Check Requests and Fixed Asset System: Difference between pages

From Appalachian State University Policy Manual
(Difference between pages)
imported>Deaskc
 
imported>Mcnaneym
No edit summary
 
Line 1: Line 1:
Policy 501.15
Policy 501.17


== Introduction ==
== Introduction ==
=== Function ===
1.2.1 The Fixed Asset System (FAS) was implemented at Appalachian State University on July 1, 1979, in order to more effectively control those assets owned by the University. The function of this system is to:
#Account for lost or damaged property due to fire, flood or other disaster. This kind of information may be essential in obtaining replacement funds or collecting insurance coverage.
#Comply with requirements of the State of North Carolina that tangible, long lived assets be accounted for through an inventory control system.
#Deter theft and aid in tracking property which has disappeared.
#Facilitate transfer of equipment to fill a requirement on campus in lieu of procuring new equipment.
#Provide data to departments which will aid in better utilization of equipment.
#Determine the rate of depreciation on equipment for the purpose of calculating the University's overhead rate to Federal Agency.


== Scope ==
== Scope ==
=== Responsibility ===
2.1.1 The responsibility for equipment control, or the Capital Assets System, has been assigned to the Fixed Assets Office, a Division of the Controller's Office. The telephone numbers for assistance and information are 262-2636 or 262-2500.
== Definitions  ==


=== Fixed or Capital Assets ===
:are defined as those tangible items generally costing $5,000 or more including taxes, shipping, and other costs to make the equipment operative and having an estimated useful life of more than one year. Additionally, purchased intangible assets such as computer software, patents, trademarks, copyrights, web sites, easements, and other intangibles costing more than $100,000 are also capitalized as assets according to policy set forth by the Governmental Accounting Standards Board (GASB) Statement 51 and Office of the State Controller (OSC) guidelines if the assets have a useful life of more than one year. Internally developed software is also considered a capital asset if applicable costs exceed the materiality threshold set by OSC.


== Definitions  ==
=== Non-Capital Assets ===
:are defined as those tangible items purchased for under $5,000 and having an estimated useful life of more than one year.  Although these items are not tracked in the Fixed Assets System, they are still University owned assets subject to this Policy.


== Policy and Procedure Statements  ==
== Policy and Procedure Statements  ==
=== New Equipment ===
4.1.1 The Purchasing Office routes all purchase orders of applicable assets to the Fixed Assets Office, where an equipment control record is prepared and sent along with a numbered decal to the Central Warehouse. Warehouse personnel apply the decal before forwarding the equipment to the department which placed the order, or in some cases will tag the items after they are assembled by departmental personnel. Maintaining a positive identification of assets is the primary purpose of tagging. Tagging is important to:
#Provide an accurate method of identifying individual assets,
#Aid in the taking of physical inventory,
#Control the location of all physical assets,
#Aid in maintenance of fixed assets, and
#Provide a common ground of communication for both the accounting department and the assets' users.


=== Delegation ===
4.1.2 Generally, all capital assets (capitalized and inventory) are tagged. The tag number is kept in the asset record in the Capital Asset Management System.
4.1.1 Each department must request authorization to use the Check Request Procedure. The Check Request Authorization form is available by calling 2110. The Chairman, Dean, or Director may delegate this authority to specified departmental personnel. Each individual so authorized to use the procedure must be held accountable for unauthorized purchases or improper practices. Repeated misuse of the procedure may result in withdrawal of the Check Request Procedure delegation from the Department. See [http://policy.appstate.edu/Small_Purchase_Policy Small Purchase Policy].


=== Purpose of Procedure ===
4.1.3 Some assets are not tagged. The asset number is still recorded in the system, but not physically attached to the asset. A description of the property is recorded, including address and plat location found in the Register of Deeds. Items not needing a tag are:
4.2.1 The Check Request Procedure may be used to facilitate departmental procurement of domestic supplies and/or materials required from off campus sources.
#Buildings (record legal description in asset record),
#Land (record legal description in asset record),
#Mainframe Software (record description in asset record).


