Presented by the Controller’s Office

Capital vs. Expendable What is Property? Capital vs. Expendable Capital – Useful life extending beyond one year – $5K threshold for tangible property (equipment, furniture, computers, etc.) Expendable – Useful life less than one year and/or an acquisition cost of less than $5,000 Expense Account Short List Expendable Property Accounts Capital Property Accounts Generally start with ‘74’Generally start with ‘76’

Property Cost What is Property? Property Cost Total cost of property includes: – Cost of item – Shipping – Installation – Other costs incurred to acquire and/or install property – Improvements that significantly extend the useful life of the item Software – Capitalizable cost is based on acquisition value per licensed user – Renewable annual licenses are not capital no matter cost/user Donated/gifted property – Should always come through FSU Direct Support Organizations (DSOs) – DSO should provide FSU with a memorandum describing the donation and its value – If this value is $5,000 or more the property should be capitalized

Responsibility for FSU Property All university-owned property should be properly used and safeguarded by all employees at all times Vice presidents, deans or directors may delegate their ultimate responsibility for property accountability to individuals in their department with the following roles: – Property Manager – Property Custodian – Inventory Taker

Property Manager Responsibility for FSU Property Property Manager By default is the department’s Budget Manager but can be assigned to another For contract and grant acquired property, assigned to Principal Investigator as long as contract/grant is active Responsibilities – Approves the transfer/disposal of department’s property – Runs reports to identify department’s inventory – Provides support (i.e. Purchasing and/or Accounts Payable documentation) to justify property acquisition cost

Property Custodian Responsibility for FSU Property Property Custodian Serves as first point of contact with Property Services Identifies University property (coordinates completion of PIFs) Maintains department’s property records

Inventory Taker Responsibility for FSU Property Inventory Taker Inventories department’s property For internal control purposes, should not be the Property Custodian or Property Manager For small, personnel-limited departments: – This person may be the Property Manager – A memorandum should be included with the final inventory statement explaining the circumstances

Department Guidelines Safeguarding University Property Department Guidelines Lock equipment in secured locations Perform adequate maintenance and upkeep of equipment Train staff on procedures for properly handling equipment Lock doors when rooms are not in use Store equipment in environmentally suitable locations to prevent corrosion, contamination and damage of sensitive parts Track items that are removed from campus

Attractive Items Safeguarding University Property Attractive Items Departments are encouraged to perform a risk assessment (both financial and operational) on their property to identify those items that are particularly at risk or vulnerable to loss A cost/benefit assessment should be conducted before developing any internal policies for managing high-risk property items OMNI’s Asset Management system is available for departments to help identify and track attractive property

Attractive Item Additions Form (PA 02) Safeguarding University Property Attractive Item Additions Form (PA 02) Online at Submit an Attractive Item Additions Form (PA 02) Property Services to obtain property tags These tags will have a gold tag, unlike regular garnet tags

Property Acquisitions All capitalizable property will be assigned a Property Identification Number (aka Tag Number) by Property Services Unless approved in advance by Property Services, capital assets may not be purchased on blanket purchase orders or with the FSU Purchasing Card Property Services is the only department authorized to have direct contact with the Department of Motor Vehicles

FSU Tags Property Acquisitions FSU Tags Capital property tags can be identified by a black bar code label with garnet text Will include Property Identification Number and barcode Sent to FSU departments with Property Identification Form (PIF) – Information about the asset (e.g. location, description) must be completed on PIF and returned to Property Services

Property Identification Form (PIF) Property Acquisitions Property Identification Form (PIF) Completed Property Identification Form should be returned to Property Services within 15 business days of receipt

Equipment Fabrication Property Acquisitions Equipment Fabrication Property fabricated or constructed by or for the University may meet the criteria of a capital asset If equipment construction is expected to have a total value of at least $5,000 should notify Property Services up front Accurate and complete records of all construction-related expenditures (cost of labor and component parts, etc.) should be maintained by department Upon completion, the department should submit a memorandum to Property Services detailing – Description of the property – Accumulated cost of the property – Dept ID and Fund Code to which the property is to be assigned Optional chartfields (CF1-3) may be useful in tracking these expenditures in OMNI Optional chartfields (CF1-3)

Property Inventory All capital property must be inventoried annually Performed by department or by Property Services, depending on number of assets Inventory Schedule – Posted online the beginning of the fiscal year – Contains information on: Inventory Deadline Number of assets to be inventoried Who will complete inventory (Dept or Property Services) sent to department in weeks leading up to their inventory period, containing: – Deadline reminder – Detail of assets to be inventoried

Inventory Scanners Property Inventory Inventory Scanners Handheld device used for scanning FSU property tags Provide electronic data files that are loaded to OMNI to update: – Asset Location – Inventory Date User & setup guides available online – User guide - – Setup guide -

Inventory Certification Form (IC 852) Property Inventory Inventory Certification Form (IC 852) Online at Form must be completed & signed upon completion of inventory Serves several purposes – Lists assets that could not be scanned – Certifies proper completion of the inventory process for all departmental assets – Can be used to request replacement tags Addendum form available if additional space is needed to list assets -

Property Changes Documentation required whenever any of the following changes made to capital property: – Location – Transfers of ownership (department/fund/project) – Descriptions – Property disposal or acquisition via transfer to/from Surplus Property Authorizations – Only Authorized Signers can approve property changes – Sponsored Research Accounting Services must also approve of Contract/Grant-owned property changes – For property transfers, Property Change Form (PC 213) form must be signed by both transferring and receiving departments PC213 form online at and (addendum Excel form)

