Scribd
Upload
75 views15 pages

Fixed Assets: Management of Equipment at The University of Virginia

The document outlines the processes for adding, tracking, deleting and reporting on equipment assets at UVA. It describes the roles of the central property office and individual property contacts, and emphasizes the importance of accurately recording asset information in the Oracle purchasing and fixed assets modules. Key responsibilities include using proper expenditure types, submitting P-1 forms for asset changes, verifying inventory reports, and ensuring annual reporting requirements are met.

Uploaded by

Karan Kunwar singh
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
75 views15 pages

Fixed Assets: Management of Equipment at The University of Virginia

The document outlines the processes for adding, tracking, deleting and reporting on equipment assets at UVA. It describes the roles of the central property office and individual property contacts, and emphasizes the importance of accurately recording asset information in the Oracle purchasing and fixed assets modules. Key responsibilities include using proper expenditure types, submitting P-1 forms for asset changes, verifying inventory reports, and ensuring annual reporting requirements are met.

Uploaded by

Karan Kunwar singh
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 15

Fixed Assets

Management of Equipment at the


University of Virginia
Introduction to Property
Management
 Equipment Additions
 Equipment Deletions
 Equipment Tracking
 The Inventory Process
 Annual Reporting
Equipment Additions
 There are four ways that equipment
gets added to the Fixed Assets module
– Purchases of $5,000 or more made in the
Purchasing Module “PO/AP”
– Cost Transfers
» Example: Cavalier Computer
– Gifts in Kind (IX.A.11)
– Transfers In from Sponsors or Other
Universities (X.A.3)
Equipment Deletions
 There are five ways that equipment gets
removed from the Fixed Asset module
– Surplus (V.II.A.6) - Use “Request to Surplus” E-form at
www.procurement.virginia.edu/Surplus
– Transfers Out to Sponsors and Other Universities
(X.A.2) - Use Form P-1, Equipment Inventory Change
Request and attach explanation from PI (Principle
Investigator)
– Trade-In - Use Form P-1, Equipment Inventory Change
Request and Document PO (Purchase Order) Number
– Cannibalization - Use Form P-1, Equipment
Inventory Change Request and attach explanation
– Stolen - Use Form P-1, Equipment Inventory Change
Request
Equipment Tracking and
Maintenance
 The Central Office is responsible for oversight
of property for the University
 As the Property Contact you are responsible
for the tracking and management of property
for your organization – so what do you need
to do?
– Verify information in the system is accurate
– Ensure that Off-Ground Certification Forms are
filed promptly
– Contact the Central Office when changes need to
be recorded for location, assignment, etc.
– Completing and submitting P-1 forms
The Inventory Process
 The Property Accounting Staff scans the
equipment in an organization
 The Property Contact is notified that the scan
is complete and they must run a report for
equipment that was not accounted for
 The Property Accounting Staff returns to scan
equipment that was found and records
equipment verified to be off grounds
 Remaining equipment not accounted for is
considered missing and a certification form
needs to be completed
Annual Reporting
 Sponsor Annual Report in September of
each year
 Annual Report to SCHEV in October of
each year
 Final Sponsor Property Reports
 Annual Report to Budget for ETF
Allocation Analysis
 Annual Financial Statements
The Role of the Central Office
 Responsible for management, oversight and
reporting for all University equipment assets
 Administrators of Fixed Asset Module of
Oracle and responsible for any data updates
to the system
 Responsible for tagging all new equipment
assets acquired by the University and
collecting asset information with scanners
 Responsible for inventory
 Responsible for oversight and tracking of
asset retirements: scanning surplus, etc.
The Role of Property Contacts
 Provide information to the Central Office
Property Accounting Staff for ALL equipment
related activity
 Review equipment inventory reports to
ensure that your organization’s equipment is
properly accounted for
 Stay current on equipment policies and
procedures
– Visit property website
– Call or email Property Accounting Staff with
questions ([email protected])
How Oracle Changes the Way
We Do Business
 You can (and must) still use the P-1
Form!
 We can all query the system directly
 We can all run our own reports
 Property in the Fixed Assets Module
can be updated from the integrated
Oracle Purchasing Module
The Purchasing Module
 Accuracy
– It is very important that ALL users in your
organization input data into this module correctly
» Description: Must be completely filled out, using noun
first and followed by adjective. “Lab equipment” is NOT
sufficient if you have purchased a “laser, high intensity”.
» Quantities: Must be on purchase order. On LPO show in
description; remember that items with many accessories
will be tagged as one item so you can put this on one
line in the purchase order (ex. Microscopes)
» Freight & Installations: Code as equipment.
» Expenditure Type: It’s got to be right or a cost transfer
has to be done.
The Importance of
Expenditure Types
 The core data element for Fixed Asset
reporting
 Understanding the signs….
– Use these for UNIT cost not total cost
 >/= $5K: greater than or equal to $5,000
 <$5K: less than $5,000
 Cost transfers
– If the original expenditure category is wrong you
need to do a cost transfer according to the
instructions for the Grants Management module
Stuff We Think You Need
(so there are copies attached!)

 Contact Information
 List of Expenditure Types (Discoverer Report)
 The P-1 Form and Instructions
 Inventory Certification Form
 Off Grounds Equipment Certification
Form
 Frequently Asked Questions
STAFF LISTING
Name Position Email Phone
Gary Young Director of Fixed [email protected] 924-4284
Assets Accounting

Angy Seago Manager of ETF [email protected] 924-4323

Malika Ouenza Manager Plant [email protected] 924-4283


Accounting
John Wallace-Smith Sr. Property [email protected] 924-0805
Specialist
Mike Williams Property [email protected] 924-4209
Inventory u
Specialist
Property Contacts Must:
 Fill Out the P-1 Form When…
– Transferring Equipment
– Disposing of Equipment
– Receiving specific types of Acquisitions
 Review their Reports Monthly To…
– Ensure their organization has accounted for all property
 Inform the Property Accounting Staff if equipment has
changed location or assignment
 Review missing inventory lists and work with the
Property Accounting Staff to reconcile
 Ensure inventory certification is completed
 Ensure off-grounds certifications are completed

You might also like