4.2.2 The Check Request Procedure cannot be used for the following:
4.1.4 Tags are generally placed in the same location on each similar type asset. If possible, the tags should be accessible for viewing. Tags should be placed where the number can be seen easily and identified without disturbing the operation of the item. This aids in taking inventory.


4.2.3 '''Restrictions on Use''' -
4.1.5. The Department Head is responsible for the management and oversight of non-capital equipment assets to ensure that they are properly used and maintained for the intended business purposes.
#Orders $1,500 or more (including tax, delivery, and costs to place the item into operation). Orders may not be split to avoid this threshold.
#Food, Beverages and Flowers
#Contracted Personal Services.
#Research Gases/Radioactive Materials
#Purchases from Overseas Vendors
#Items carried in University Warehouse. These items must be ordered from the warehouse. Items carried by the warehouse are available through Gopher/ASU Policies and Procedures/Warehouse.
#Reoccurring monthly charges (phone, internet, copier charges, etc.)
#Any items listed on State Term Contracts must be purchased from a State Contract Vendor. This information is available by accessing state contracts at http://www.state.nc.us/PandC. Contact the Purchasing Office for guidance on prepaids and first aid supplies approved by the Safety Office.  


4.2.4 The Controller's Office is charged with oversight of the Check Request Procedure to ensure compliance with University policies and State purchasing laws and regulations.
=== Use of Assets ===
4.2.1 University assets, both capital and non-capital, are property of Appalachian State University. Custody, control, and use of this equipment must be in accordance with University policy. As a general rule, removal of University equipment, furnishings, and similar property from campus is not permitted. Specific exceptions may be made when all of the following conditions are met:
#Relocation is temporary
#Relocation purpose is for the conduct of University business by a University employee
#Property, while relocated, will be adequately protected from loss and damage
#Head of the administrative unit to which the property is assigned must approve the relocation
#Absence of the property, while relocated, will not hinder normal, on-campus operations


4.2.5 A feedback memorandum will be sent on each Check Request which does not appear to be in compliance. Replies to these inquiries are needed to support the University's files for audit purposes.
4.2.2 Lending of University property for personal or organizational use by private parties is prohibited.


4.2.6 Repetitive non-compliances will be referred to the appropriate Department Head.
=== Safeguarding Assets ===
4.3.1 Management is responsible for implementing procedures for maintaining control over and the safeguarding of both capital and non-capital assets. Physical security measures over facilities and authorized personnel must be established and documented.


4.2.7 Purchases from the University Bookstore - the procurement form should be used as authorization for the Bookstore to charge purchases to the departments.
=== Yearly Inventory ===
4.4.1 Each year, the Fixed Assets Office will send to each department a listing of all capital assets for which that department is responsible. The department will be required to make a physical count of those assets, noting any differences. Also, in case of any disposition of assets; i.e., transferred, traded, stolen, or destroyed, the proper procedures should be followed in notifying the Fixed Assets Office.  


=== Check Request Procedure ===
4.4.2 The Department Head is responsible for the management and inventory control over non-capital equipment assets. It is recommended that departments maintain internal inventories and conduct annual inspections for non-capital assets, especially for those that are susceptible to being lost or stolen. Methods for tracking items may vary in substance and form for each department.
   
Procedure Reference - Review ASU Policy Manual [http://policy.appstate.edu/Check_Request_Procedure Check Request Procedure Policy].  


==== Procedure Steps ====
=== Significant Change of Events ===
#Make sure the item(s) you wish to order do not violate the restrictions outlined in Check Request Procedure. Do not split in order to remain under the $1500 threshold!
4.5.1 If a significant change of events take place such as change in a department head, moving a department or function from one building to another, moving equipment from one location to an offsite location, the transfer of significant assets from a third party, or a natural disaster such as a fire or flood, consideration should be made to perform interim physical inventories at the time of the change event. This is a management decision at the departmental level and should be based on risk factors such as likelihood of assets becoming misplaced, not transferred, or stolen. Fixed Assets personnel will provide an inventory report upon request for this type of change event.
#If an item is carried in the warehouse, order it from the warehouse. Items carried by the warehouse are available through [http://materials.appstate.edu/warehouse-supply-list Warehouse Supply List].
#If an item is a State contract item, be sure to place the order with a State contract vendor.


