1. Banner Fixed Assets Policies and Procedures
How they affect you.
Lorie Pierce,
Fixed Assets Coordinator
Fixed Assets Section of Business Services
11/18/2018

2. What are we talking about?
Fixed Assets policies and procedures that directly affect
your work,
your budget,
and your responsibility for protection of UNCP assets as custodian department.
Fixed Assets Section of Business Services
11/18/2018

3. What does the Fixed Assets Section of Business Services do?
We are responsible for:
Determining new assets and tagging for identification
Performing annual inventory audits
Determining correct cost of assets recorded
Maintaining the University Fixed Assets accounting records that document equipment and property acquisitions and which are part of the annual University Financial Statements.
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Fixed Assets Section of Business Services

4. Fixed Assets Responsibility
All moveable capitalized assets and inventoried assets are physically inventoried each fiscal year (July-June) by Fixed Assets staff after pre-inventory is completed by the departments.
Each Department Head/Manager is
responsible for safeguarding all
assets purchased by his or her
department and signing an Annual Inventory Form and assisting with the Physical Inventory.
Physical assets, their cost and depreciation are audited annually by the State Auditors
These records are used by the University to report Fixed Assets on the Annual Financial Statements
Fixed Assets Section of Business Services
11/18/2018

5. Fixed Assets Responsibility By Department
For Equipment Under the Capital Threshold of $5,000. You may want to also keep these on a spreadsheet or list by the department, including serial numbers for a departmental record.
Fixed Assets Section of Business Services
11/18/2018

6. Five Areas of Importance
New Assets
Purchases
Tagging
Annual Inventory
Forms
Our Website
Our Staff & Location
Fixed Assets Section of Business Services
11/18/2018

7. What are Fixed Assets? DEFINITION
Fixed assets are classified as either capitalized or inventoried assets and are acquired for use in normal operations
Capitalized Fixed Assets: are land, buildings machinery, tools or furniture (Property, Plant and Equipment) that cost more than $5,000 . The cost of capitalized items include shipping charges, legal fees, setup cost, in addition to the purchase price , all which together must equal at least $5,000.
Are used in course of business operations
Have a normal life expectancy of two years
Inventoried Fixed Assets: include all assets $2,500 or greater. The cost of inventoried items include shipping charges, legal fees, setup cost, in addition to the purchase price , all which together must equal at least $2,500.
Fixed Assets Section of Business Services
11/18/2018

8. What are Fixed Assets? Includes 3 types of assets-
Permanent – land, improvements to land, easements, buildings, building improvements, infrastructure, and structures
Moveable Equipment (Asset barcodes applied & inventoried) –
Office equipment and furniture,
Data processing equipment,
Educational, research and scientific equipment,
Motor vehicles- licensed,
Other equipment -unlicensed vehicles, machinery,
landscaping, dining hall, maintenance and other
equipment
Other tangible or intangible assets
Software, copyrights, etc
Fixed Assets Section of Business Services
11/18/2018

9. Fixed Asset Cost Threshold
$5,000(Capitalized) and $2,500(Inventoried) Per Asset ONLY
The recorded cost of each capitalized fixed asset in the General Ledger includes:
Asset Cost + (tax)
Installation Fees
Delivery Fees
Legal Fees + + + $
$300.00
$500.00 $
*All/Any of these must be combined to equal the NC State threshold of $5,000
IF the Total Cost ≥ $5,000 appropriate purchasing expenditure codes are required
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Fixed Assets Section of Business Services

10. Fixed Assets Section of Business Services
11/18/2018

11. Things to remember for purchases
Use EA for ‘Each’ as the Unit of Measure when purchasing assets with Quantity Unit Price.
2 @ $ EA
$11,734.00
Fixed Assets Section of Business Services
11/18/2018

12. Things to remember for purchases:
2. When all line items purchased create 1 asset, purchase with the same fixed asset capital expenditure account
If : The combined items total is $5,000 or more
Including shipping, handling, installation
and tax NOT including extended warranties
or maintenance agreements
How: Use same expenditure account code in accounting block.
Fixed Assets Section of Business Services
11/18/2018

