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

2. DPM’s Role in Property Mgmt
Property Life Cycle
Purchasing
Who controls?
Tagging
Inventory
Disposal
Campus Controller’s Office CU Boulder

3. 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

4. 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

5. 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 Jeanne at
Campus Controller’s Office CU Boulder

6. Which account codes does Melissa look at?
810100
EQUIPMENT FIXED ASSETS
EQUIPMENT >=$5,000
810200
EQUIPMENT >=$5,000 GOV’T TITLE 0Fxxxx Tags
810300
Prvt Titled to be Delivered to the Sponsor when done
EQUIPMENT >=$5,000 Deliverables 0Wxxxx 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

7. Tagging
Tag the piece within 21 days, 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 #) 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

8. 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
If the serial # isn’t easily accessible, note it somehow by the tag
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
Campus Controller’s Office CU Boulder

9. 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

10. Up close
Campus Controller’s Office CU Boulder

11. Picture of where tag is placed
Campus Controller’s Office CU Boulder

12. Picture of where in the room
Campus Controller’s Office CU Boulder

13. 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
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 OCG and Jeanne
Campus Controller’s Office CU Boulder

14. 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

15. Accounting & Business Support — CU Boulder

16. Accounting & Business Support — CU Boulder

17. Accounting & Business Support — CU Boulder

18. 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

19. Accounting & Business Support — CU Boulder

20. 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

21. 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

22. Accounting & Business Support — CU Boulder

23. 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

24. 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

25. How to pull your own inventory list
From PeopleSoft Main Menu go to
Reporting tools – Query - Query Manager
Search By Begins with UCB
UCB_INVENTORY Excel
Please enter your dept code in % then click on view results
You would need to use the code for your department. If you do not know your property code please contact
The % is a wild card character if your main code is less than 4 characters
When your excel document opens you may wish to delete the first row to help with sorting and save as an Excel document.
Accounting & Business Support — CU Boulder

26. 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

27. 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)
Accounting & Business Support — CU Boulder

28. Transfers A transfer to a different CU department?
Fill out the new online approval form using the code “TD”
This needs to be done even for non-capital items
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.
Campus Controller’s Office CU Boulder

29. 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 DR# to Jeanne or a copy of the DR report.
Campus Controller’s Office CU Boulder

30. 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 Jeanne
For a Theft, Call the CU police Department and start a Police Report. Send the Police Report # to Jeanne and Risk Management
Campus Controller’s Office CU Boulder

31. Asset Disposal Highlights
What it takes to dispose of University property
Chair Approval
Use the new online dispoal 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

32. 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

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