==== Accessing State Contracts ====
=== Separation of Duties ===
4.6.1 Fixed asset responsibilities should be distributed among several positions. This separation is necessary for adequate internal control. The Controller has the custodial and supervisory duties of the system. He/she assigns both supervisory and clerical positions to control the assets. The Fixed Asset Officer makes the entries in the system. He/she also issues tags for assets and records the assets in the system. A separate employee in the Purchasing area receives the assets and checks them in and personnel in this area also affix the fixed assets tag to the items. Departmental personnel, who are separate from the above mentioned positions perform the annual inventory. After inventory, these positions research any missing assets. The responsible departmental supervisor approves the Physical Inventory Worksheets before the Fixed Asset Officer makes any changes to the Capital Assets Management System (see Transferring Assets).


4.3.2.1 Access state contracts at http://www.pandc.nc.gov/index.htm. You may call the Purchasing Office for guidance.
=== Depreciation ===
#Be sure that a sufficient free balance exists in the supply line of your budget.
4.7.1 The University uses the straight-line method of depreciation for capital assets using the half-year convention and an assumed salvage value of zero. Straight-line is a time-based method used when the service life of an asset is affected primarily by the passage of time. A useful life is assigned to each asset class based on historical information, industry data, and/or other factors and falls within a range set forth by the Office of the State Controller. The useful life assigned to each class is assessed annually and adjusted as needed to more accurately reflect actual useful lives of each asset class.
#Call the vendor or mail the original copy of the Check Request form. Use the vendor's toll free number when possible.
#Select a Check Request to be used to confirm your order. (Check Requests are serialized by numbers beginning with the letter "S").
#Give your name, department name, room number and building as the "ship to" address, and the Check Request number as the order number. Include the catalog number, description, and quantity of materials required.
#Give the vendor the same "ship to" and "bill to" address exactly as follows:
##Your or Recipient's Name and telephone number
##Department Name
##Campus Box #, Room No. and Building Name
##Appalachian State University
##Boone, NC 28608


4.3.2.2 This will ensure that the vendor's shipment and invoice reach the department directly. (Do not use Check Request Procedure when ordering materials which cannot be mailed or shipped by carriers such as U.S. Mail, UPS, etc. Freight lines will not deliver beyond a delivery dock.)
=== Fixed Asset ===
#Ask the vendor's order clerk to "check stock" and then issue the order only for quantities available for immediate shipment (but for no more than $1500). There must be no "back orders."
4.8.1 Inventory of Fixed Assets


==== Receipt of Goods and Invoice ====
4.8.1.1 Annual Physical Inventory - The Fixed Asset System (FAS) is a system of control over the location, condition, and disposition of fixed assets. Therefore, the State Auditor's Office requires each agency to take an annual physical inventory of those assets.
#Consider each shipment and invoice as a complete order.
#Upon receipt of the invoice, ensure that the actual price(s) of the item(s) match(es) the figure(s) listed on the related Check Request form.
#Complete the Check Request, showing the item(s), quantity, the net discounted prices, date received, cost of shipping and the signature of the recipient. You must list all items received on the Check Request itself.
#Send the completed Check Request with the invoice attached (stapled) to the Controller's Office within (5) five days of receiving the invoice.
==== Acceptable Invoice ====
#The invoice must set forth a complete description of materials ordered. The store name must be stamped on the invoice if it is not pre-printed.
#Invoices must be executed by typewriter, in ink or by indelible pencil.
#Invoices must be originals. The only exception is in cases when firms use standard business forms and issue their invoices on standard carbon copy forms which have imprinted thereon "Customer's Invoice" or like designation.
#The invoice must be positive evidence of goods received. Vendor invoices should bear the name of the firm and a description of the items ordered. The invoice must be made out to Appalachian State University.
#Check Request forms may be obtained by calling the Controller's Office - 2110. Forms are pre-numbered and a record will be maintained listing the form number and the Department receiving the form.


