request approval from LPAA to transfer the equipment.
Asset Management Review
Questions – Cont.
8) An employee of LSU Health Science Center terminating
employment to work for another University or entity is
allowed to transfer equipment from a grant that has been
closed.
(a)
(b)
True
False
Answer: (b) – Louisiana Administrative Code Title 34 Part VII S505 B2
states that, at the conclusion of a grant, the title for equipment reverts to the
state. When the equipment is no longer any use to the Health Sciences
Center, it is sent to LPAA for either transfer to another state agency as
needed or sent to public auction.
Asset Management Review
Questions – Cont.
9) The initial inventory conducted by Asset Management is
performed using ______________.
(a)
(b)
(c)
(d)
bar code scanners
a list of taggable equipment by building
both a and b
neither a or b
Answer: (a) – During the initial inventory of taggable
equipment Asset Management uses bar code scanners to go
room by room, building by building. After completion of the initial
Inventory, Asset Management will then do “go-backs” to determine what
equipment was missed using a list of missing equipment by building.
Asset Management Review
Questions – Cont.
10) Violation of Off-Campus Equipment and Property
policies may result in University disciplinary action
and/or criminal charges
(a)
(b)
True
False
Answer: (a) – Title 34, Part VII, Chapter 5, Section 305 of the Louisiana
Administrative Code states that employees to whom property is
entrusted shall be liable for the payment of damages whenever his
wrongful or grossly negligent act or omission causes any loss, theft
disappearance, damage to or destruction of property of his agency for
which his is responsible.