2014 NPMA Spring Seminar Value Through Professional Asset Management Uncovering your Assets Becky Saylors Manager, Fixed Assets and Equipment Inventory Services Virginia Tech

2014 NPMA Spring Seminar Value Through Professional Asset Management What is Equipment at Virginia Tech?  Original cost $2,000 or more and expected useful life greater than one year Exceptions to $2,000 rule: Special funding (Schev) Computers Software Leased items Transportation equipment Weapons

2014 NPMA Spring Seminar Value Through Professional Asset Management Types of Equipment  83,000+ moveable equipment items Personal computers, centrifuges, microscopes, projectors, oscilloscopes, farm tractors, lasers, sensors, kitchen equipment, etc.  Capital and Controlled – 83,000+ items costing over $501 million  Capital only – 58,000 items costing $469 million

2014 NPMA Spring Seminar Value Through Professional Asset Management Breakout of Equipment - Dollars

2014 NPMA Spring Seminar Value Through Professional Asset Management Breakout of Equipment - Items

2014 NPMA Spring Seminar Value Through Professional Asset Management Locations Over 1,300 buildings on and off campus  Main campus in Blacksburg, VA  12 Agriculture Experiment Research Stations  Extension offices in most counties and cities in VA  Campus in NOVA  Around the world Over 28,000 building/room location combinations

2014 NPMA Spring Seminar Value Through Professional Asset Management Ongoing Departmental Training  Department Head required to designate a coordinator to attend training  Coordinators help locate new equipment and assist in the inventory process  Training provided on: Policies and Procedures Use and updating information in Fixed Asset System (Banner) Running departmental and missing inventory reports

2014 NPMA Spring Seminar Value Through Professional Asset Management Why is Initial Tagging so Important?  Proper stewardship of public funds  Maximize recoveries for Facilities and Administrative Cost (indirect costs)  Federal and State requirements  Verification for financial statements (large investment)  Basis for future equipment inventories

2014 NPMA Spring Seminar Value Through Professional Asset Management Where to look for equipment Decentralized environment – no central receiving  Normal procurement purchases  Donations  Sponsors  Fabrications  Transfers In

2014 NPMA Spring Seminar Value Through Professional Asset Management Tagging New Equipment  Let us know when a new asset arrives  Maintain new purchases in a central location until tagged  Physically place barcode on equipment, collect manufacturer, model and serial number  Assign custodian for moveable equipment  Record building and room located  Untagged report by department (especially important at year-end)

2014 NPMA Spring Seminar Value Through Professional Asset Management Departmental Inventories  Department Head ultimately responsible for all equipment assigned to department  Complete physical inventory performed every 2 years for each department  Successful inventory accounts for minimum of 95% of items and dollars for each department  Timely and adequate follow up is expected with completion of the inventory process within 60 days

2014 NPMA Spring Seminar Value Through Professional Asset Management Departmental Inventories  Provide listing to department for review prior to starting the inventory  Coordinate labs and problems areas with knowledgeable people  Equipment located at home  Department head certifies final results of the inventory

2014 NPMA Spring Seminar Value Through Professional Asset Management Management Reporting  Monthly Coordinator receives departmental change report Controller receives a status report for all inventories  Quarterly Controller receives status report for all inventories by Senior Management area Senior Management receives status report for all their departments

2014 NPMA Spring Seminar Value Through Professional Asset Management Management Reporting  Annually Budget Office receives status report for all departmental inventories Incentives for reaching inventory goals

2014 NPMA Spring Seminar Value Through Professional Asset Management Thank You Becky Saylors Virginia Tech Manager of Fixed Assets and Equipment Inventory Services