Office of the Comptroller Property Management Initiatives October 17, 2005

Office of the Comptroller Goal  Improve management of property assets at Penn  Property Administrators responsible for maintaining data  Hirons & Associates responsible for inventory verification

Office of the Comptroller Importance of Property Management  Proper stewardship of our assets will facilitate the accuracy of information which ultimately effects  Indirect cost proposal to Department of Health Human Services (DHHS)  Outside audits – PWC & A-133  University Financial Statements

Office of the Comptroller What is Property?  Any item valued at $5,000 or more  Useful life of more than two years  Penn has title to the asset  Property items with a value of $5,000 or more are tagged and inventoried  Items identified by Property Management Group (PMG) via paid invoices for purchases in BEN Buys  Source documentation, e.g. installation location and category very important

Office of the Comptroller Property Administrator Role  Effective January 1, 2006 Property Administrators will be required to update Property Management System for information such as  Custodian  Location  Transfers between Schools/Centers will be made only by PMG  Completion of appropriate forms such as Equipment Disposal From

Office of the Comptroller Property Inventory Verification  Quarterly review of additions, disposals & transfers by Hirons & Associates, Inc.  For each quarter beginning 1Q06 – Continuing through FY07 & FY08 – Site visits to begin October 17, 2005  Verify additions – location, description, custodian, tagging contact, category code  Tagging of untagged assets  Inquiry on asset disposals and asset transfers

Office of the Comptroller Inventory of Assets  Verification of all assets in Property Management System  Bi-annual inventory of all assets FY06 – Beginning April, 2006  Quarterly cycle counts of assets FY07 & 08 – Replaces bi-annual inventory – One-eighth (1/8) of Penn inventory will be counted each quarter – Over two year period all assets counted

Office of the Comptroller Property Management System Training  Training will be provided by the Financial Training Department  Current Property Administrators  Those newly identified by their Senior BA

Office of the Comptroller Training Outline  Pre-requisite Knowledge Building On-Line  Must pass with 100%  Instructor-led session  Hands-on system training – Updating location, custodian, etc.  Review of disposal process and applicable forms

Office of the Comptroller Future Initiatives  Review of fixed asset policies  Conversion to Oracle Fixed Asset system

Office of the Comptroller Questions???