1. Departmental Asset Management
Introducing the Stimulating and
Thought-Provoking World of Asset Management
ABS Property Accounting

2. Topics Brand New Inventory System Property Life Cycle Fun Facts:
Total Value of all tagged property: $320 Million ($320,009, March 2019 GL Balance)
Total Number of all tagged property: 12,367 items
Oldest tagged item is a Persian Rug from 1931
There are tagged assets on all 7 continents and the International Space Station
Accounting & Business Support — CU Boulder
ABS Property Accounting

3. Brand new Inventory System
You will need access to PeopleSoft Finance system.
To gain access you, there is a step by step guide on the Controller’s website under ‘Finance System Access’
marketplace-and-ciw-access
You update the system directly
Accuracy
System-generated with Inventory list for reference
Procedures
Accounting & Business Support — CU Boulder
ABS Property Accounting

4. New System Navigation
Main Menu > Asset Management > Asset Inventory > Update Inventory Transactions
Enter your department code (or begins with if there are multiple department codes), if you don’t know the code just click the magnifying glass and search for your code.
This will list your assets. Click on the asset to update fields, then click submit. Click next in list to go to next asset
Required fields: Asset Found and Replacement Tag Required
To find a location, employee, etc. click the magnifying glass. If you can’t find the information, enter it into the comments field. If disposing, put in comments.
Accounting & Business Support — CU Boulder
ABS Property Accounting

5. DPM’s Role in Property Mgmt
Property Life Cycle
Purchasing
Tagging
Inventory
Disposal
Campus Controller’s Office CU Boulder
ABS Property Accounting

6. Capital Equipment Requirements
A piece of equipment that is over $5,000
Has a Useful Life > 1 year
Item must be a tangible piece of equipment which is not permanently fastened to a building and does not lose its identity
Software purchased that is >=$5,000 with a useful life >1year.
Items not considered capital equipment are Repairs, services and consumables.
Campus Controller’s Office CU Boulder
ABS Property Accounting

7. Getting Started Purchasing a Capital Asset
Equipment purchases shall be initiated in accordance with procedures outlined by the Procurement Service Center.
is the account code to use for capital equipment purchases (Fabrications use to be discussed later).
The PAO monitors and issues a tag for items purchased.
The new purchased equipment is usually recorded at the amount shown on the vouchers or invoices, including shipping and installation costs.
For purchases involving trade-ins, the new item is recorded on property records at the actual cost of the new item plus the value of the equipment traded-in.
Campus Controller’s Office CU Boulder
ABS Property Accounting

8. Purchasing a Capital Asset Cont.
Go to Property Central Website is a one stop shop for all your property needs.
Gifts and Donations
Contact Stefanie Furman, CCO or
Lease Purchases
Contact Andy at
Campus Controller’s Office CU Boulder
ABS Property Accounting

9. Which account codes does Melissa look at?
810100
EQUIPMENT FIXED ASSETS
EQUIPMENT >=$5,000
810200
EQUIPMENT >=$5,000 GOV’T TITLE 0Fxxxx Tags
810350
Software over $5,000
810700
EQUIPMENT COMPONENTS
810800
FEDERAL EQUIPMENT
COMPONENTS
810402
Art & Non-depreciable Collections
Art
Campus Controller’s Office CU Boulder
ABS Property Accounting

10. Tagging
Tag the piece as soon as possible, taking note of the serial number of the item and its exact location
Determine the correct departmental custodian for the item
Enter serial number & location (if it is a vehicle; license plate #, verify VIN and lot #) on the New Equipment Tag form and send to
You may change the description if desired (limit to 30 characters)
Campus Controller’s Office CU Boulder
ABS Property Accounting

11. Best practices for Tagging
Try to place the tag in a very prominent location ideally in the front of the item, so that the tag is easily seen
When tagging an item (and during inventory) we like to take a few pictures
One up close - to be able to read the tag easily
One further back – so as to be helpful in the future to find and identify the item & where in the room it might be
Send pictures to Andy and I will keep them in our OneNote database
Campus Controller’s Office CU Boulder
ABS Property Accounting

