FIXED ASSETS

FIXED ASSETS

Presented by : Aaron Helfenberger and Karen WorthyReporting & Fixed Assets

Our goal is to educate you on the processes, procedures, and

everyday activities of the Reporting & Fixed Assets

office.

Agenda• What is a fixed asset and why is it important?

• How is a fixed asset acquired?

• How do you maintain and dispose of fixed assets?

(FORMS)

• Annual Inventory

• Individual Responsibilities

What is a Fixed Asset?A fixed asset is defined as University property such as land, buildings, and equipment, with a total cost equal to or greater than $5,000, and a useful life of two or more years.

EXCEPTION: Software must be over $100,000

Examples of Fixed AssetsBuildings

Infrastructure

Art Collections

Campus Vehicles

Equipment

Expanded DefinitionTotal Costs = purchase price + other costs

incurred to place the asset in its location and condition for useShipping/delivery costsInstallation/set up feesInterest costs, legal fees, etc. incurred during

the construction of an asset (i.e. buildings)

DOES NOT APPLY:Service contractsExtended warranties

Maintenance CostsMaintenance costs are expenses incurred to keep

assets in normal operating condition and to help maintain the original use of the asset.

Maintenance costs do not extend the life of an asset beyond the expected useful life.

Examples: repairs, replacement parts, painting, service agreements, etc.

MAINTENANCE COSTS = FIXED ASSET

Capitalization & Depreciation

A fixed asset becomes ‘capitalized’ when it is recorded on the financial statements as an asset.

A fixed asset is ‘depreciated’ by allocating the cost of the asset over its useful life.

Straight line method (total cost-salvage value/useful life)

NOT depreciated: land, certain land improvements, construction-in-progress, works of art/historical treasures

UNC Charlotte Total Assets ($1,444,209,946)

Cash, $328,969,6

56 23%Receiv-ables

$15,837,697

1%

Fixed Assets $1,018,489,762

71%

Endowment Investments $66,538,488

4%

Other Investments & Assets $14,374,343

1%

UNC Charlotte TOTAL ASSETS = $1,444,209,946

as of 6/30/13

Fixed Assets Expenditures

2006 2007 2008 2009 2010 2011 2012 2013$0

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

$460,723,941$499,044,421

$550,369,185$606,261,328

$690,030,002

$810,994,573

$893,141,364$1,018,489,762

UNC CHARLOTTE TOTAL FIXED ASSETS

DOLLAR AMOUNT

UNC Charlotte Fixed Assets by Type

Buildings $655,172,579

General Infrastructure $151,652,648

Construction in Progress $118,000,334

Machinery & Equipment $49,027,705

Art & Collections $30,029,293

Land $7,331,270Computer Software $7,275,933

UNC CHARLOTTE FIXED ASSETS BY TYPE $1,018,489,762

as of 6/30/13

Facts and FiguresApproximately 4,995 capitalized fixed assets

As of June 30, 2013, total fixed assets were $1,018,489,762 or approximately 71% of UNC Charlotte’s total assets

University fixed asset expenditures have increased by 85% in the last 5 years

The Fixed Assets officeImplement and follow policies set by the

Office of the State ControllerFollow FIT Standards issued by UNC

SystemEnsures fixed assets are:

properly acquired accounted for maintained disposed of

Policy Statement #601.15CONTROL AND MANAGEMENT OF UNIVERSITY EQUIPMENT & OTHER

PROPERTY

Available at http://legal.uncc.edu/policies/up-601.15 (formerly policy # 79)

Highlights: Fixed assets definitions Responsibilities for each level of staff involved with

fixed assets Obligated to comply with fixed assets procedures

Supplemental Procedures to Policy #601.15 highlights:

Requirements during Annual Inventory Process for lost and stolen assets

http://legal.uncc.edu/policies/up-601.15

Fixed Assets Website

How is a fixed asset acquired?

Capital Improvement Projects (Budget Office)

Entering requisitions in 49er Mart

Question # 1

The $3,000 repair of the heating element on the pretzel cart is a fixed asset.

