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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

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Property Training

Presented by the Controller’s Office


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

  • 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

  • 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 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 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 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 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 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 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

  • 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 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 AcquisitionsProperty Identification Form (PIF)

  • Completed Property Identification Form should be returned to Property Services within 15 business days of receipt


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

  • 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 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 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

  • 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 ChangesProperty Change Form (PC213)

  • Property Change Form used to update records for property changes


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 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 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 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 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 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 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 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 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

  • 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 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

  • 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


Useful OMNI Queries


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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