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Property Training

Property Training. Presented by the Controller’s Office. What is Property? Capital vs. Expendable. Capital U seful life extending beyond one year $5K threshold for tangible property (equipment, furniture, computers, etc.) Expendable

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Property Training

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  1. Property Training Presented by the Controller’s Office

  2. What is Property?Capital vs. Expendable • Capital • Useful life extending beyond one year • $5K threshold for tangible property (equipment, furniture, computers, etc.) • Expendable • Useful life less than one year and/or an acquisition cost of less than $5,000 • Expense Account Short List

  3. 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 • Donated/gifted property • Should always come through FSU Direct Support Organizations (DSOs) • DSO should provide FSU with a memorandum describing the donation and its value • If this value is $5,000 or more the property should be capitalized

  4. 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

  5. Responsibility for FSU PropertyProperty 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 • Responsibilities • Approves the transfer/disposal of department’s property • Runs reports to identify department’s inventory • Provides support (i.e. Purchasing and/or Accounts Payable documentation) to justify property acquisition cost

  6. Responsibility for FSU PropertyPropertyCustodian • Serves as first point of contact with Property Services • Identifies University property (coordinates completion of PIFs) • Maintains department’s property records

  7. Responsibility for FSU PropertyInventory Taker • Inventories department’s property • For internal control purposes, should not be the Property Custodian or Property Manager • For small, personnel-limited departments: • This person may be the Property Manager • A memorandum should be included with the final inventory statement explaining the circumstances

  8. Safeguarding University PropertyDepartment Guidelines • Lock equipment in secured locations • Perform adequate maintenance and upkeep of equipment • 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

  9. Safeguarding University PropertyAttractive 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

  10. Safeguarding University PropertyAttractive Item Additions Form (PA 02) • Submit an Attractive Item Additions Form (PA 02) Property Services to obtain property tags • These tags will have gold tt, unlike regular garnet tags

  11. Property Acquisitions • All capitalizable property will be assigned a Property Identification Number (aka Tag Number) by Property Services • Unless approved in advance by Property Services, capital assets may not be purchased on blanket purchase orders or with the FSU Purchasing Card • Property Services is the only department authorized to have direct contact with the Department of Motor Vehicles

  12. Property AcquisitionsFSU Tags • Capital property tags can be identified by a black bar code label with garnet text • Will include Property Identification Number and barcode • Sent to FSU departments with Property Identification Form (PIF) • Information about the asset (e.g. location, description) must be completed on PIF and returned to Property Services

  13. Property AcquisitionsProperty Identification Form (PIF) • Completed Property Identification Form should be returned to Property Services within 15 business days of receipt

  14. Property AcquisitionsEquipment Fabrication • Property fabricated or constructed by or for the University may meet the criteria of a capital asset • If equipment construction is expected to have a total value of at least $5,000 should notify Property Services up front • Accurate and complete records of all construction-related expenditures (cost of labor and component parts, etc.) should be maintained by department • Upon completion, the department should submit a memorandum to Property Services detailing • Description of the property • Accumulated cost of the property • Dept ID and Fund Code to which the property is to be assigned • Optional chartfields (CF1-3) may be useful in tracking these expenditures in OMNI

  15. Property Inventory • All capital property must be inventoried annually • Department will be notified by Property Services of deadline • Upon inventory completion, Property Services will complete an inventory reconciliation which must be reviewed and signed by: • Inventory Taker • Property Custodian • Dean/Director/Department Head OR Property Manager • NOTE: If department is out of compliance with the Property Inventory policy the VP must sign

  16. Property InventoryInventory Scanners • Handheld device used for scanning FSU property tags for inventory • Must be checked out and returned to Property Services after inventory completion • User guide available online - http://control.vpfa.fsu.edu/content/download/5534/36154

  17. Property InventoryInventory Certification Form (IC 852) • Custody verification of capital assets that have been located but cannot be scanned during the annual inventory • Items deployed or off-site indefinitely • Form will not be accepted for any capital asset that can be scanned