TRUE OR FALSE

Answer # 1

The $3,000 repair of the heating element on the pretzel cart FALSE, IT IS A REPAIR

Question # 2

The one year service contract that costs $22,000 for tuning the concert piano is a fixed asset.

TRUE OR FALSE

Answer # 2

The one year service contract that costs $22,000 for tuning the concert piano FALSE, IT IS A SERVICE CONTRACT

Question # 3What is not included in the total

cost of a fixed asset?

A. ShippingB. InstallationC. Extended Warranties

Answer # 3What is not included in the total

cost of a fixed asset?

A. ShippingB. InstallationC. Extended Warranties

Question # 4Which one of these is a capitalized fixed asset?

A. EquipmentB. LandC. ArtD. BuildingsE. All of the Above

Answer # 4Which one of these is a capitalized fixed asset?

A. EquipmentB. LandC. ArtD. BuildingsE. All of the Above

Fixed Asset Requisition Problems

Problems with descriptions and quantity

Problems with lack of information in Internal Notes

Problems with account codes

Example 1

Poor Requisitions (Example 1)

• Problem With Example 1: Unclear Description (GEM e4)

• Solution:Enter Layman’s Term Description in Internal Notes orattach Internal Document providing information.Example: Electric Vehicle

• Reason:Informs Fixed Assets on what the asset is and assigns an identifiable name for Inventory purposes.

49er Mart

Example 1 - Corrected

Example 2 -Server

• Problem With Example 2:Assets are being purchased out of one account when multiple accounts should be used• Solution:When purchasing assets, be sure to purchase each asset out of its proper account• Reason:When proper accounts are not used, expense accounts are incorrect and financial statements will be inaccurate.

49er Mart

Example 2 - Additional

Example 3Bioreactor

• Problem With Example 3:No reference to the related items included in the asset. Non-capital items appear to be purchased out of the incorrect account.

• Solution:Reference the items included in the asset.Example: (Items 1-8 all make up one asset - Bioreactor)

• Reason:Not referencing all items included in the asset allows the asset to be capitalized below its true value.

Fixed Asset Account Codes

Account Codes (continued)

Maintenance Contracts/Service Agreements: Contracts between the University and a vendor specifying a level of ongoing support for a product or piece of equipment. Maintenance agreements often cover a one-year or longer time period.

Account Codes (continued)Support Services: Services purchased from

independent contractors or external organizations for professional and consultative personal services. These services are needed for maintenance and/or ongoing operations and cannot be provided by the current staff. Such services are normally procured when there is no maintenance contract or service agreement to fall back on. An example of this type of expense would be payment for support services related to software when there is no maintenance contract or service agreement in place.

Account Codes (continued)Repair & Maintenance Services: A one-

time or short-term agreement between the University and a vendor to remediate a problem with a product or piece of equipment. Often the agreement rate is based upon an hourly labor charge plus parts and supplies. Both parts and labor are recorded in the same account. Note that repairs are corrective and restorative following wear and deterioration; maintenance is preventive and anticipatory.

Account Codes (continued)Software Accounts:

- Software is only capitalized if over $100,000. Any software purchased under $100,000 is coded as non-capital.

Account Codes (continued)Software Accounts

- Software is only purchased out of a software account if it is software that can be installed and operated on multiple assets, including replacement assets, if the original equipment fails.

- If an asset is purchased and software is purchased with the asset that can only operate with the related asset, then the software will be purchased out of the same account as the equipment.

