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Guide to using AIMS. Fayetteville Policies and Procedures #313.2 http:// vcfa.uark.edu/Documents/3132.pdf Inventory/Equipment Capitalization Thresholds:

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Fayetteville Policies and Procedures #313.2

  • http://vcfa.uark.edu/Documents/3132.pdf

Inventory/Equipment Capitalization Thresholds:

The University of Arkansas uses capitalization thresholds to determine which equipment items are included in University inventories and what methods must be used for tracking. Effective July 1, 2012, the University has adopted equipment capitalization thresholds in accordance with levels established by the State of Arkansas Department of Finance and Administration and dated July 1, 2011. In addition, the University has determined that certain items such as cell phones, tablets and weapons shall be tracked regardless of cost.

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Definitions and Threshold Levels

  • Capitalized Equipment. The capitalization threshold for Capitalized Equipment is $5,000.00. In addition to having a first cost or initial value of at least $5,000, in order to be considered Capitalized Equipment, each capitalized item must have an estimated useful life of greater than one year, an identity that does not change with use, and a nature that makes formal accountability practical.
  • Low Value Equipment. All equipment with a useful life in excess of one year and an initial value of at least $2,500 but not more than $4,999.99, which is classified as Low Value Equipment.
  • Low Value-High Risk Equipment. Assets valued from $500 to $2,499.99 that are easily susceptible to loss or theft, including, but not limited to, computers, monitors, laptop computers, tablets (e.g. iPad, Kindle Fire, etc.), guns, camera equipment, video equipment, video gaming equipment, printers, scanners, tools, cell phones, handheld radios, binoculars, are classified as Low Value-High Risk Equipment.
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Fayetteville Policies and Procedures #313.3

  • http://vcfa.uark.edu/Documents/3133.pdf

University Equipment

The University is responsible for safeguarding all of its equipment. Custody and proper use of equipment is the responsibility of the various colleges and departments where the property is assigned. University employees have stewardship responsibilities for University property assigned to the employee. Employees are required to use good judgment in the use of all university equipment.

For the purpose of this policy, equipment is defined as all capital equipment (cost equal to or greater than $5,000.00 and useful life greater than one (1) year), Low Value Equipment, Low Value-High Risk Equipment (see Fayetteville Policy and Procedure 313.2 for definitions), furniture, library holdings, livestock, inventory for resale and any item that may be used or sold.

University equipment may only be used in the conduct of official University business. University equipment may not be rented or loaned to any person, group or organization for personal use.

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Fayetteville Policies and Procedures #313.3 (con’t)

Policy covers who is responsible for each aspect of the inventory process; the scheduling and rescheduling of the physical inventory; barcode scanning of the inventory; process for non-scanned equipment; due process for follow-up on missing and improperly disposed equipment; procedures for reporting stolen equipment; and procedures for obtaining permission to discard or cannibalize equipment

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Fayetteville Policies and Procedures #313.4

  • http://vcfa.uark.edu/Documents/3134.pdf

Property Accountability

Any unit with a Capital Equipment and Low Value Equipment inventory will be charged from unrestricted private funds the excess of the acquisition cost of the improperly disposed equipment over the identified acceptable threshold. The threshold for improperly disposed equipment shall be determined annually. Implementation will be phased in beginning with FY07.

asset management using the web

Asset Management using the web

Employee Access to their Assets

Administrator Access to Assets for their BU

search facilities available to department administrators using the web

Search Facilities Available to Department Administrators using the web

How users with administrative privileges can view asset information

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Additional Features Available to Departments

  • Have the ability of uploading departmental assets from a spreadsheet, to alleviate data entry
  • Ability of assigning a classification for an asset to help in tracking certain types of items. For example: printer, laptop, projectors, etc.
  • Ability of assigning a department information code to identify specific attributes associated with an asset. For example: PCAR to identify this asset was purchased with a PCard along with the Pcard holder’s name; LICN to identify the License Plate number along with that number.
surplus when its time to dispose of equipment

Surplus – When its time to dispose of equipment

Departments will either surplus tagged assets or permission will be given to ‘dispose’ of an asset

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Items are entered for Surplus

  • If the item has been inventoried in AIMS, by entering the tag number, all of the appropriate information regarding the Make, Model, etc. will be displayed. Will then only require minimum information to be entered.
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Final Process of Surplus

  • Once Surplus Batch has been electronically approved, the items will be removed from the department’s inventory.
  • The Surplus Manager is then responsible for either auctioning or disposing of the items.