=== Check Request Authorization Form ===
4.8.1.2 University Department Inventory - Each University department is responsible for completing a yearly inventory of those assets assigned to that department. At an appointed time, worksheets listing each department's assets will be distributed (Fixed Asset System Form 090.)


Appalachian State University
4.8.1.3 Inventory Procedure - The following is the procedure for conducting the department inventory with the FAS worksheet:
Boone, North Carolina
#For each item on the FAS worksheet which is on hand, enter a checkmark in the comments column. Any changes for the building room number location should be entered in the comments column.
#If items on the worksheet cannot be located, enter "missing" in the comments column and prepare a Movable Equipment - Notice of Disposal or Change in Location form for each missing item.
#Items not on the inventory list should be added, noting the FAS number (if available), description, location, manufacturer, serial number, and condition.


Check Request Authorization
4.8.1.4 The FAS worksheet and disposal forms should be returned no later than May 31 of the year of the inventory to the Fixed Asset Office, located in the Business Affairs Annex Building, on State Farm Road. Questions concerning inventory should be directed to the Fixed Asset System Officer, telephone number 262-2636.


TO: Controller
4.8.1.5 Assets Traded or Sold - Assets traded or sold between departments must be reported to the FAS Office through the use of the Movable Equipment - Notice of Disposal or Change in Location form. Assets traded or sold to other agencies must have prior approval from the FAS Office and the State Surplus Property Officer.


DATE:
4.8.1.6 Missing Assets - For each asset on the FAS worksheet which cannot be located, enter "missing" in the comments column and prepare a Movable Equipment - Notice of Disposal or Change in Location form for each missing item.  If there is suspicion that an asset was stolen, see policy 4.8.1.8.


FROM:
4.8.1.7 The form must be signed by the department head. Even though an item is reported missing, it will remain on that department's inventory listing until found or for two years. Items not located at the end of this two year period will be written off after obtaining approval from the Vice Chancellor for Business Affairs (Chief Financial Officer).


Department Name:
4.8.1.8 Stolen Assets - If items are suspected or known to be stolen, notify the University Police to report the theft and request a copy of their investigation report. Then notify the FAS Office by completing the Movable Equipment - Notice of Disposal or Change in Location form. The form must be signed by the department head and appropriate Vice Chancellor, accompanied by an investigation report and forwarded to the FAS Office.
Department Budget Code/Codes: List all Budget Codes to be used on Check Request Authorization
Department Chair:


I hereby request that authority be delegated to this department to make purchases of $1,500 or less using a Check Request in lieu of the normal purchase order procedure.
4.8.1.9 Damaged Or Destroyed Assets - Assets damaged beyond use should be reported to the FAS Office through the use of the Movable Equipment - Notice Of Disposal Or Change In Location Form. Two persons from the Physical Plant and/or the Central Warehouse and/or the FAS Office will verify that the item is damaged beyond repair and should be scrapped.


I have read [http://policy.appstate.edu/Small_Purchase_Policy Small Purchase Policy], [http://policy.appstate.edu/Petty_Disbursing_Fund_Purchases Petty Disbursing Fund Purchases] and [http://policy.appstate.edu/Petty_Disbursing_Fund_Purchases Petty Disbursint Fund Purchases]  Accounting Procedure#4 (Check Request Procedure) of the ASU Resource Manual. I fully understand the restrictions listed in this policy and will comply with them.
4.8.1.10 Disposal Forms Filed - The FAS Officer photocopies each lost/stolen disposal form and accompanying reports. The forms are then filed numerically by the department's assigned department number (org code).


I understand that abuse of this policy by my department could result in the loss of this delegated authority to the department.
4.8.1.11 Yearly Report - The FAS Officer sends a report to the Chancellor, all Vice Chancellors, Associate Vice Chancellor for Fiscal Operations, Director of Purchasing, Director of Office of Internal Audits, and Controller, indicating total assets lost/stolen for the year.