Capital Project Account CodesAccount Description Account Description948020 Bldg Contingency Reserve - Cap 948520 Other Contingency Reserve - Cap948030 Bldg Planning Expenses - Cap 948530 Other Struct-Planning Expense - Cap948040 Bldg Design Contracts - Cap 948540 Other Struct-Design Cont - Cap948050 Bldg Commissioning Agent - Cap 948610 Other Struct-General Cont - Cap948110 Bldg General Contracts - Cap 948620 Other Struct-Electrical Cont - Cap948120 Bldg Electrical Contracts - Cap 948630 Other Struct-Plumbing Cont - Cap948130 Bldg Plumbing Contracts - Cap 948640 Other Struct-Masonry Cont - Cap948140 Bldg Masonry Contracts - Cap 948650 Other Struct-Roofing Cont - Cap948150 Bldg Roofing Contracts - Cap 948660 Other Struct-Erosion Control - Cap948160 Bldg Erosion Control - Cap 948670 Other Struct-Mechanical Cont - Cap948170 Bldg Mechanical Contracts - Cap 948680 Other Struct-Landscaping Cont - Cap948180 Bldg Landscaping - Cap 948700 Other Struct-Grade/Fill/Clear - Cap948200 Bldg Grade/Fill/Clear - Cap 948710 Other Struct-Asbestos Removal - Cap948210 Bldg Asbestos Removal - Cap 948720 Other Struct-HVAC Cont - Cap948220 Bldg HVAC Contracts - Cap 948730 Other Struct-Refrigerate Cont - Cap948230 Bldg Refrigeration Contracts - Cap 948740 Other Struct-Elevator Cont - Cap948240 Bldg Elevator Contracts - Cap 948750 Other Struct-Fire Protection - Cap948250 Bldg Fire Protection Contracts-Cap 948770 Other Struct-Testing/Boring - Cap948260 Bldg Telecom Contracts - Cap 948810 Other Struct-Legal/Advertising- Cap948270 Bldg Testing/Boring - Cap 948820 Other Struct-Construct Survey - Cap948310 Bldg Legal Fees/Advertising - Cap 948830 Other Struct-Project Inspect - Cap948320 Bldg Construction Site Survey - Cap 948840 Other Struct-Miscellaneous - Cap948330 Bldg Project Inspection Fees - Cap 948850 Other Struct-Telecom - Cap948340 Bldg Miscellaneous Costs - Cap 948910 Land Acquistion Costs - Cap948341 Bldg Fixed Equipment - Cap 948950 Land Improvements - Cap948350 Bldg Acquisition Costs - Cap 948960 Land Legal/Record Fee - Cap948360 Bldg Legal/Recording Fees - Cap 948970 Land Appraisal Fees - Cap948370 Bldg Appraisal Fees - Cap948380 University Contingency - Cap948390 Construction Contingency - Cap

Requisition Reminders!

Enter an understandable asset description

Use the correct account codes for each line item

Utilize Internal Notes to communicate all important asset related information.

49er Mart Requisition

Question # 1You just purchased a microscope for $6,200.

Which account code will you use?

A. 942220 PC/Workstation/Printer Non-CapitalB. 944540 Science Equipment > 8 year life

CapitalC. 940501 Office/Reception CapitalD. 944010 Science Equipment Non-Capital

Answer # 1You just purchased a microscope for $6,200.

Which account code will you use?

A. 942220 PC/Workstation/Printer Non-Capital

B. 944540 Science Equipment > 8 year life Capital

C. 940501 Office/Reception CapitalD. 944010 Science Equipment Non-Capital

Question # 2You just purchased software for an i-Security

Server that costs $8,600 and the software can operate on multiple servers. Which account should you use?

A. 942560 Software–Servers CapitalB. 942060 Software-Servers Non-CapitalC. 927340 Maint Contract–Server SoftwareD. 942040 Software-Mainframe Non-Capital

Answer # 2You just purchased software for an i-Security

Server that costs $8,600. Which account should you use?

A. 942560 Software–Servers CapitalB. 942060 Software-Servers Non-CapitalC. 927340 Maint Contract–Server SoftwareD. 942040 Software-Mainframe Non-Capital

Question # 3You are purchasing a server. Along with this

server, you are purchasing a 1 year support agreement for $7,000 to address any complications. Which account code should you use for the support agreement?

A. 928320 Repairs/Maint-ServersB. 920300 Consult Fee Server Support

ServicesC. 942230 Server Equipment Non-CapitalD. 927350 Maint Contracts-Servers

Answer # 3You are purchasing a server. Along with this

server, you are purchasing a 1 year support agreement to address any complication for $7,000. Which account code should you use for the support agreement?

A. 928320 Repairs/Maint-ServersB. 920300 Consult Fee Server Support


Question # 4The printer you previously purchased is not functioning correctly now. A service agreement was never purchased for this equipment. Today you called the vendor for technical assistance and were charged $250. What account code should you use?

