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Property Training. Presented by the Controller’s Office. What is Property? Capital vs. Expendable. Capital U seful life extending beyond one year $5K threshold for tangible property (equipment, furniture, computers, etc.) Expendable

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property training

Property Training

Presented by the Controller’s Office

what is property capital vs expendable
What is Property?Capital vs. Expendable
  • Capital
    • Useful life extending beyond one year
    • $5K threshold for tangible property (equipment, furniture, computers, etc.)
  • Expendable
    • Useful life less than one year and/or an acquisition cost of less than $5,000
  • Expense Account Short List
what is property property cost
What is Property?Property Cost
  • Total cost of property includes:
    • Cost of item
    • Shipping
    • Installation
    • Other costs incurred to acquire and/or install property
    • Improvements that significantly extend the useful life of the item
  • Software
    • Capitalizable cost is based on acquisition value per licensed user
    • Renewable annual licenses are not capital no matter cost/user
  • Donated/gifted property
    • Should always come through FSU Direct Support Organizations (DSOs)
    • DSO should provide FSU with a memorandum describing the donation and its value
    • If this value is $5,000 or more the property should be capitalized
responsibility for fsu property
Responsibility for FSU Property
  • All university-owned property should be properly used and safeguarded by all employees at all times
  • Vice presidents, deans or directors may delegate their ultimate responsibility for property accountability to individuals in their department with the following roles:
    • Property Manager
    • Property Custodian
    • Inventory Taker
responsibility for fsu property property manager
Responsibility for FSU PropertyProperty Manager
  • By default is the department’s Budget Manager but can be assigned to another
  • For contract and grant acquired property, assigned to Principal Investigator as long as contract/grant is active
  • Responsibilities
    • Approves the transfer/disposal of department’s property
    • Runs reports to identify department’s inventory
    • Provides support (i.e. Purchasing and/or Accounts Payable documentation) to justify property acquisition cost
responsibility for fsu property property custodian
Responsibility for FSU PropertyPropertyCustodian
  • Serves as first point of contact with Property Services
  • Identifies University property (coordinates completion of PIFs)
  • Maintains department’s property records
responsibility for fsu property inventory taker
Responsibility for FSU PropertyInventory Taker
  • Inventories department’s property
  • For internal control purposes, should not be the Property Custodian or Property Manager
  • For small, personnel-limited departments:
    • This person may be the Property Manager
    • A memorandum should be included with the final inventory statement explaining the circumstances
safeguarding university property department guidelines
Safeguarding University PropertyDepartment Guidelines
  • Lock equipment in secured locations
  • Perform adequate maintenance and upkeep of equipment
  • Train staff on procedures for properly handling equipment
  • Lock doors when rooms are not in use
  • Store equipment in environmentally suitable locations to prevent corrosion, contamination and damage of sensitive parts
  • Track items that are removed from campus
safeguarding university property attractive items
Safeguarding University PropertyAttractive Items
  • Departments are encouraged to perform a risk assessment (both financial and operational) on their property to identify those items that are particularly at risk or vulnerable to loss
  • A cost/benefit assessment should be conducted before developing any internal policies for managing high-risk property items
  • OMNI’s Asset Management system is available for departments to help identify and track attractive property
safeguarding university property attractive item additions form pa 02
Safeguarding University PropertyAttractive Item Additions Form (PA 02)
  • Submit an Attractive Item Additions Form (PA 02) Property Services to obtain property tags
  • These tags will have gold tt, unlike regular garnet tags
property acquisitions
Property Acquisitions
  • All capitalizable property will be assigned a Property Identification Number (aka Tag Number) by Property Services
  • Unless approved in advance by Property Services, capital assets may not be purchased on blanket purchase orders or with the FSU Purchasing Card
