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Asset Inventory Tagging Town Hall Meeting. January 16, 2019. Overview. Introduction Inventory Process Common Topics Keys to Success Next Steps Questions. Introduction – Why?. Reasons for comprehensive asset inventory and tagging efforts:
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Asset Inventory TaggingTown Hall Meeting January 16, 2019
Overview • Introduction • Inventory Process • Common Topics • Keys to Success • Next Steps • Questions
Introduction – Why? Reasons for comprehensive asset inventory and tagging efforts: • Creation of internal efficiencies within university • Moving from manual process to RFID technology • Compliance with federal requirements • Uniform Guidance – 2 CFR Part 200 • State statutes • Optimization of Facilities & Administrative (F&A) indirect cost reimbursements • Asset safeguarding and internal controls • Integration with future Workday implementation
Introduction – Who? • Finance & Controller – Barbara Potts – Associate VC for Finance & Controller • Property Accounting – Karl Norton, Cindy Bugg, Connie Anderson, Lois Lebert • Departments – You! • Mike Fister – Vice President (11 years related experience) • Mariana Traetta – Director (13 years related experience) • Additional 5-6 HCA Staff
Introduction – Who? HCA Qualifications: • More than 30 years of asset verification work predominantly in Higher Education Laboratory and Research space. • HCA serves more than 62 higher education institutions. • Expertise in research, lab, clinical, office, and hospital equipment and valuation of such equipment. • In-depth knowledge of how to optimize asset records to maximize indirect cost (F&A) reimbursements • Inventory Tracking Software (HITS) designed in-house by our Capital Asset Management (CAM) team • History of working with WUSTL since 1987
Inventory Process • Onsite Asset Inventory and Tagging • Capital Asset Verification of Approx. 16,000 assets in 500 buildings • Tag confirmed matches (RFID) • Reconcile missing assets to remove “Ghost Items” • Reconcile Data Records • Complete an accounting reconciliation to create clean baseline asset file • Complete a Useful Life Analysis • Implement HCA’s Inventory Tracking System (HITS) • Provide onsite training • Upload new baseline asset inventory for perpetuation
Common Topics • Accessibility to sensitive space • Biosafety Level 3 (BSL3s) • Dissemination of information • Memo sent out on January 3, 2019 • Departments should distribute correspondence to all pertinent building occupants who may be affected by this effort • Timing of HCA personnel presence in each space • Preliminary schedule for Blitz Phase can be found on Asset Tagging Project Website: https://financialservices.wustl.edu/wfin-topic/other/asset-tagging-project/
Common Topics (continued) • Identification of HCA personnel • HCA staff will wear badges and will carry print out of January 3 memo in case occupants are unaware of asset tagging initiative • Interference of RFID tag frequencies • Passive UHF RFID tags • Physical placement of tags • Tag visibility • Treatment of untaggable assets – small subset of research assets that should not be tagged • Examples include: rotors associated with centrifuges, microscope lenses, etc. • Perpetuation of inventory efforts • Fully-depreciated assets
Common Topics (continued) • RFID Tags • Universal – Foam backing, works better on metal (most assets) • Regular – No foam backing, works better on plastic 1 2
Communication & Next Steps • Asset Tagging Project Website – Website will include all updates relevant to project, including this presentation, schedule, FAQs: https://financialservices.wustl.edu/wfin-topic/other/asset-tagging-project/ • HCA Contact: Mike Fister 314-775-3843 mfister@hcamgt.com • WUSTL Contact: 314-935-5618 propertyaccounting@wustl.edu
Questions? Thank you!