  18. Property Changes • Documentation required whenever any of the following changes made to capital property: • Location • Transfers of ownership (department/fund/project) • Descriptions • Property disposal or acquisition via transfer to/from Surplus Property • Authorizations • Only Authorized Signers can approve property changes • Sponsored Research Accounting Services must also approve of Contract/Grant-owned property changes • For property transfers, Property Change Form (PC 213) form must be signed by both transferring and receiving departments

  19. Property ChangesProperty Change Form (PC213) • Property Change Form used to update records for property changes

  20. Property Dispositions • ALL university property, regardless of cost (capital and expendable), should be disposed of with the written approval of the University’s Property Survey Board

  21. Property 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 items component parts for the repair of other university property • Scrapped • Recycle or dump an asset with no value

  22. Property Dispositions • Abandoned/non-recoverable • The cost to retrieve the property is greater than the value of the item • Transfer/donation to other organization (non-C&G property) • Must route through Property Services

  23. Property Dispositions • Transfer/donation to other organization (C&G property) • Request should be routed through the Office of Sponsored Research • 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?

  24. Property Dispositions • Trade-in • 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 Property Services should include the approved requisition • Department should ensure any tag numbers or other references to FSU property are removed prior to return to vendor • Capital assets may not be traded in for expendable property

  25. Property Dispositions • Disposal of U.S. government-owned property • Request should be made to the contracting officer for authority to dispose of or 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

  26. Property DispositionsAccountability Release Form (AR 212) • All disposition types EXCEPT transfers to Surplus Property require the completion and approval of an Accountability Release form (AR 212)

  27. Property DispositionsSurplus Property • Items not wanted by departments are sold at auction to the public • 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 which is unsafe for further use or which has no value should not be classified as surplus, • May be disposed of via cannibalization or recycling/dumping using the Accountability Release Form (AR 212)

  28. Property DispositionsSurplus Property • To classify property as surplus and initiate the transfer of property to the surplus warehouse, the department Property Custodian should complete a Property Change Form (PC 213) • Any property containing a hard drive must be scrubbed according to University policy • These types of items may include computers, printers, copiers, cameras • The PC 213 must include the initials of the departmental employee who scrubbed the hard drive on the item • 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 Property Services • Additional information on the Surplus Property process is available at http://controller.vpfa.fsu.edu/Accounting-Property-Services/FSU-Surplus-Property

  29. 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 244)

  30. Removal of Property from FSU • Removal of equipment for a period up to 1 year • Approved by the department’s Property Manager or budget account manager • DATES RUN JULY 1 – JUNE 30 ONLY • The ER 244 for the item will automatically expire on June 30th of the fiscal year in which the form was completed • Removal of property in excess of one year • Must be approved by the appropriate Vice President or Dean • Upon return of the equipment to campus, the Property Custodian must sign a copy of the ER244 and return to Property Accounting

  31. Vehicles • Property Services obtains Registrations/Titles for vehicles, boats, trailers, and mobile offices • All required documents from a vessel or vehicle must be sent to Property Services including: • Purchase Order (copy) • Receiving Report (copy) • Manufacturer’s Certification of Origin/Title (original) • Dealer Invoice (copy) • Application for registration/Title (original) • Payment request for the license plate • Vehicles may not be driven until properly registered, tagged and insured by the University

  32. Useful OMNI Queries

  33. Resources • University Property Policies (OP-D-2-F) • http://policies.vpfa.fsu.edu/controller/2e-1.html • Frequently Asked Questions • http://controller.vpfa.fsu.edu/Accounting-Property-Services/Frequently-Asked-Property-Questions • Departmental Business Management Guide • http://controller.vpfa.fsu.edu/Departmental-Business-Management-Guide/Departmental-Business-Management-Guide-Topics • Property Forms • http://controller.vpfa.fsu.edu/Controller-Forms#A&PSForm • Additional information on OMNI, queries and reporting at FSU is available via the Controller’s Office General Ledger classes • http://controller.vpfa.fsu.edu/General-Construction-Accounting/General-Ledger-Training

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