Property Dispositions ALL university property, regardless of cost (capital and expendable), should be disposed of with the written approval of the University’s Property Survey Board Disposition Types Lost/stolen, maliciously destroyed itemsCannibalization ScrappedAbandoned/non-recoverable Transfer/donation to other organization (non-C&G property) Transfer/donation to other organization (C&G property) Disposal of U.S. government-owned property Trade-in Surplus

Property Dispositions Lost/stolen, maliciously destroyed items – Requires FSU Police Department notification – Departmental accountability release granted on a case-by-case basis Cannibalization – Use of an items component parts for the repair of other university property Scrapped – Recycle or dump an asset with no value

Property Dispositions Abandoned/non-recoverable – The cost to retrieve the property is greater than the value of the item Transfer/donation to other organization (non- C&G property) – Must route through Property Services

Property Dispositions Transfer/donation to other organization (C&G property) – Request should be routed through the Office of Sponsored Research – Principal Investigator (PI) must initiate request – Factors to consider when requesting: Is the PI continuing the same research project at the new institution? Will the transfer negatively affect other research of the department and the functions of the remaining faculty?

Property Dispositions Trade-in – The purchase requisition for the new property acquisition should include: Description of property traded A statement of condition Details on the Trade-in allowance FSU property decal number(s) Serial number(s) Model number(s) Age of the property Location of the property – Disposition documentation sent to Property Services should include the approved requisition – Department should ensure any tag numbers or other references to FSU property are removed prior to return to vendor – Capital assets may not be traded in for expendable property

Property Dispositions Disposal of U.S. government-owned property – Request should be made to the contracting officer for authority to dispose of or transfer the equipment – When a transfer of title has been affected, all U.S. Government identification must be removed and a University Property decal will be provided by Property Services and affixed to the equipment All disposition types EXCEPT transfers to Surplus Property require the completion and approval of an Accountability Release form (AR 212) AR 212 form online at and (Excel addendum form)

Surplus Property Property Dispositions Surplus Property Items not wanted by departments are sold at auction to the public Only property that is in working condition, or which has parts that are valuable and could be readily used or re-sold should be classified as surplus Property which is unsafe for further use or which has no value should not be classified as surplus, – May be disposed of via cannibalization or recycling/dumping using the Accountability Release Form (AR 212)

Surplus Property Property Dispositions Surplus Property To classify property as surplus and initiate the transfer of property to the surplus warehouse, the department Property Custodian should complete a Property Change Form (PC 213) Any property containing a hard drive must be scrubbed according to University policy – These types of items may include computers, printers, copiers, cameras – The PC 213 must include the initials of the departmental employee who scrubbed the hard drive on the item – Each item scrubbed should have a properly completed scrub sticker attached Should include date computer was scrubbed and name of person who scrubbed Stickers may be obtained from Property Services Additional information on the Surplus Property process is available at

Removal of Property from FSU Property may be removed from campus locations only if – It is required by a contract or grant or – If the use of the property in the off-campus location will further the goals of the University Must use the Equipment Use Request Form (ER 244) for capital property ER 244 online at

Removal of Property from FSU Removal of equipment for a period up to 1 year – Approved by the department’s Property Manager or budget account manager – DATES RUN JULY 1 – JUNE 30 ONLY – The ER 244 for the item will automatically expire on June 30th of the fiscal year in which the form was completed Removal of property in excess of one year – Must be approved by the appropriate Vice President or Dean Upon return of the equipment to campus, the Property Custodian must sign a copy of the ER244 and return to Property Accounting

Vehicles Property Services obtains Registrations/Titles for vehicles, boats, trailers, and mobile offices All required documents from a vessel or vehicle must be sent to Property Services including: – Purchase Order (copy) – Receiving Report (copy) – Manufacturer’s Certification of Origin/Title (original) – Dealer Invoice (copy) – Application for registration/Title (original) – Payment request for the license plate Vehicles may not be driven until properly registered, tagged and insured by the University

Useful OMNI Queries Query NameDescription FSU_DPT_AM_CURR_ASSETSList your department's current assets FSU_DPT_AM_PROPERTY_ROLESIdentifies the Property Manager, Property Custodian and Inventory Taker for each department FSU_DPT_AM_NOT_INVAssets not yet inventoried in the current inventory cycle FSU_DPT_AM_ASSETS_INVAssets inventoried by department in the current inventory cycle FSU_DPT_AM_LAST_INV_DTThe last inventory date of assets not yet inventoried in the current cycle FSU_DPT_AM_ASSET_ACQ_CUSTODIANDetailed acquisition and custodial (offsite to) information for department’s assets FSU_DPT_AM_TRANS_RET_ASSETSAssets transfers and retired by department FSU_DPT_AM_CURR_NONCAPExpendable property that was added manually to OMNI Asset Management for tracking/inventory purposes Complete listing of Controller’s Office queries

Resources Accounting & Property Services website - University Property Policies (OP-D-2-F) - Frequently Asked Questions - Departmental Business Management Guide - Property Forms - Additional information on OMNI, queries and reporting at FSU is available via the Controller’s Office General Ledger classes FSU Surplus Property website -