13. Fixed Asset Example Microscope with Laser TOTAL ASSET COST $40,774.93
Requisition Line Items Cost Quantity Account
Frame $8, EA
Eyepiece EA
Stage , EA
Observation Tube , EA
SIM Laser Scanner 4, EA
Transmitted Light Detector , EA
Spectral Detection , EA
4th Channel , EA
PMT Detection Unit , EA
Fiber Port EA
Shipping/Handling EA
Installation EA
Optional Software 4, EA
Extended Warranty EA
TOTAL ASSET COST $40,774.93
REQUISITION TOTAL $47,273.93
Fixed Assets Section of Business Services
11/18/2018

14. Things to remember when purchasing Fixed Assets :
3. Any item purchased to be permanently added to, attached to, or installed into a previously purchased capital asset must be purchased using the same capital expenditure code used for that asset. This includes equipment items such as a Handicap Lift for a Bus, Digital camera for a Microscope, but does NOT include expendable supplies such as copier toner or intangible assets such as software. (Contact Fixed Assets Department, if unsure.)
Fixed Assets Section of Business Services
11/18/2018

15. Fixed Assets Example: Bus with Handicap Lift
Handicap Lift $6, Installation 1, Total Cost $7, (To be installed into Asset N Bus)
Fixed Assets Section of Business Services
11/18/2018

16. Things to remember when purchasing Fixed Assets:
Extended Warranties
Maintenance Agreements
Service Contracts
Do not include in the asset cost
Fixed Assets Section of Business Services
11/18/2018

17. Fixed Asset Example: Copier
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Fixed Assets Section of Business Services

18. New Asset Tagging
Fixed Assets Section of Business Services
11/18/2018

19. Policy for New Assets
NO NEW ASSET SHALL BE REMOVED FROM CENTRAL RECEIVING BEFORE BEING TAGGED!
Based on the University's inventory and capitalization policies, the Receiving Department staff determines which items will be assigned a tag number and added to the Banner Fixed Assets System. Items $2,500 or greater will be added to the Banner Fixed Asset System and items $5,000 or greater will be added to the Bassets Fixed Assets System. The Receiving Department staff is responsible for physically placing the tag number on the front or other easily accessible area of the asset. Under no circumstances should anyone take an item off campus before the Receiving Department staff has properly tagged it.
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Fixed Assets Section of Business Services

20. Policy for New Assets
Barcode tags are required for these new assets with a total cost of $2500 or more:
Office Furniture & Equipment
Electronic Data Processing Equipment
Educational, Scientific and Research Equipment
Motor Vehicles (Licensed)
Other Equipment (Non-licensed vehicles, grounds & landscaping, etc.)
Fixed Assets Section of Business Services
11/18/2018

21. Annual Inventory
Fixed Assets Section of Business Services
11/18/2018

22. Department Head Duties
RESPONSIBILITIES
“Each department head is responsible for safeguarding all assets purchased for his or her department and assisting with the physical inventory process (see Annual Inventories)..”
“… designate an individual in a permanent position on your staff (a student is not an acceptable designee) to physically locate each fixed asset on the attached printouts, which were prepared by our Fixed Assets Coordinator. ”
Any missing/surplused items must be accompanied by a police report and a transfer movable/surplus form. (NO EXCEPTIONS)
All Fixed Assets Forms must be signed by the department head and returned to the Fixed Assets Coordinator.
11/18/2018
Fixed Assets Section of Business Services

23. Annual Inventory: Designee Duties
Immediately:
Call to confirm receipt of inventory packet.
During Next Two Weeks:
Physically locate each asset and update list, including additions, documentation for assets not located, and new locations of assets.
Send updates and all forms to Fixed Assets Coordinator.
Call to set up an appointment.
Fixed Assets Section of Business Services
11/18/2018

24. Annual Inventory: Designee Duties
Any asset listed on the current department inventory must be inventoried. These are the designee’s responsibility. This includes:
those assets in the process of being properly transferred when the inventory packet is sent out
any relocated assets transferred without a properly completed Transfer of Moveable/Surplus Equipment form
A properly completed Transfer of Moveable/Surplus Equipment form is required to transfer such an asset to the new location. This form is also the designee’s responsibility of the current department.
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Fixed Assets Section of Business Services