12. Up close ABS Property Accounting www.colorado.edu/property
Campus Controller’s Office CU Boulder
ABS Property Accounting

13. Picture of where tag is placed
Campus Controller’s Office CU Boulder
ABS Property Accounting

14. Picture of where in the room
Campus Controller’s Office CU Boulder
ABS Property Accounting

15. Moving Flier Go to Property Central
Best Practices
Click on link below to see the poster to print for your use.
tachment.
Accounting & Business Support — CU Boulder
ABS Property Accounting

16. ABS Property Accounting www.colorado.edu/property
Accounting & Business Support — CU Boulder
ABS Property Accounting

17. Offsite – off campus deployment
The item shall only be used for University business; the person taking the item will be responsible for the condition of the item, and that they shall make sure the Item is returned to campus after use/deployment.
If it is non-capital it needs to be tagged & tracked as well. Contact Melissa for a Tag number then submit the Off Campus form.
We are now using a Docusign form; to obtain the new form go to property central then click on the topic Leaving campus/Returning To Campus Fill out the information and it will be sent to Andy
Campus Controller’s Office CU Boulder
ABS Property Accounting

18. The Basics Fabricating a Capital Asset
Fabrications or Constructions
Must meet the same criteria as capital equipment. Useful life begins once the item is placed into service.
Fabricated assets are defined as components that work together to perform one function. Each component is necessary for the system to function as a whole. Removal of any one component would result in the system not operating at the required capacity or for its intended purpose.
Fabrication Tag Request Form and process can be found at Property Central Website.
Before fabrications begin, contact Melissa Keller in the PAO 579 UCB). Send her the fabrication request form and a Chartfield request form.
Campus Controller’s Office CU Boulder
ABS Property Accounting

19. ABS Property Accounting www.colorado.edu/property
Accounting & Business Support — CU Boulder
ABS Property Accounting

20. ABS Property Accounting www.colorado.edu/property
Accounting & Business Support — CU Boulder
ABS Property Accounting

21. ABS Property Accounting www.colorado.edu/property
Accounting & Business Support — CU Boulder
ABS Property Accounting

22. The Basics Fabricating a Capital Asset
Chartfield Request Form:
The new chartfield is needed to create a subclass speedtype to capture all fabrication costs – there will be no budget associated with the new speedtype, it will be only be used to have a location to store all fabrication costs.
Campus Controller’s Office CU Boulder
ABS Property Accounting

23. ABS Property Accounting www.colorado.edu/property
Accounting & Business Support — CU Boulder
ABS Property Accounting

24. The Basics Fabricating a Capital Asset
Melissa will then issue a tag number and subclass speedtype. All purchases for this fabrication must be coded to the subclass speedtype and include this tag number on all purchase forms, such as POs and Expense System purchases using account code (Equipment Components).
The actual tag will be sent to you once you notify Melissa that the item has been placed into service.
Remember: Fabrication Tag Request Form and process can be found at .
Campus Controller’s Office CU Boulder
ABS Property Accounting

25. The Finer Points Fabricating a Capital Asset
Fabrications or Constructions
“Put Into Service” is the term used for the transition from fabrication to its state of permanent use for which it was created. This state can get confusing with research projects, please contact the PAO when in doubt.
Please note: Fabrications are complex accounting processes and have far reaching auditing impacts across departments, so if a dept. cannot meet the accounting challenges of fabrications DAM & OCG will not allow them any additional fabrications.
Campus Controller’s Office CU Boulder
ABS Property Accounting

26. ABS Property Accounting www.colorado.edu/property
Accounting & Business Support — CU Boulder
ABS Property Accounting

27. Inventory Every Two Years
Each department has to conduct an inventory every two years.
The inventory should begin and end within 6 weeks. The goal is for the inventory to be a snapshot of the inventory, not a video or rolling average.
A good practice for the DPM is to evaluate the condition, its use, and place of storage for the asset. Some departments develop their own equipment graveyards rather than relinquishing the equipment to property services for auction or disposal. Your laptop doorstop might be just what another department needs for a survey project.
Remember our newest tool BuffSurplus
Accounting & Business Support — CU Boulder
ABS Property Accounting