A. 928320 Repairs/Maint-ServersB. 920250 Consult Fee PC/Printer Support


Answer # 4The printer you previously purchased is not functioning correctly now. A service agreement was never purchased for this equipment. Today you called the vendor for technical assistance and were charged $250. What account code should you use?

A. 928320 Repairs/Maint-ServersB. 920250 Consult Fee PC/Printer Support


Fixed Assets Forms1. Equipment Disposition/Transfer Form

2. Fabricated Equipment Form

3. Off Campus Location Form

4. Trade-In Form

5. Transfer Approval Form

Fixed Assets Equipment Disposition/Transfer Form

For assets that are: - Surplused- Stolen (plus Police Report)- Traded-In- Transferred- Lost/Missing (plus statement of attempts to locate)

- Custodian name change

- Room/building change

Capital Fabricated Equipment

Fabricated Equipment is defined as tangible property that is built or assembled from individual parts that have a combined cost of $5,000 or more and a useful life of 2 or more years.

Fabricated Equipment

FormThis form must be

completed when a department begins to

build an asset that will be fabricated. It must be forwarded to the Fixed Assets department.

form revised 4/14/2009

New Piece of Equipment Attachment to Existing Equipment

Phone Ext.

Date

Phone Ext.

Date

(Signature only required if Grant Funds are used)

Asset #:

Before completing this form please read the instructions located in the Instructions Tab

Please complete this form when constructing a system or apparatus from attachments/components.

(Printed Name)

f. Start Date:

(Signature)

c. Location (Building Name & Room #):

i. Estimated Life (Years to be used):

Estimated In-Service Date:

I. Equipment Information

a. Description of Equipment/System:

d. Estimated Total Cost:

Fixed Asset Fabricated Equipment Form

Return this signed form to the Fixed Asset Office, Reese Building, Fourth Floor

(Custodian of Asset) Signature Required (Printed Name)

(Signature)

h. If the asset is attached to existing equipment, please provide the asset number of the existing piece of equipment

b. Name of Fabricated Project:

III. Sponsored Programs Approval

g. Check here if asset is:

e. Responsible Department Name:

II. Department Approval

Org Number:

Fabricated Equipment

Spreadsheet Second, the department will

keep track of each item that is attached to the fabrication using the Fabricated Equipment Spreadsheet.

Use the Fabricated Equipment account code 944085.

Reference name of the project in the internal note (49er Mart)

Complete and return to us on June 15 for each fiscal year.

form revised 4/14/2009

Asset #Account

Code Req # PO # Inv # Vendor Fund #Attachment

Date Amount Description*Attachment (A) or

Component (C )

Printed Name:

Signature: Date:

*Definition of Attachment: An attachment is an asset that is made to be attached to one specific piece of equipment and cannot operate by itself.

*Definition of Component: A component is an asset that can be attached to numerous pieces of equipment (ex. computer monitor) and also exist by itself.

Please return signed form to the Fixed Assets Office, Reese Building, 4th Floor, by June 15th

Fixed Asset Fabricated Equipment Spreadsheet Name of Fabricated Project:

Off Campus Location Form

To be used when an asset is located off campus

Risk Mgmt signature is only required if department obtains insurance.

Examples: Equipment used at the

NC Research Campus in Kannapolis

Backup servers located in another state

Off Campus Location Form page 2

Trade-In Approval

Form4 signatures are

required

To be completed in addition to Disposition/Transfer Form

Vendor Offering Trade-In Allowance:

Date

Phone:Signature

TO BE COMPLETED BY PURCHASING OFFICE

Total Cost of Replacement Item:

Final Purchase Price:

Printed name Date

Phone:Signature

Printed Name Date

Phone:Signature

Printed Name

Purchasing Office Request

Fixed Assets Officer Approval

Amount of Trade-In Allowance:

Name of Equipment:

State Surplus Property Officer

Please give a brief statement indicating the advantage to trade-in versus other disposal options:

Description of Item:

(Department Head)

Current Condition:

Name of Replacement Item:

Fixed Asset Trade-In Approval Form

Department Request

revised 4/15/2009

WE ARE REQUESTING APPROVAL TO TRADE-IN THE FOLLOWING ITEM (TO BE FILLED OUT BY DEPARTMENT)

Before completing this form, please read the instructions located in the Instructions Tab. This form is to be completed by the responsible department and forwarded for signatures. When all signatures are obtained, please send finalized form to the Fixed Assets Office, Reese Building, 4th Floor.

