Asset Management

Asset Management is responsible for assisting units with the tracking of capital assets, maintaining a permanent and detailed record of all capital assets owned by the university and managing an accurate system that meets the federal government's requirements and inventory audits for all capital assets.

 

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Tools and Resources

Asset Overview

  • Capitalized Assets - Assets valued at $5,000 or more
  • Non-capitalized Assets - Assets valued at less than $5,000 

The value of an asset is the accumulation of all costs required to place the asset in service. This should include, but not necessarily be limited to, the net invoice price of the asset, the cost of attachments, in transit insurance, freight, and installation. In practice, good judgment and consistent treatment should rule with regard to what costs should be included.

Characteristics of Assets

For purchasing and tracking purposes, assets must:

  • Be moveable (not permanently attached to a building or utility system).
  • Have a useful life of at least one year.

All capitalized assets must be tracked in the Financials system.  For non-capitalized assets, use of the Financials system for tracking is strongly encouraged in preparation for the transition to WorkDay in 2019.

Additional guidelines may need to be considered for Office of Sponsored Programs (OSP) assets.

Roles and Responsibilities

Asset Coordinator (also known as Equipment Coordinator)

Assigned by the college/vp area (requires training and system access) and maintains the following responsibilities:

  • Confirm that each asset has been delivered and verify that receipt of the asset has been entered in the Financials system.
  • Tag the asset as soon as tags are received from Asset Management.
  • Enter the tag number into the Financials system, if necessary.
  • Record the name of the Custodian of each capitalized asset in the Financials system.
  • Track each item of capitalized equipment through its lifecycle, from delivery to disposal, in the Financials system.
  • Communicate with the Asset Custodians regarding the location and physical condition of the asset.
  • Add/Update location (building and room numbers) and other status detail in the Financials system.
  • Track and document any off-campus use of an asset.
  • Submit the completed annual self-audit of capitalized assets to Asset Management.
  • Track non-capitalized assets (use of the Financials system is strongly encouraged in preparation for the transition to WorkDay in 2019).

 

Asset Custodian (also known as Equipment Custodian)

Responsibilities include:

  • Verify the physical condition and location of the asset (building and room codes).
  • Advise the Asset Coordinator of any change in asset status including location, disposition, or theft.
  • Notify the Asset Coordinator when the asset has reached the end of its useful life.

 

Asset Management Office

Central support for university assets.  Responsibilities include:

  • Generate asset record in the Financials system.
  • Process asset maintenance in the Financials system.
  • Communicate with the Asset Coordinators on the management of assets.
  • Manage the Physical Inventory and Equipment Review (PIER) self-audit process.
  • Transfer equipment to other departments or institutions.
  • Retire capitalized equipment in the Financials system after approval by the dean or vice president.

Reporting

A variety of Asset Management reports are available through eReports. For information regarding how to run reports, visit eReports ASSIST.

  • Addition/Retirements/Transfers – Detailed Description (AMB100W-01) - provides information on all assets that have been added, retired or transferred for a specified area within a Business Unit.
  • Custodian Changes (AMB100DW-02) - provides all assets that had custodian changes for a specified area within a Business Unit.
  • Location Changes (AMB100DW-03) - provides all assets whose location has changed for a specified area within a Business Unit.
  • Asset Detail by Location Report – Detailed Description (AMB100DW-04) – provides all assets and pertinent details by location for a specified area within a Business Unit.
  • Asset Detail by Profile – Category Report (AMB100DW-05) – this report provides all assets and pertinent details for a user defined profile/category for a specified area within a Business Unit.
  • Physical Inventory and Equipment Review – Detail & Summary Report (AMB-100DW-06) -  this report provides a list of all assets and pertinent details for a specified area within a Business Unit.

Training

Learn more about the courses offered in BuckeyeLearn for supporting the asset management process by visiting Financial Training.

  • AM_Asset Coordinator Course - also known as the General Ledger (GL) 8 Equipment Coordinator (Online course)
  • AM_Managing Your Assets - also known as Managing Your Department’s Capitalized Equipment (Classroom course)

 

Processes

Asset Acquisition and Creation

Capitalized Assets

As with most goods/services, assets are primarily procured via the Financials system with the generation of the purchase order (adhering to applicable procurement policies).   See step-by-step ASSIST guide:  Asset Purchase Orders.

On delivery of the capitalized asset, it must be receipted in the Financials system.  Subsequent arrival of the invoice prompts Asset Management Office to generate the asset ID record in the Financials system and associated tag for tracking.

Note: Any capitalized assets purchased with a university issued PCard, must be documented on the AM - Add Asset to Inventory Form and submitted to Asset Management within seven business days of the purchase transaction date for generation of the asset ID and associated tag for tracking.


Non-Capitalized Assets

Non-capitalized assets should be tracked via the establishment of an Non-Cap Asset ID in the Financials system.  In order for Asset Management to enter non-capitalized assets, the purchase order must contain a profile ID and the Account Value in the ChartField combination must fall within the 655xx – 655099 range.

Alternately, the Asset Coordinator must enter the non-capitalized assets if the purchase order did not specify the asset was to be tracked or the asset was not acquired via a Financials system purchase order.  See step-by-step ASSIST guide:  Enter a Non-Capitalized Asset.

