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GETTING TO KNOW YOUR FIXED ASSETS/EQUIPMENT INVENTORY . Kathy Schultz . PURCHASING & FIXED ASSETS. Request for Purchase (requisition) Defining Fixed Assets Unit cost of $5,000.00 or more (effective 7/1/07) Complete in itself

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  2. PURCHASING & FIXED ASSETS • Request for Purchase (requisition) • Defining Fixed Assets • Unit cost of $5,000.00 or more (effective 7/1/07) • Complete in itself • Does not lose its identity even though it may become a component part of another item when placed in use • Life expectancy of 1 year or more • Special items regardless of cost • revolvers, shotguns, pyrotechnic devices, vehicles

  3. CATEGORIES OF ASSETS • Equipment • Buildings/Building improvements • Land/Land improvements • Collections • Fixtures • Library books • Intangibles • Effective FY10

  4. PURCHASING & FIXED ASSETS • What makes up the cost? • Shipping/installation/shipping insurance • No: • maintenance agreements • training expenses • supplies • Funds • State/grant/other (asset type) • “NOTE” screen • Coding (60 vrs 30)

  5. PURCHASING & FIXED ASSETS • Why do we need to give it an asset tag? • Responsibility • Tracking/indentifying • Missing tags • When do we book an asset (“in-service” date)? • Payment Voucher (PV) date (equipment valued at less than $50,000) • “In-service” date determined through direct contact and confirmation with the user department (equipment with a total cost of $50,000 )

  6. BETTERMENTS • What is a betterment? • A betterment of inventoried equipment is any modification which changes or alters a unit’s original function/design and certain major repairs.  Contact BCN Purchasing to determine if a repair is deemed major.  The depreciation schedule and the useful life may need to be adjusted.   • Betterment versus repair • Betterment threshold is $5,000.00 • Referencing asset tag number • Numbering on inventory list • x.xxxxxxA

  7. FABRICATIONS • What is a fabrication? • A fabrication is a piece of equipment that is being constructed at the University by University personnel.  Generally, each part of a fabrication would not be large enough (over $5,000) to be capitalized and would not function as a separate piece of equipment. There are exceptions, as in lasers, where the parts that make up the finished piece of equipment are over $5,000 but these parts must meet the unable to function alone criterion.  If a piece of a fabrication can function on its own, and is over $5,000, it is a piece of equipment and must be tagged separately.  A fabrication must, when complete, be $5,000 or over in value. • Fabrication procedure • Paperwork • Coding • Life of fabrication • Ending fabrication

  8. LEASE PURCHASE • What is a lease purchase? • Leased equipment can be included on the inventory if it meets one of the following accounting rules: • 1. it transfers ownership • 2. there is a bargain purchase option • 3. the term of the lease is greater than or equal to 75% of the equipment’s economic life • 4. the present value of the payments is greater than or equal to 90% of the equipment’s fair value • If you have questions about whether your leased equipment should be included on your inventory, please contact Philomena McCaffrey at the Controller’s Office (784-4176) for further guidance. • Lease purchase procedure • Coding (60-LS)

  9. LOAN AGREEMENTS • Type of Loans: • NSHE institution to outside entity • NSHE institution to NSHE institution • NSHE department to NSHE department • Memorandum of Understanding (MOU) • Signature requirements • Distribution requirements

  10. LOAN AGREEMENTS • NSHE department to NSHE employee • Equipment Loan Agreement • Signature requirements • Distribution requirements • Keep a file of all MOU’s and Loan Agreements

  11. ANNUAL PHYSICAL INVENTORY • Why is this important? • Board of Regents’ Policy • Audit exceptions • Responsibility • Procedure • Verify each asset • Pencil in notes on report • Assets below $5,000.00 • Sensitive items (guns, vehicles, artwork)

  12. ANNUAL PHYSICAL INVENTORY • Report any changes • Room number • Responsible person • Corrections to asset record • model, serial number, description • Deletions • Surplus • Scrap/parted out • Obsolete • Must be signed by verifier and department chair

  13. HELPFUL HINTS • Make changes during the course of the year • Property Transfer form • E-mail/memo • Surplus Property Disposal form • List of assets by location code can be downloaded from CAIS

  14. SURPLUS PROPERTY • How does it work? • Surplus Property Disposal pickup request • http://www.howler.unr.edu/bcnpurchasing/OnLineForms/SurplusForm.htm • Procedure • Reutilization • Sales • Donation • Disposal/scrap

  15. SENSITIVE EQUIPMENT • Effective March 1, 2008, the following sensitive items or items subject to theft must be separately tracked by the responsible department if the items have a value in excess of $2000 and less than $5000: • 1. Bicycles • 2. Cameras: digital, film, video • 3. Cell phones, two-way radios, individual communication devices • 4. Computers (costing less than $5,000): desktop, servers, laptop, PDAs (regardless of acquisition cost) • 5. Copy, fax and multifunctional machines • 6. Lawn mowers • 7. Microscopes and telescopes • 8. Music systems and components • 9. Musical instruments • 10. Printers • 11. Scales and balances • 12. Televisions • 13. Video: projectors, recorders, monitors

  16. SENSITIVE EQUIPMENT • Institutions that wish to inventory additional items may do so at their discretion • Kept by individual departments • Develop a tracking system • Object/subject codes 30-SE • Auditors will ask for sensitive equipment list • Description including model, serial number • Responsible person • Transaction number and date • Asset dollar amount • Disposition (if disposed)

  17. ACCOUNTING • CEPL Report • Reconciles “60” purchases • PO’s/JV’s/P-Card • Moving asset expenses • Within the current fiscal year • Outside the current fiscal year • Selling an asset • Reimbursement to account

  18. Questions???????????????

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