Date of Purchase:

University Tag #:

Description of Replacement Item:

Original Purchase Price (Total):

Transfer Between Agencies Approval

Form

To be completed in order to transfer fixed assets to and from the University

To be completed in addition to Disposition/Transfer Form

Check here if 2nd page attached:

Current Condition of Asset:

Phone: Fax:

Phone Date

Address:

Contact: Phone: Fax:

Phone Date

Date of Purchase:

TO BE COMPLETED BY UNC CHARLOTTE PURCHASING OFFICE

Agreed Upon Sale Price of Asset:

Signature of Authorized Approver

Original Purchase Price:

Reason For Transfer:

Receiving Agency:

Receiving Agency Contact:

revised 4/15/09

TO BE COMPLETED BY DEPARTMENT

Asset Tag Number:

Asset Description:

Fixed Asset Transfers Between Agencies- Approval Form

Department:

Before completing this form, please read the instructions located in the Instructions Tab. This form is to be completed by the responsible department and forwarded for signatures. When all signatures are obtained, please send finalized form to the

Fixed Assets Office, Reese Building, 4th Floor.

Name of Receiving Agency:

Selling/Sending Agency: UNC Charlotte

TO BE COMPLETED BY BUYING/RECEIVING AGENCY'S PURCHASING OFFICE

Printed Name of Authorized Approver Title of Authorized Approver

Printed Name of Authorized Approver


Title of Authorized Approver

Grant Transfer Approval

Form

To be completed with the Transfer between Agencies Approval Form and sent to the Office of Grants & Contracts Administration (formerly Research Cost Management)

Needs Vice Chancellor of Business Affairs approval

Approved for transfer as requested by department

Disapproved

Printed Name of Authorized Approver

Phone: Fax:

Date

Approved for transfer as requested by department

Disapproved

Printed Name of Vice Chancellor of Business Affairs

Phone: Fax:

Date

revised 4/15/09

Transfer of Grant Related Assets- Approval Form

TO BE COMPLETED BY THE OFFICE OF RESEARCH COST MANAGEMENT

Reason for disapproval:


TO BE COMPLETED BY THE VICE CHANCELLOR FOR BUSINESS AFFAIRS

Reason for disapproval:

Signature of Vice Chancellor of Business Affairs

Grant Property Grant property that costs over $5,000 is bar coded and accounted

for by the Fixed Assets department

Purchases of equipment from grant funds must be made under established purchasing policies AND follow the terms and conditions of the grant

If a grant has additional requirements related to its fixed assets, contact the Office of Grants & Contracts (formerly Research Cost Management) to ensure all obligations are met

Under no circumstances can grant property be transferred without the written approval of the Vice Chancellor of Business Affairs

See Policy# 601.12 for more information: (formerly policy # 56) http://uncc.edu/policies/up-601.12

Gift PropertyGift property that costs over $5,000 is bar

coded and accounted for by the Fixed Assets department

Acceptance of gifts should be coordinated with the Vice Chancellor for Advancement

Always view the equipment before accepting it

See Policy# 602.2 for more information: (formerly policy # 28) http://uncc.edu/policies/up-602.2

Tagging Tag has a bar code and six

digit number

Per FIT Standards, assets must be tagged within 60 days of invoice payment date

All fixed assets are physically tagged except for buildings, infrastructure, land, and mainframe software.

Annual InventoryInventory is conducted from August to June

Department liaisons will receive email notification from our office and will have 6 weeks to complete

Check your assets listed before Inventory Control comes to verify them

Custodian is responsible for making all assets available during inventory

Annual Inventory (cont.)• Inventory Control department will physically

check 100% of department’s assets

• Strongly recommended that laptops be tracked at the department level

• After physical inventory, we will send you an updated list for your department head to sign and return to us within 10 business days.