For additional assistance with performing asset processes, go to Procurement Assist or contact Asset Management.

Receipt an Asset

Upon delivery, the capitalized asset must be receipted in the Financials system.  This may be done at Central Receiving or by the Asset Coordinator with direct deliveries.  See step-by-step ASSIST guide:  Receipt an Asset.

For additional assistance with performing asset processes, go to Procurement Assist or contact Asset Management.

Tag an Asset

For capitalized assets, tags will be issued by the Asset Management Office to the applicable unit upon asset ID generation in the Financials system.   

Upon receipt of the tag, Asset Coordinators must:

  • Apply the tag to the asset.
  • Enter the tag number into the Tag Number field in the Financials system, if necessary.
  • Add comments to clarify an unusual location of the item (e.g. barn) or any additional descriptive information about the asset.
  • Sign and return the Asset Print Form (Tagging Sheet) back to Asset Management Office certifying that the item has been tagged.

Note:  Assets tags are not physically applied by Central Receiving or the Asset Management Office.

Request non-capitalized assets tags:  Send email to Asset Management Office; include the requestor’s contact information, 5-digit unit number and number of tags needed.

Update Asset Information

Updates made to the asset’s location (e.g. building or address updates), condition, cost adjustments or other status detail changes (e.g. asset used off campus) must be documented in the Financials system.  See step-by-step ASSIST guide:  Update an Asset.

For additional assistance with performing asset processes, go to Procurement Assist or use the AM-Asset Maintenance Form for assistance from the Asset Management Office.

Retire an Asset

Disposition of an asset (e.g. retirement, sale, transfer, et al) must adhere to specific Asset Management policy criteria and properly documented in the Financials system.

For capitalized assets, complete the AM-Asset Maintenance Form for assistance from the Asset Management Office.

For non-capitalized assets, see step-by-step ASSIST guide: Retire an Asset.

For additional assistance with performing asset processes, go to Procurement Assist or contact Asset Management.

Complete Annual Self-Audit

UNIV Capitalized Assets

  1. Verify accuracy of capitalized asset information (Location, tag number, serial number, etc.) and make any necessary changes in the Asset Management panels within the Financials System.  Each asset must include a location and custodian in your review.
  2. When applicable, send completed AM-Asset Maintenance Form to Asset Management. Assets that need to be retired must include the date of the item last sighted and by whom plus a full explanation of circumstances of loss or destruction.  For stolen equipment, a copy of the police report is required. 
  3. Capitalized assets needing to be surplused must be processed through the Surplus Property Management System.  For assistance with that process, see Surplus.
  4. Complete and obtain all appropriate signatures for the Physical Inventory and Equipment Review Report Certification Form(s) located at the end of each Org/Dept’s asset detail report and return to University Asset Management by applicable deadline.

For additional assistance with performing asset processes, go to Procurement Assist or contact Asset Management.

OSP Capitalized Assets

  1. Verify accuracy of capitalized asset information (Location, tag number, serial number, etc.) and make any necessary changes in The Asset Management panels within the Financials System. Each asset must include a location and custodian in your review. 
  2. Assets that need to be retired should be described in detail on department letterhead, with an explanation of why it should be retired.  The letter must be signed by the Dean/VP or Designee and sent to the Office of Sponsored Programs.
  3. Complete and obtain all appropriate signatures for the Physical Inventory and Equipment Review Report Certification Form(s) located at the end of each Org/Dept’s asset detail report and return to University Asset Management by applicable deadline.

Contact Drew Siegel at the Office of Sponsored Programs for assistance.

UNIV Non-Capitalized Assets

  1. Retire any non-capitalized assets you no longer have or do not wish to track in the Financials system, or notify Asset Management for assistance. 
  2. Verify accuracy of asset information (location, tag number, serial number, etc.) and make any necessary changes in the Asset Management panels within the Financials system.
  3. Non-Capitalized assets needing to be surplused must be processed through the Surplus Property Management System.  For assistance with this process, see Surplus.
  4. Complete and obtain all appropriate signatures for the Physical Inventory and Equipment Review Report Certification Form(s) located at the end of each Org/Dept’s asset detail report and return to University Asset Management by applicable deadline.

For additional assistance with performing asset processes, go to Procurement Assist or contact Asset Management.

OSP Non-Capitalized Assets

  1. Retire any non-capitalized assets you no longer have or do not wish to track in the Financials System, or notify Drew Siegel at the Office of Sponsored Programs for assistance.
  2. Verify accuracy of asset information (location, tag number, serial number, etc.) and make any necessary changes in The Asset Management System within the Financials System.
  3. Non-Capitalized assets needing to be surplused must be processed through the Surplus Property Management System.  For assistance with this process, see Surplus
  4. Complete and obtain all appropriate signatures for the Physical Inventory and Equipment Review Report Certification Form(s) located at the end of each Org/Dept’s asset detail report and return to University Asset Management by applicable deadline.

Contact Drew Siegel at the Office of Sponsored Programs for assistance.

 

Asset Management News

See Asset Management news below (and in these archived NewsLink articles).


Displaying 1 - 2 of 2
| September 23, 2019

The latest news and information for Asset Management.

| May 17, 2019

The latest news and information for Asset Management.