Within my department, I further delegate authority to make purchases under this policy to the following individuals who have also ready the policy and will be held accountable for their actions:
4.8.1.12 Fixed Asset System Questions - Any questions concerning the FAS should be directed to the FAS Office, telephone number 262-2636.


Signature:
=== Capital Assets Management System Procedures ===
(Department Chair/Director)
4.9.2.1 Recording Fixed Assets - All additions and disposals of fixed assets must be recorded in the Capital Asset Management System by the end of the accrual period each year. Detailed instructions on these and other system procedures are included in the Capital Assets Manual. This manual is primarily used by the Fixed Assets Officer, who is responsible for all changes to the Capital Asset Management System. The Capital Asset Management System is balanced to Banner Finance by the end of the accrual period and before the submission of the CAFR reports and Financial statements. This is important in order to maintain accuracy of reporting.


== Additional References ==
== Additional References ==
Line 109: Line 110:


== Contact Information ==
== Contact Information ==
:Fixed Assets Office: 262-2636 or 262-2500.


== Original Effective Date ==


== Effective Date ==
== Revision Dates ==
:February 17, 2012
:May 31, 2016
:April 11, 2017


== Revision Dates ==
[[Category:Contents]]
[[Category:Business Operations]]
[[Category:Accounting]]

Revision as of 11:54, 7 June 2017

Policy 501.17

Introduction

Function

1.2.1 The Fixed Asset System (FAS) was implemented at Appalachian State University on July 1, 1979, in order to more effectively control those assets owned by the University. The function of this system is to:

  1. Account for lost or damaged property due to fire, flood or other disaster. This kind of information may be essential in obtaining replacement funds or collecting insurance coverage.
  2. Comply with requirements of the State of North Carolina that tangible, long lived assets be accounted for through an inventory control system.
  3. Deter theft and aid in tracking property which has disappeared.
  4. Facilitate transfer of equipment to fill a requirement on campus in lieu of procuring new equipment.
  5. Provide data to departments which will aid in better utilization of equipment.
  6. Determine the rate of depreciation on equipment for the purpose of calculating the University's overhead rate to Federal Agency.

Scope

Responsibility

2.1.1 The responsibility for equipment control, or the Capital Assets System, has been assigned to the Fixed Assets Office, a Division of the Controller's Office. The telephone numbers for assistance and information are 262-2636 or 262-2500.

Definitions

Fixed or Capital Assets

are defined as those tangible items generally costing $5,000 or more including taxes, shipping, and other costs to make the equipment operative and having an estimated useful life of more than one year. Additionally, purchased intangible assets such as computer software, patents, trademarks, copyrights, web sites, easements, and other intangibles costing more than $100,000 are also capitalized as assets according to policy set forth by the Governmental Accounting Standards Board (GASB) Statement 51 and Office of the State Controller (OSC) guidelines if the assets have a useful life of more than one year. Internally developed software is also considered a capital asset if applicable costs exceed the materiality threshold set by OSC.

Non-Capital Assets

are defined as those tangible items purchased for under $5,000 and having an estimated useful life of more than one year. Although these items are not tracked in the Fixed Assets System, they are still University owned assets subject to this Policy.

Policy and Procedure Statements

New Equipment

4.1.1 The Purchasing Office routes all purchase orders of applicable assets to the Fixed Assets Office, where an equipment control record is prepared and sent along with a numbered decal to the Central Warehouse. Warehouse personnel apply the decal before forwarding the equipment to the department which placed the order, or in some cases will tag the items after they are assembled by departmental personnel. Maintaining a positive identification of assets is the primary purpose of tagging. Tagging is important to:

  1. Provide an accurate method of identifying individual assets,
  2. Aid in the taking of physical inventory,
  3. Control the location of all physical assets,
  4. Aid in maintenance of fixed assets, and
  5. Provide a common ground of communication for both the accounting department and the assets' users.

4.1.2 Generally, all capital assets (capitalized and inventory) are tagged. The tag number is kept in the asset record in the Capital Asset Management System.