  • Property Services is the only department authorized to have direct contact with the Department of Motor Vehicles
property acquisitions fsu tags
Property AcquisitionsFSU Tags
  • Capital property tags can be identified by a black bar code label with garnet text
  • Will include Property Identification Number and barcode
  • Sent to FSU departments with Property Identification Form (PIF)
    • Information about the asset (e.g. location, description) must be completed on PIF and returned to Property Services
property acquisitions property identification form pif
Property AcquisitionsProperty Identification Form (PIF)
  • Completed Property Identification Form should be returned to Property Services within 15 business days of receipt
property acquisitions equipment fabrication
Property AcquisitionsEquipment Fabrication
  • Property fabricated or constructed by or for the University may meet the criteria of a capital asset
  • If equipment construction is expected to have a total value of at least $5,000 should notify Property Services up front
  • Accurate and complete records of all construction-related expenditures (cost of labor and component parts, etc.) should be maintained by department
  • Upon completion, the department should submit a memorandum to Property Services detailing
    • Description of the property
    • Accumulated cost of the property
    • Dept ID and Fund Code to which the property is to be assigned
  • Optional chartfields (CF1-3) may be useful in tracking these expenditures in OMNI
property inventory
Property Inventory
  • All capital property must be inventoried annually
  • Department will be notified by Property Services of deadline
  • Upon inventory completion, Property Services will complete an inventory reconciliation which must be reviewed and signed by:
    • Inventory Taker
    • Property Custodian
    • Dean/Director/Department Head OR Property Manager
    • NOTE: If department is out of compliance with the Property Inventory policy the VP must sign
property inventory inventory scanners
Property InventoryInventory Scanners
  • Handheld device used for scanning FSU property tags for inventory
  • Must be checked out and returned to Property Services after inventory completion
  • User guide available online - http://control.vpfa.fsu.edu/content/download/5534/36154
property inventory inventory certification form ic 852
Property InventoryInventory Certification Form (IC 852)
  • Custody verification of capital assets that have been located but cannot be scanned during the annual inventory
    • Items deployed or off-site indefinitely
  • Form will not be accepted for any capital asset that can be scanned
property changes
Property Changes
  • Documentation required whenever any of the following changes made to capital property:
    • Location
    • Transfers of ownership (department/fund/project)
    • Descriptions
    • Property disposal or acquisition via transfer to/from Surplus Property
  • Authorizations
    • Only Authorized Signers can approve property changes
    • Sponsored Research Accounting Services must also approve of Contract/Grant-owned property changes
    • For property transfers, Property Change Form (PC 213) form must be signed by both transferring and receiving departments
property changes property change form pc213
Property ChangesProperty Change Form (PC213)
  • Property Change Form used to update records for property changes
property dispositions
Property Dispositions
  • ALL university property, regardless of cost (capital and expendable), should be disposed of with the written approval of the University’s Property Survey Board
property dispositions1
Property Dispositions
  • Lost/stolen, maliciously destroyed items
    • Requires FSU Police Department notification
    • Departmental accountability release granted on a case-by-case basis
  • Cannibalization
    • Use of an items component parts for the repair of other university property
  • Scrapped
    • Recycle or dump an asset with no value
property dispositions2
Property Dispositions
  • Abandoned/non-recoverable
    • The cost to retrieve the property is greater than the value of the item
  • Transfer/donation to other organization (non-C&G property)
    • Must route through Property Services
property dispositions3
Property Dispositions
  • Transfer/donation to other organization (C&G property)
    • Request should be routed through the Office of Sponsored Research
    • Principal Investigator (PI) must initiate request
    • Factors to consider when requesting:
      • Is the PI continuing the same research project at the new institution?