28. Buff Surplus https://buffsurplus.colorado.edu
VPN is required when off-campus
The “Craigslist” for CU property
A website tool to facilitate the exchange, sale, and re-use of surplus property between campus departments or units
Anyone can view items, but posting requires Identikey log-in then it will guide you
Check there/post before you purchase/dispose of something
Accounting & Business Support — CU Boulder
ABS Property Accounting

29. Inventory Problems & Solutions
A common problem with the inventory is the difficulty in knowing what the asset looks like.
In 2009, $12 million dollars of equipment, 5% of total capital equipment, was listed as not found on the inventory sheets. In 2012, due to back to back inventories and the retagging of 60+% of assets this amount was less than $100,000
The most common reason for listing an asset as not found was not enough time to find it.
Take a picture of the asset when purchased, print it out and place in a folder with its tag #. This will save lots of time and keep that $12 million figure down to <1%.
Unsure of what you are looking for? Try doing a search on the internet
Accounting & Business Support — CU Boulder
ABS Property Accounting

30. Removing Equipment from your Dept’s Inventory
How is a piece removed from the Inventory
Transfer within CU
Transfer to another institution
Donation
Trade in
Sale
Surplus
Loss
Theft
Each of these situations have specific definitions, restrictions, approvals, and record keeping that must be followed.
Campus Controller’s Office CU Boulder
ABS Property Accounting

31. New Online Disposal Request Form
Watch for the new on-line disposal form on Property Central for
Transfers
Donations
Trade-In’s
Sale
Surplus (If purchased on a contract or grant)
Please complete this form all tagged assets before disposal of the item and entering it into asset works
Accounting & Business Support — CU Boulder
ABS Property Accounting

32. Transfers
A transfer to another Institution or non-profit organization (donation)?
Fill out the new online approval form using the code “TOI”
Once I have acceptance from the receiving institution it can be transferred.
Once it leave campus let me know and I will remove from the inventory.
A transfer to a different CU department?
Sponsored Equipment: Fill out the Disposal form using the code “TD” – please include new dept. info.
Non-Sponsored Equipment: Fill out Transfer form, be sure to include new location and custodian.
Campus Controller’s Office CU Boulder
ABS Property Accounting

33. Trade in, Sale, Surplus Fill out the new online disposal request form
For a Trade-In follow above using code “TI” then contact Melissa Keller / x to ensure the cost of the trade-in gets added to the cost so it reflects the actual value.
For Sales follow above using code “SA” and then contact 1120
For Surplus follow above using code “EX”
For quicker removal from your inventory send the Disposal Request# (transfer #) to Andy or a copy of the DR report.
Campus Controller’s Office CU Boulder
ABS Property Accounting

34. For a Loss or Theft
For a Loss, fill out the Request to Remove Missing Equipment from Departmental Inventory form, get appropriate approvals and send to Andy Lost Equipment Form
For a Theft, Call the CU police Department and start a Police Report. Send the Police Report # to Andy and Risk Management
Campus Controller’s Office CU Boulder
ABS Property Accounting

35. Asset Disposal Highlights
What it takes to dispose of University property
Chair Approval – For Lost/Stolen items
Use the new online disposal form
PAO will write a letter for transfers to the receiving institution transferring the equipment. This needs to be done prior to items leaving campus
For any questions and for forms
All Gift-In-Kinds must be kept for 3 years of date received
Buff Surplus, Buff Surplus, Buff Surplus………
Campus Controller’s Office CU Boulder
ABS Property Accounting

36. Property Management Team
The Property Management Team consists of
You – the department Property Manager
Us – the DAM team
OCG – when item are purchased on a contract or grant
Property Services - when items are disposed
In other words it takes a
village campus to raise a
successful inventory
Campus Controller’s Office CU Boulder
ABS Property Accounting

37. Feedback
Greg Roers
Is Property Inventory Manager in your job description?
How many assets are needed for it to be in your job description?
Accounting & Business Support — CU Boulder
ABS Property Accounting

38. Just a Piece of Cake (non-capital <5,000 calories)
Q and A
Thanks for coming!
Melissa Keller
Andy Settle
Campus Controller’s Office CU Boulder
ABS Property Accounting