4.1.3 Some assets are not tagged. The asset number is still recorded in the system, but not physically attached to the asset. A description of the property is recorded, including address and plat location found in the Register of Deeds. Items not needing a tag are:

  1. Buildings (record legal description in asset record),
  2. Land (record legal description in asset record),
  3. Mainframe Software (record description in asset record).

4.1.4 Tags are generally placed in the same location on each similar type asset. If possible, the tags should be accessible for viewing. Tags should be placed where the number can be seen easily and identified without disturbing the operation of the item. This aids in taking inventory.

4.1.5. The Department Head is responsible for the management and oversight of non-capital equipment assets to ensure that they are properly used and maintained for the intended business purposes.

Use of Assets

4.2.1 University assets, both capital and non-capital, are property of Appalachian State University. Custody, control, and use of this equipment must be in accordance with University policy. As a general rule, removal of University equipment, furnishings, and similar property from campus is not permitted. Specific exceptions may be made when all of the following conditions are met:

  1. Relocation is temporary
  2. Relocation purpose is for the conduct of University business by a University employee
  3. Property, while relocated, will be adequately protected from loss and damage
  4. Head of the administrative unit to which the property is assigned must approve the relocation
  5. Absence of the property, while relocated, will not hinder normal, on-campus operations

4.2.2 Lending of University property for personal or organizational use by private parties is prohibited.

Safeguarding Assets

4.3.1 Management is responsible for implementing procedures for maintaining control over and the safeguarding of both capital and non-capital assets. Physical security measures over facilities and authorized personnel must be established and documented.

Yearly Inventory

4.4.1 Each year, the Fixed Assets Office will send to each department a listing of all capital assets for which that department is responsible. The department will be required to make a physical count of those assets, noting any differences. Also, in case of any disposition of assets; i.e., transferred, traded, stolen, or destroyed, the proper procedures should be followed in notifying the Fixed Assets Office.

4.4.2 The Department Head is responsible for the management and inventory control over non-capital equipment assets. It is recommended that departments maintain internal inventories and conduct annual inspections for non-capital assets, especially for those that are susceptible to being lost or stolen. Methods for tracking items may vary in substance and form for each department.

Significant Change of Events

4.5.1 If a significant change of events take place such as change in a department head, moving a department or function from one building to another, moving equipment from one location to an offsite location, the transfer of significant assets from a third party, or a natural disaster such as a fire or flood, consideration should be made to perform interim physical inventories at the time of the change event. This is a management decision at the departmental level and should be based on risk factors such as likelihood of assets becoming misplaced, not transferred, or stolen. Fixed Assets personnel will provide an inventory report upon request for this type of change event.

Separation of Duties

4.6.1 Fixed asset responsibilities should be distributed among several positions. This separation is necessary for adequate internal control. The Controller has the custodial and supervisory duties of the system. He/she assigns both supervisory and clerical positions to control the assets. The Fixed Asset Officer makes the entries in the system. He/she also issues tags for assets and records the assets in the system. A separate employee in the Purchasing area receives the assets and checks them in and personnel in this area also affix the fixed assets tag to the items. Departmental personnel, who are separate from the above mentioned positions perform the annual inventory. After inventory, these positions research any missing assets. The responsible departmental supervisor approves the Physical Inventory Worksheets before the Fixed Asset Officer makes any changes to the Capital Assets Management System (see Transferring Assets).

Depreciation

4.7.1 The University uses the straight-line method of depreciation for capital assets using the half-year convention and an assumed salvage value of zero. Straight-line is a time-based method used when the service life of an asset is affected primarily by the passage of time. A useful life is assigned to each asset class based on historical information, industry data, and/or other factors and falls within a range set forth by the Office of the State Controller. The useful life assigned to each class is assessed annually and adjusted as needed to more accurately reflect actual useful lives of each asset class.

Fixed Asset

4.8.1 Inventory of Fixed Assets

4.8.1.1 Annual Physical Inventory - The Fixed Asset System (FAS) is a system of control over the location, condition, and disposition of fixed assets. Therefore, the State Auditor's Office requires each agency to take an annual physical inventory of those assets.