Department Inventory Report

2012-2013 Inventory Printed name of Inventory Clerk:

ORG Code: 12800 Round:

Printed name of Department

Contact:Ron Greer Inventory Key:Department Name: Receiving & Stores

Aug Rnd 1 F = Found

Department Contact: Ron Greer

By Signing, I confirm that there are no

changes to the listed assets other than those noted

on this form

NF = Not Found

Phone Number: (704) 687-0369

Signature of Department

Contact:

S = Surplus (requires Disposition Form)

[email protected] Required to be obtained by Inventory Control prior to leaving the department

ST = Stolen (requires Disposition Form

# of Assets: 15 Total Inventory Value: $243,625.93

and Police Report)

Result of Physical Inventory (see key at top

right)

CORRECTIONS Noted Below (when applicable) Information Currently in Fixed Asset System

Location should be… Custodian Name should be…

Other Changes as Noted (Including Clearer

Description)... [For example: "MFKR s/b

Kawasaki & serial # s/b QB0744-832] Asset # Location Description MFKR Serial # Model

Acquis- ition Date Acquisition Cost Custodian Name

Custodian Status

000051627 RS0000

Utility Vehicle Club Car CLBCAR 9534454852 (S-2) 1995/04/06 6,825.04Greer, Ronald P.

EMPLOYEE

000054947 RS0000 Van Ford Minivan FORD

1FTDA14U2TZB35238 (74403-R) Aeros 1996/05/29 15,850.09Greer, Ronald P.

EMPLOYEE

000065038 RS0000 Pickup Truck DODGE RAM

1B7HC16Y31S751807 1500 (PM 4241) 2000/05/22 14,474.41Greer, Ronald P.

EMPLOYEE

000067930 RS0000

Pickup Truck 1 Ton Cab W/Lift Gate &Rails DODGE

3B6MC36511M540652 (PM-6368) RAM 2001/03/12 23,645.12Greer, Ronald P.

EMPLOYEE

000072643 RS0000 Forklift TOYOTA 67461 7FGU25 2003/02/25 24,152.03Greer, Ronald P.

EMPLOYEE

000077729 RS0000 2005 Pickup Truck FORD

1FTYR10DX5PA56298 (7505) RANGER 2005/01/28 10,500.00Greer, Ronald P.

EMPLOYEE

000078477 RS0000 Pickup Truck FORD

1FTRF12W85NB60974 F150 PL 9835 2005/05/20 13,782.00Greer, Ronald P.

EMPLOYEE

000080241 RS0000

Tiger Star Cargo Van Tiger

LS4BAB3D06GI22651 (S-10) Star Va 2007/04/30 14,947.00Greer, Ronald P.

EMPLOYEE

000080790 RS0000

Box-Style Diesel Powered Truck Sterling

JLSBBE1S17K000757 (PK-6536) 2008/03/06 33,158.00Greer, Ronald P.

EMPLOYEE

000081220 RS0000

Commercial Grade Utility Vehicle (T-Mag) Mag

LKHNC1CH69AT10357 (RS-1) T-Mag 2009/05/13 8,724.00Greer, Ronald P.

EMPLOYEE

000081221 RS0000



EMPLOYEE

000081222 RS0000

Commercial Grade Utility Vehicle (t_mag) Mag

LKHNC1CHX9AT10359 T-Mag (RS-3) 2009/05/13 8,724.00Greer, Ronald P.

EMPLOYEE

000081223 RS0000



EMPLOYEE

000082151 RS0000

Commercial Forklift HYSTER P005V03624J H90FT 2011/01/28 39,848.00Greer, Ronald P.

EMPLOYEE

000082880 RS0000

Kawasaki Mule 4000 2 Passenger Utility Vehicle KAWASAKI

1AFCP16CB502825 MULE 4000 2012/05/30 11,548.24Greer, Ronald P.

EMPLOYEE

mailto:[email protected]

Final Inventory Report (needs signature!)