25. Annual Inventory: Designee Duties
Before inventory appointment:
Request by urgent that all department employees with Off- Campus laptops, portable equipment and instruments bring them in on the day of the appointment for scanning.
Arrange for access to all assets listed on inventory: get keys to labs, set up appointments, get combinations to lockers, have students return items, etc.
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Fixed Assets Section of Business Services

26. Annual Inventory: Designee Duties
On the day of scheduled inventory appointment:
Escort your Fixed Assets Coordinator to each asset.
If assets are missing, during next 10 days:
Locate each item or document the status upon receipt of the Missing Assets Report.
Call your Fixed Assets Coordinator for an appointment to verify any located missing items at the close of the inventory in 10 days or after.
Missing Verification Appointment:
Escort the Fixed Assets Coordinator to each located missing asset.
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Fixed Assets Section of Business Services

27. Missing Equipment
Missing equipment is defined as “any asset which is not found during the physical inventory process and for which documents have not been forwarded to the Fixed Asset Section for transfer or disposal.”
If we have not been taken to the asset to see it, we are required to code it as missing.
All assets not found at the close of your inventory will be reported to the Director of Business Services immediately.
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Fixed Assets Section of Business Services

28. Forms
Fixed Assets Section of Business Services
11/18/2018

29. Fixed Assets Section of Business Services
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30. Completing Forms Properly
All paper Fixed Asset forms must be signed by the dean or highest ranking department head of the custodian department.
New versions with new policy format should be printed from our website. These should be used in place of older ones. (Adobe Reader 7.0 or higher).
Copies of all FA forms should be kept by the custodian department.
Forms should always be submitted to Fixed Assets Coordinator as soon as changes in the asset’s inventory status occur!
Fixed Assets Section of Business Services
11/18/2018

31. Completing Proper Forms
Transfer of Movable/Surplus Equipment: to surplus or transfer assets to other departments. This form can be located under the Surplus section on the Business Services Website.
FAS-1 Form: to change the location, description, remove or replace a Fixed Asset. Please complete FAS-1Form under the Fixed Assets section and return to the Fixed Assets Coordinator.
Fixed Assets Section of Business Services
11/18/2018

32. Completing Proper Forms
If you are reporting any of these transactions you must complete the appropriate forms:
Traded-In with authorization from Fixed Assets
Stolen/missing with a copy of the police report
Exchanged for different assets or returned to the vendor after tagging
Junked ( i.e. Used for parts)
Destroyed by fire, water damage or accident.
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Fixed Assets Section of Business Services

33. Completing Proper Forms
Transfer Forms
Must be signed by both department heads
Should be the responsibility of current department.
Can be used to change location only
Fixed Assets Section of Business Services
11/18/2018

34. Completing Proper Forms
Stolen/Missing assets
a copy of the UNCP police report or external police report with the asset tag and serial numbers should be attached to the Inventory form and submitted to Fixed Assets Coordinator for removal of the asset from your inventory.
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Fixed Assets Section of Business Services

35. What All This Means purchase, protection, location,
Custodian departments are responsible for their UNCP assets including:
purchase,
protection,
location,
and proper disposal.
Following University policy and procedures during the year will save the department a tremendous amount of searching for missing assets and help maintain inventory accuracy.
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Fixed Assets Section of Business Services

36. Using our Website
Fixed Assets Section of Business Services
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37. Our Staff & Location Fixed Assets Section of Business Services
11/18/2018

38. Director of Business Services
OUR STAFF
Lorie Pierce
Fixed Assets Coordinator
Karen Swiney
Director of Business Services
Billy Hunt
Receiving/Delivery Clerk
Fixed Assets Section of Business Services
11/18/2018

39. Our Staff & Location Business Services
Business Services Staff
Karen Swiney
Director of Business Services Phone:
Lorie Pierce
Fixed Assets Coordinator  Phone:
Billy Hunt
Receiving & Delivery Clerk Phone:
Business Services
PO Box Pembroke, NC
Phone: Fax: Relay Location: Auxiliary Services Building
Fixed Assets Section of Business Services
11/18/2018

40. Next Steps Get ready for your next inventory!
Please read and follow the Inventory Instructions and Fixed Assets Policy/Procedures.
Check our website for answers to your questions.
Call us. The Fixed Assets staff will be glad to answer any questions about how to follow University policy and procedures.
Get ready for your next inventory!
11/18/2018
Fixed Assets Section of Business Services