4.8.1.2 University Department Inventory - Each University department is responsible for completing a yearly inventory of those assets assigned to that department. At an appointed time, worksheets listing each department's assets will be distributed (Fixed Asset System Form 090.)

4.8.1.3 Inventory Procedure - The following is the procedure for conducting the department inventory with the FAS worksheet:

  1. For each item on the FAS worksheet which is on hand, enter a checkmark in the comments column. Any changes for the building room number location should be entered in the comments column.
  2. If items on the worksheet cannot be located, enter "missing" in the comments column and prepare a Movable Equipment - Notice of Disposal or Change in Location form for each missing item.
  3. Items not on the inventory list should be added, noting the FAS number (if available), description, location, manufacturer, serial number, and condition.

4.8.1.4 The FAS worksheet and disposal forms should be returned no later than May 31 of the year of the inventory to the Fixed Asset Office, located in the Business Affairs Annex Building, on State Farm Road. Questions concerning inventory should be directed to the Fixed Asset System Officer, telephone number 262-2636.

4.8.1.5 Assets Traded or Sold - Assets traded or sold between departments must be reported to the FAS Office through the use of the Movable Equipment - Notice of Disposal or Change in Location form. Assets traded or sold to other agencies must have prior approval from the FAS Office and the State Surplus Property Officer.

4.8.1.6 Missing Assets - For each asset on the FAS worksheet which cannot be located, enter "missing" in the comments column and prepare a Movable Equipment - Notice of Disposal or Change in Location form for each missing item. If there is suspicion that an asset was stolen, see policy 4.8.1.8.

4.8.1.7 The form must be signed by the department head. Even though an item is reported missing, it will remain on that department's inventory listing until found or for two years. Items not located at the end of this two year period will be written off after obtaining approval from the Vice Chancellor for Business Affairs (Chief Financial Officer).

4.8.1.8 Stolen Assets - If items are suspected or known to be stolen, notify the University Police to report the theft and request a copy of their investigation report. Then notify the FAS Office by completing the Movable Equipment - Notice of Disposal or Change in Location form. The form must be signed by the department head and appropriate Vice Chancellor, accompanied by an investigation report and forwarded to the FAS Office.

4.8.1.9 Damaged Or Destroyed Assets - Assets damaged beyond use should be reported to the FAS Office through the use of the Movable Equipment - Notice Of Disposal Or Change In Location Form. Two persons from the Physical Plant and/or the Central Warehouse and/or the FAS Office will verify that the item is damaged beyond repair and should be scrapped.

4.8.1.10 Disposal Forms Filed - The FAS Officer photocopies each lost/stolen disposal form and accompanying reports. The forms are then filed numerically by the department's assigned department number (org code).

4.8.1.11 Yearly Report - The FAS Officer sends a report to the Chancellor, all Vice Chancellors, Associate Vice Chancellor for Fiscal Operations, Director of Purchasing, Director of Office of Internal Audits, and Controller, indicating total assets lost/stolen for the year.

4.8.1.12 Fixed Asset System Questions - Any questions concerning the FAS should be directed to the FAS Office, telephone number 262-2636.

Capital Assets Management System Procedures

4.9.2.1 Recording Fixed Assets - All additions and disposals of fixed assets must be recorded in the Capital Asset Management System by the end of the accrual period each year. Detailed instructions on these and other system procedures are included in the Capital Assets Manual. This manual is primarily used by the Fixed Assets Officer, who is responsible for all changes to the Capital Asset Management System. The Capital Asset Management System is balanced to Banner Finance by the end of the accrual period and before the submission of the CAFR reports and Financial statements. This is important in order to maintain accuracy of reporting.

Additional References

Authority

Contact Information

Fixed Assets Office: 262-2636 or 262-2500.

Original Effective Date

Revision Dates

February 17, 2012
May 31, 2016
April 11, 2017
Retrieved from "https://policy.appstate.edu/index.php?title=Check_Requests&oldid=4545"