      • Will the transfer negatively affect other research of the department and the functions of the remaining faculty?
property dispositions4
Property Dispositions
  • Trade-in
    • The purchase requisition for the new property acquisition should include:
      • Description of property traded
      • A statement of condition
      • Details on the Trade-in allowance
      • FSU property decal number(s)
      • Serial number(s)
      • Model number(s)
      • Age of the property
      • Location of the property
    • Disposition documentation sent to Property Services should include the approved requisition
    • Department should ensure any tag numbers or other references to FSU property are removed prior to return to vendor
    • Capital assets may not be traded in for expendable property
property dispositions5
Property Dispositions
  • Disposal of U.S. government-owned property
    • Request should be made to the contracting officer for authority to dispose of or transfer the equipment
    • When a transfer of title has been affected, all U.S. Government identification must be removed and a University Property decal will be provided by Property Services and affixed to the equipment
property dispositions accountability release form ar 212
Property DispositionsAccountability Release Form (AR 212)
  • All disposition types EXCEPT transfers to Surplus Property require the completion and approval of an Accountability Release form (AR 212)
property dispositions surplus property
Property DispositionsSurplus Property
  • Items not wanted by departments are sold at auction to the public
  • Only property that is in working condition, or which has parts that are valuable and could be readily used or re-sold should be classified as surplus
  • Property which is unsafe for further use or which has no value should not be classified as surplus,
    • May be disposed of via cannibalization or recycling/dumping using the Accountability Release Form (AR 212)
property dispositions surplus property1
Property DispositionsSurplus Property
  • To classify property as surplus and initiate the transfer of property to the surplus warehouse, the department Property Custodian should complete a Property Change Form (PC 213)
  • Any property containing a hard drive must be scrubbed according to University policy
    • These types of items may include computers, printers, copiers, cameras
    • The PC 213 must include the initials of the departmental employee who scrubbed the hard drive on the item
    • Each item scrubbed should have a properly completed scrub sticker attached
      • Should include date computer was scrubbed and name of person who scrubbed
      • Stickers may be obtained from Property Services
  • Additional information on the Surplus Property process is available at http://controller.vpfa.fsu.edu/Accounting-Property-Services/FSU-Surplus-Property
removal of property from fsu
Removal of Property from FSU
  • Property may be removed from campus locations only if
    • It is required by a contract or grant or
    • If the use of the property in the off-campus location will further the goals of the University
  • Must use the Equipment Use Request Form (ER 244)
removal of property from fsu1
Removal of Property from FSU
  • Removal of equipment for a period up to 1 year
    • Approved by the department’s Property Manager or budget account manager
    • DATES RUN JULY 1 – JUNE 30 ONLY
    • The ER 244 for the item will automatically expire on June 30th of the fiscal year in which the form was completed
  • Removal of property in excess of one year
    • Must be approved by the appropriate Vice President or Dean
  • Upon return of the equipment to campus, the Property Custodian must sign a copy of the ER244 and return to Property Accounting
vehicles
Vehicles
  • Property Services obtains Registrations/Titles for vehicles, boats, trailers, and mobile offices
  • All required documents from a vessel or vehicle must be sent to Property Services including:
    • Purchase Order (copy)
    • Receiving Report (copy)
    • Manufacturer’s Certification of Origin/Title (original)
    • Dealer Invoice (copy)
    • Application for registration/Title (original)
    • Payment request for the license plate
  • Vehicles may not be driven until properly registered, tagged and insured by the University
resources
Resources
  • University Property Policies (OP-D-2-F)
    • http://policies.vpfa.fsu.edu/controller/2e-1.html
  • Frequently Asked Questions
    • http://controller.vpfa.fsu.edu/Accounting-Property-Services/Frequently-Asked-Property-Questions
  • Departmental Business Management Guide
    • http://controller.vpfa.fsu.edu/Departmental-Business-Management-Guide/Departmental-Business-Management-Guide-Topics
  • Property Forms
    • http://controller.vpfa.fsu.edu/Controller-Forms#A&PSForm
  • Additional information on OMNI, queries and reporting at FSU is available via the Controller’s Office General Ledger classes
    • http://controller.vpfa.fsu.edu/General-Construction-Accounting/General-Ledger-Training
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