Missing AssetsA missing asset list is compiled during the Annual

Inventory.

The Fixed Asset department will email departments a list of assets that were missing.

University departments confirm if assets have been found or not.

Inventory Control re-verifies any assets that have since been found.

Final missing assets are forwarded to the Vice Chancellor of Business Affairs, Department Heads, and Internal Audit. They are also included on the State Bureau of Investigation Report.

Department Head Responsibilities

Take adequate precautions to ensure that arson, damage, theft, embezzlement, or misuse of any asset is prevented.

Comply with University, State, and Federal policies and guidelines regarding inventory verification, inventory disposal, and reporting lost or stolen inventory.

Upon a change in management, conduct an internal review and account for all assets (Recommended by FIT as “Best Practice”).

Property Liaison Responsibilities

Assist with tagging of assets and Annual Inventory

Locate department assets before your scheduled inventory verification

Notify Fixed Assets department of changes in the status of assets (i.e. stolen, lost, location change, missing/defaced tag, transfers, surplus, traded in)

(Use Fixed Asset Equipment Disposition Form for this)

AccountabilityFixed Assets have become more scrutinized in

recent years during state audits

Not following correct policies and procedures leads to audit findings

Could lead to restrictions on how we spend state funds!

Question # 1If you have equipment/supplies you no longer need and use, you can give it away to another department or state agency for their use by sending them an email to tell the to come pick it up.

TRUE

FALSE

Answer # 1If you have equipment/supplies you no longer need and use, you can give it away to another department or state agency for their use by sending them an email to tell the to come pick it up.

TRUE

FALSE

Question # 2A Fixed Asset Equipment Disposition / Transfer Form should be completed when you:

A. No longer need or can use equipmentB. Want to transfer equipment or supplies to

another departmentC. An asset cannot be located during annual

inventory processD. You want to loan equipment to another

institution, agency, etc.E. All of the above

Answer # 2A Fixed Asset Equipment Disposition /

Transfer Form should be completed when you:

A. No longer need or can use equipmentB. Want to transfer equipment or supplies to

another departmentC. An asset cannot be located during annual

inventory processD. You want to loan equipment to another

institution, agency, etc.E. All of the above

Question # 3During the inventory process, the department liaison should:

A. Know the location of every asset listed on their department’s report

B. Accompany Inventory Control as they verify the list of assets

C. Make any corrections or additions to the inventory list

D. All of the above

Answer # 3During the inventory process the department liaison should:

A. Know the location of every asset listed on their department’s report

B. Accompany Inventory Control as they verify the list of assets

C. Make any corrections or additions to the inventory list

D. All of the above

Question # 4If more than one purchase order is being used to build one asset that will total $5,000.00 or greater you must complete a ______________ form and forward to Fixed Assets before fiscal year end.

A. Disposition Transfer FormB. Off-Campus Equipment AgreementC. Fabricated Equipment FormD. Trade-In Approval Form

Answer # 4If more than one purchase order is being used to build one asset that will total $5,000.00 or greater you must complete a ______________ form and forward to Fixed Assets before fiscal year end.

A. Disposition Transfer FormB. Off-Campus Equipment AgreementC. Fabricated Equipment FormD. Trade-In Approval Form

Important TakeawaysAll employees are responsible for protecting the

University’s property

Use correct account codes and give full descriptions of assets for requisitions in the internal notes section in 49er Mart

Assets must be tagged within 60 days of invoice payment date

When applicable, complete the correct Fixed Assets forms and forward to us

Prepare for your Annual Inventory

Visit our website:http://finance.uncc.edu/controllers-office/reporting-fixed-assets/

Reporting & Fixed Assets OfficeReese Building

Kendra CooksController

Tony GeorgesFinancial Reporting Mgr.

(704) 687-5755

Aaron HelfenbergerFixed Assets Officer

(704) 687-5753

Karen WorthyFixed Assets Accounting

Tech.(704) 687-5754

VacantFinancial Reporting

Accountant(704) 687-5780

Kim SeamansSr. Financial Reporting

Accountant(704) 687-5752

Questions?

FIXED ASSETS

Documents

Transcript of FIXED ASSETS