Departmental Asset Management Introducing the Stimulating and Thought-Provoking World of Asset Management ABS Property Accounting www.colorado.edu/property

Topics Brand New Inventory System Property Life Cycle Fun Facts: Total Value of all tagged property: $320 Million ($320,009,201.09 - March 2019 GL Balance) Total Number of all tagged property: 12,367 items Oldest tagged item is a Persian Rug from 1931 There are tagged assets on all 7 continents and the International Space Station Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

Brand new Inventory System You will need access to PeopleSoft Finance system. To gain access you, there is a step by step guide on the Controller’s website under ‘Finance System Access’ https://www.colorado.edu/controller/finance- marketplace-and-ciw-access You update the system directly Accuracy System-generated email with Inventory list for reference Procedures Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

New System Navigation Main Menu > Asset Management > Asset Inventory > Update Inventory Transactions Enter your department code (or begins with if there are multiple department codes), if you don’t know the code just click the magnifying glass and search for your code. This will list your assets. Click on the asset to update fields, then click submit. Click next in list to go to next asset Required fields: Asset Found and Replacement Tag Required To find a location, employee, etc. click the magnifying glass. If you can’t find the information, enter it into the comments field. If disposing, put in comments. Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

DPM’s Role in Property Mgmt Property Life Cycle Purchasing Tagging Inventory Disposal Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Capital Equipment Requirements A piece of equipment that is over $5,000 Has a Useful Life > 1 year Item must be a tangible piece of equipment which is not permanently fastened to a building and does not lose its identity Software purchased that is >=$5,000 with a useful life >1year. Items not considered capital equipment are Repairs, services and consumables. Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Getting Started Purchasing a Capital Asset Equipment purchases shall be initiated in accordance with procedures outlined by the Procurement Service Center. 810100 is the account code to use for capital equipment purchases (Fabrications use 810700 to be discussed later). The PAO monitors 810100 and issues a tag for items purchased. The new purchased equipment is usually recorded at the amount shown on the vouchers or invoices, including shipping and installation costs. For purchases involving trade-ins, the new item is recorded on property records at the actual cost of the new item plus the value of the equipment traded-in. Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Purchasing a Capital Asset Cont. Go to http://www.colorado.edu/property Property Central Website is a one stop shop for all your property needs. Gifts and Donations Contact Stefanie Furman, CCO 2-2396 or Stefanie.Furman@Colorado.edu Lease Purchases Contact Andy at 2-2424 Andrew.Settle@Colorado.edu Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Which account codes does Melissa look at? 810100 EQUIPMENT FIXED ASSETS EQUIPMENT >=$5,000 810200 EQUIPMENT >=$5,000 GOV’T TITLE 0Fxxxx Tags 810350 Software over $5,000 810700 EQUIPMENT COMPONENTS 810800 FEDERAL EQUIPMENT COMPONENTS 810402 Art & Non-depreciable Collections Art Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Tagging Tag the piece as soon as possible, taking note of the serial number of the item and its exact location Determine the correct departmental custodian for the item Enter serial number & location (if it is a vehicle; license plate #, verify VIN and lot #) on the New Equipment Tag form and send to Property@Colorado.edu You may change the description if desired (limit to 30 characters) Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Best practices for Tagging Try to place the tag in a very prominent location ideally in the front of the item, so that the tag is easily seen When tagging an item (and during inventory) we like to take a few pictures One up close - to be able to read the tag easily One further back – so as to be helpful in the future to find and identify the item & where in the room it might be Send pictures to Andy and I will keep them in our OneNote database Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Up close ABS Property Accounting www.colorado.edu/property Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Picture of where tag is placed Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Picture of where in the room Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Moving Flier Go to Property Central Best Practices Click on link below to see the poster to print for your use. http://www.colorado.edu/ocg/node/1286/at tachment. Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

ABS Property Accounting www.colorado.edu/property Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

Offsite – off campus deployment The item shall only be used for University business; the person taking the item will be responsible for the condition of the item, and that they shall make sure the Item is returned to campus after use/deployment. If it is non-capital it needs to be tagged & tracked as well. Contact Melissa for a Tag number then submit the Off Campus form. We are now using a Docusign form; to obtain the new form go to property central www.Colorado.edu/property then click on the topic Leaving campus/Returning To Campus Fill out the information and it will be sent to Andy Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

The Basics Fabricating a Capital Asset Fabrications or Constructions Must meet the same criteria as capital equipment. Useful life begins once the item is placed into service. Fabricated assets are defined as components that work together to perform one function. Each component is necessary for the system to function as a whole. Removal of any one component would result in the system not operating at the required capacity or for its intended purpose. Fabrication Tag Request Form and process can be found at Property Central Website. www.Colorado.edu/Property Before fabrications begin, contact Melissa Keller in the PAO (mkeller@Colorado.edu, 579 UCB). Send her the fabrication request form and a Chartfield request form. Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

ABS Property Accounting www.colorado.edu/property Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

ABS Property Accounting www.colorado.edu/property Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

ABS Property Accounting www.colorado.edu/property Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

The Basics Fabricating a Capital Asset Chartfield Request Form: The new chartfield is needed to create a subclass speedtype to capture all fabrication costs – there will be no budget associated with the new speedtype, it will be only be used to have a location to store all fabrication costs. Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

