1. Property Management Overview:

2. Who Cares About Property?
Federal Regulations
2 CFR 200
FAR 45
DFAR
State of Alabama
Code of Alabama 1975, Section
Code of Alabama 1975, Section
UA Polices
FAR-1 Capitalization Policy
PIM
PIM Policy & Procedures
YOU!!!
There are Federal regulations, State laws and UA policies that govern how property is handled.
Since UA receives funding from Federal and State agencies as well as the State of Alabama, we must comply with these and are subject to audit by any of these agencies.
The University is committed to maintaining proper accountability and control over its assets.
Who Cares About Property?

3. Who is responsible for property?
The dean or department head have the ultimate responsibility to insure compliance with these property management procedures. In performing this responsibility, they may delegate the authority for property responsibilities and assign it to any employee(s) within their division who will be designated “property manager” in addition to any other titles held.
PIM Policy
Who is responsible for property?

4. What is property anyway?
Land
Land Improvements
Buildings
Building Improvements
Books & Maps
Vehicles
Machinery
Equipment
Works of Art/Historical Treasures
What is property anyway?

5. What property am I responsible for?
Office Equipment
Lab & Scientific Equipment
Tools & Machinery
Recreation Equipment
Kitchen Equipment
Maintenance/Janitorial Equipment
Vehicles
Other General Equipment
Capital Equipment
Moveable/tangible
Not permanently fastened to a bldg
Does not lose its identity
Value of $5,000 or above
What property am I responsible for?

6. How do I know if it is Capital Property?
Expendable
Useful life > 1 year
Cost > $5,000
Not permanently affixed
Doesn’t lose it’s identity
Account code 791XXX
Useful life < 1 year
Cost < $5,000
Consumable
Account code other than 791XXX
Example would be: Printing Machinery vs. Ink/Paper
How do I know if it is Capital Property?

7. How is the value of my asset determined?
Purchased Equipment
Donated Equipment
Amount Invoiced - discounts + freight + installation cost Value of Asset
Acquisition Value as of the date of the donation.
The calculation is for each item, not the total of several items. For example, if the PO is for $6,000 but 6 computers are being purchased then each item would be less than $5,000. As opposed to the PO is for $6,000 but one computer is being purchased then the one computer would be over $5,000 and would be tagged.
Thus the reason there might be similar assets in your department, one that’s tagged and one that isn’t.
How is the value of my asset determined?

8. What is the role of my Department ?
Purchasing
Tagging
Inventory
Transfer
Relocation
Loan
Missing
Lost/
Stolen
Disposal
What is the role of my Department ?

9. Assets can be purchased either via PO, Pcard, or Supply Store– although Supply Store purchases are rare—it does happen now that they sell Apple products.
When using your Pcard please put detailed info in the description such as quantity of items, etc.
In the example above, a rainfall simulator is being purchased. The asset itself costs $5, then there’s freight that brings the total to $5,
This meets the definition of a capital asset. However, there is something wrong with this purchase.
It wasn’t coded to a 791 account code. So in this situation the buyer would be asked to recode this purchase to classify the asset correctly. If this were a Pcard or Supply Store transaction the department would be asked to take the necessary steps to code the purchase to the correct account code.
If an item is being traded in the asset info should be put in comments of the purchase of the new asset. A transaction form should also be processed and sent to PIM so that the asset that was traded can be removed from inventory. This keeps the asset records up to date and it also helps with inventory next year by ensuring it doesn’t appear on your list for the next inventory period.
Purchasing

10. Reports from PO’s/BuyBama, Pcard & Supe Store, are reviewed to determine when UA departments are purchasing fixed assets.
Once the asset is received and payment is confirmed a UA Tag # is assigned
PIM then coordinates with your department to go to the physical location of the asset and place the tag on it. Typically the tag is placed near the serial number as shown in this picture. The tag number may also be written on the asset.
In the case of a sensitive item or one whose value would be impacted by the placement of a tag, other measures can be taken to handle the tagging of those items.
Tagging

11. In January, when inventory begins, your department will be asked to assist PIM with accessing & locating the items listed as belonging to your area.
Barcode scanners will be used to read the yellow inventory tag and record the date and location that the asset was inventoried. If a barcode is in a location that cannot be read by the scanner it will be manually entered to update the information.
Inventory

12. Once the initial inventory is complete, if there are items that could not be located, your department will be contacted to provide assistance with locating these items. Sending out s, talking to grad students, faculty members etc. are ways you may provide assistance.
Once every effort has been made to locate an asset, and it cannot be found, then a transaction form should be prepared along with a memo indicating the last known location of the asset and the efforts that were taken to find it. The transaction form along with a copy of the memo should be sent to PIM.
Of course the police should be notified immediately upon discovering that an asset has been stolen.
Lost/Stolen

13. Relocation/Loan/Transfer
During the year, assets may be moved around within your department, transferred to another department, or loaned out to another entity.
A Transaction Form should be completed when this occurs. By receiving notifications throughout the year PIM will have up to date information when the annual inventory starts. Also if the asset is chosen during an audit, the current location would be on file for viewing of the item.
If an item is being Loaned or Transferred to a location off campus then a more descriptive address in the “To” section will be needed. This information may also be provided under the “Notes” section.
A serial number and UA Tag number, if available, should be provided on the form. This aids in verification of the asset in the inventory system. It allows for proper handling of the item if purchased with grant funds.
More in depth information about the transaction form can be found on the property management website
Recently the process for submitting a form has changed. You no longer need to fax a copy or send in an original –you simply it to
Relocation/Loan/Transfer

14. An item with either a silver tag or a yellow tag indicates property that’s on inventory or was on inventory at one time. A completed Transaction Form should be submitted when one of these items are sent to Surplus.
State and federal law limits the means by which items can be disposed of, regardless of dollar value.
Items to be disposed of should be handled by Surplus Property. (this includes items not on inventory, as well, such as office supplies, furniture, decor, etc.)
Items cannot be given away, taken home, thrown away, etc.
Any item that could contain hazardous material should be reviewed by Health & Safety prior to sending to Surplus.
Disposal

15. Recycle There are several ways an item can be disposed of by Surplus:
Departmental Redistribution
Public Sale
We have a new venue called GovDeals that hosts our sales online now
Public Sales are open to everyone including UA Employees
Recycle
Scrap Metal
Computer Vendor
Paper
Printer Cartridges
Recycle

16. Please visit the other sections of our website for further information such as :
Polices and Procedures
The Property Manager Form
The FAQ’s
The Transaction Form and the additional page if needed
The transaction Form Tutorial
Propertyandinventory.ua.edu