Definition of Inventory Inventory Services The University of Texas at Austin

Objectives Different ways to acquire an asset Equipment ownership Capital vs. Controlled Object Code determination

How are assets acquired?  Purchases from purchase orders, Procards (VP7)  Noncash gifts and donations from vendors, individuals, etc.  Transfers into the university as a result of a Principal Investigator (PI)  Inter-agency transfers from another state agency  Transfers from a non-Texas state agency, private institution, or organization

How are assets acquired? cont’d  CCART NT1 electronic transfers from other departments  Completed fabrications or construction in progress (CIP)  Fabrication: Unique equipment that is built from individual parts by university personnel  Government-furnished equipment (GFE) - equipment furnished by the U.S. government to the university used for research and development. Title is with the U.S. government. These are recorded in DEFINE, regardless of cost  Federal excess personal property – government equipment that is obsolete to the government

Equipment Ownership All equipment is considered state property unless designated as federally or privately owned Ownership codes are determined by the funding source(s) and grant/contract terms Every asset ownership is coded as: U-University P-Private F-Federal

Capital Assets Non-consumable items with a value equal to or greater than $5,000 Installation costs, freight and transportation charges associated with acquiring capital assets must be included in the asset’s value All modifications, attachments, and accessories necessary to render the assets usable for service must also be included in the asset’s value Warranty costs and service agreement costs are not included in the asset’s value unless you are unable to separate them from the asset value on the purchase order or vendor invoice List of Capitalized Assets: SPA Process User's Guide

Controlled Assets Items required to be reported per the State Comptroller via the State Property Accounting (SPA) system Non-consumable items having a value of $500 to $4, per unit, and/or fall under the special category designated by the state Firearms are tagged regardless of value List of Controlled Assets: SPA Process User's Guide – Appendix A

Expensed Assets Items costing (including shipping costs) less than $5,000 and are not on the controlled list Common expensed assets: Printers Monitors Servers Warranties

Object Code Determination To see the Object Code Flowchart in its entirety click here.here

Capitalized Object Codes

Controlled Object Codes