ABS Property Accounting www.colorado.edu/property Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

The Basics Fabricating a Capital Asset Melissa will then issue a tag number and subclass speedtype. All purchases for this fabrication must be coded to the subclass speedtype and include this tag number on all purchase forms, such as POs and Expense System purchases using account code 810700 (Equipment Components). The actual tag will be sent to you once you notify Melissa that the item has been placed into service. Remember: Fabrication Tag Request Form and process can be found at www.Colorado.edu/property . Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

The Finer Points Fabricating a Capital Asset Fabrications or Constructions “Put Into Service” is the term used for the transition from fabrication to its state of permanent use for which it was created. This state can get confusing with research projects, please contact the PAO when in doubt. Please note: Fabrications are complex accounting processes and have far reaching auditing impacts across departments, so if a dept. cannot meet the accounting challenges of fabrications DAM & OCG will not allow them any additional fabrications. Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

ABS Property Accounting www.colorado.edu/property Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

Inventory Every Two Years Each department has to conduct an inventory every two years. The inventory should begin and end within 6 weeks. The goal is for the inventory to be a snapshot of the inventory, not a video or rolling average. A good practice for the DPM is to evaluate the condition, its use, and place of storage for the asset. Some departments develop their own equipment graveyards rather than relinquishing the equipment to property services for auction or disposal. Your laptop doorstop might be just what another department needs for a survey project. Remember our newest tool BuffSurplus Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

Buff Surplus https://buffsurplus.colorado.edu VPN is required when off-campus The “Craigslist” for CU property A website tool to facilitate the exchange, sale, and re-use of surplus property between campus departments or units Anyone can view items, but posting requires Identikey log-in then it will guide you Check there/post before you purchase/dispose of something Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

Inventory Problems & Solutions A common problem with the inventory is the difficulty in knowing what the asset looks like. In 2009, $12 million dollars of equipment, 5% of total 090400-capital equipment, was listed as not found on the inventory sheets. In 2012, due to back to back inventories and the retagging of 60+% of assets this amount was less than $100,000 The most common reason for listing an asset as not found was not enough time to find it. Take a picture of the asset when purchased, print it out and place in a folder with its tag #. This will save lots of time and keep that $12 million figure down to <1%. Unsure of what you are looking for? Try doing a search on the internet Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

Removing Equipment from your Dept’s Inventory How is a piece removed from the Inventory Transfer within CU Transfer to another institution Donation Trade in Sale Surplus Loss Theft Each of these situations have specific definitions, restrictions, approvals, and record keeping that must be followed. Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

New Online Disposal Request Form Watch for the new on-line disposal form on Property Central www.colorad.edu/property for Transfers Donations Trade-In’s Sale Surplus (If purchased on a contract or grant) Please complete this form all tagged assets before disposal of the item and entering it into asset works Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

Transfers A transfer to another Institution or non-profit organization (donation)? Fill out the new online approval form using the code “TOI” Once I have acceptance from the receiving institution it can be transferred. Once it leave campus let me know and I will remove from the inventory. A transfer to a different CU department? Sponsored Equipment: Fill out the Disposal form using the code “TD” – please include new dept. info. Non-Sponsored Equipment: Fill out Transfer form, be sure to include new location and custodian. Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Trade in, Sale, Surplus Fill out the new online disposal request form For a Trade-In follow above using code “TI” then contact Melissa Keller Melissa.keller@Colorado.edu / x2-8030 to ensure the cost of the trade-in gets added to the cost so it reflects the actual value. For Sales follow above using code “SA” and then contact Steve @ Steve.Marvel@Colorado.EDU or @2- 1120 For Surplus follow above using code “EX” For quicker removal from your inventory send the Disposal Request# (transfer #) to Andy or a copy of the DR report. Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

For a Loss or Theft For a Loss, fill out the Request to Remove Missing Equipment from Departmental Inventory form, get appropriate approvals and send to Andy Lost Equipment Form For a Theft, Call the CU police Department and start a Police Report. Send the Police Report # to Andy and Risk Management Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Asset Disposal Highlights What it takes to dispose of University property Chair Approval – For Lost/Stolen items Use the new online disposal form PAO will write a letter for transfers to the receiving institution transferring the equipment. This needs to be done prior to items leaving campus www.colorado.edu/property For any questions and for forms All Gift-In-Kinds must be kept for 3 years of date received Buff Surplus, Buff Surplus, Buff Surplus……… Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Property Management Team The Property Management Team consists of You – the department Property Manager Us – the DAM team OCG – when item are purchased on a contract or grant Property Services - when items are disposed In other words it takes a village campus to raise a successful inventory Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property

Feedback Greg Roers Is Property Inventory Manager in your job description? How many assets are needed for it to be in your job description? Accounting & Business Support — CU Boulder ABS Property Accounting www.colorado.edu/property

Just a Piece of Cake (non-capital <5,000 calories) Q and A Thanks for coming! Melissa Keller melissa.keller@Colorado.EDU 303-492-8030 Andy Settle andrew.settle@Colorado.EDU 303-492-2424 Campus Controller’s Office CU Boulder ABS Property Accounting www.colorado.edu/property