1 / 10

Fixed Assets and Inventory Management Training

Fixed Assets and Inventory Management Training. Fixed Assets and Inventory Management Training AGENDA REVIEW. Property Inventory Process Central Receiving Acquisitions Property Change Form Movement of Assets Property Change Form Document Contacts. Purpose Policy Scope Definitions

kasper-blair
Download Presentation

Fixed Assets and Inventory Management Training

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Fixed Assets and Inventory Management Training

  2. Fixed Assets and Inventory Management TrainingAGENDA REVIEW • Property Inventory • Process • Central Receiving • Acquisitions • Property Change Form • Movement of Assets • Property Change Form Document • Contacts • Purpose • Policy • Scope • Definitions • Information Technology • Hardware & Software • Reporting Threshold • Estimated Life of Assets

  3. Fixed Assets and Inventory Management Training Purpose • DSU assets are acquired, safeguarded, accounted for, and disposed of in accordance to federal, state, audit requirements, and Generally Accepted Accounting Principles. Policy(effective 9/10/2012) • Responsible staff to provide proper stewardship over all assets. • The federal threshold for asset tracking is $5,000 and up. • DSU assets purchased with federal and state funds threshold for asset capitalization is $5,000 and up. • Management’s responsibility is to ensure assets are properly accounted for and disposed of at DSU. • Assets will be maintained in DSU’s Fixed Asset and Inventory Management (Banner) System (FAIMS)

  4. Fixed Assets and Inventory Management Training • Scope • This policy applies to responsible individuals and/or their designee for carrying out this policy in each division, department, section, unit, and all other components of DSU. • Definitions • Fixed Asset: • A purchase with a value of $5,000 and above • A useful life of more than one year. • Depreciation: • DSU assets will be depreciated using the straight-line method and will be calculated monthly, based on invoice date in the FAIMS Banner System.

  5. Fixed Assets and Inventory Management Training • DSU Information Technology • The IT Department will review all hardware and software prior to procurement to ensure the equipment is compatible with the University’s ability to manage and support, is configured correctly and that all appropriate security measures are addressed. • Hardware and Software • Computer purchases with a useful life of one year or more and cost $5,000 or more must be tracked in the Fixed Asset and Inventory Management (Banner) System (FAIMS) for reporting purposes. • DSU will maintain appropriate records of federally funded computer and information system fixed assets for federal audit purposes.

  6. Fixed Assets and Inventory Management Training Reporting Threshold Building – All Buildings Building Improvements- $5,000 + Easements – All Easements Infrastructure - $5,000 + Land- All Land Land Improvements - $5,000 + Leasehold Improvement - $5,000 + Leased Assets - $5,000 + Computers and Software - $5,000 + Vehicles, Furniture and Equipment - $5,000 + Library Books - $5,000 + Works of Art and Historical Treasures- Not Capitalized Estimated Life of Assets Building and Building Improvements: 40 Years Vehicles: 7 years Furniture and Equipment: 7 years Computers and Software: 7 years Library Books: 5 years

  7. Fixed Assets and Inventory Management Training • Property Inventory • DSU requires responsible staff to conduct a physical property inventory each year. • DSU is required to maintain documentation to illustrate the physical inventory was performed. • Process • Your Division, Department, Unit, Section, etc. is responsible for maintaining documentation of all assets purchased no matter how they are funded. • Your are required to identify the DSU tag number, description (make/model/#), serial number, purchase order number (to estimate age of asset), cost, and condition for your purchases.

  8. Fixed Assets and Inventory Management Training • DSU Central Receiving • Acquisitions: • All purchases must come through Central Receiving to ensure accuracy of inventory. • Central Receiving must properly tag and record materials. • The “Receiving Record” is verification that materials have been received, inspected, and verified against purchase orders. • No payments will be processed by the University Finance Division without a signed “Receiving Record”. • DSU Property Change Form • Movement of Assets: DSU personnel must submit a DSU Property Change Form to the Fixed Asset and Inventory Manager and Central Receiving. • A police report must be filed for stolen and/or missing items and maintained as supporting documentation. A copy of the police report must be emailed to fiqbal@desu.edu, Fixed Asset and Inventory Manager. When recording the disposal of the stolen assets, you must include the police report number on the disposal form. • Assets destroyed-loss due to fire, flood, etc. must be reported to DSU Risk Management section with a reference date of loss.

  9. Fixed Assets and Inventory Management Training

  10. Fixed Assets and Inventory Management Training Fixed Assets and Inventory Department Contacts: • Fakhar Iqbal, Fixed Assets and Inventory Manager • Email: Fiqbal@desu.edu or 302.857.7959 • Central Receiving Staff • Kathie Pringle, Receiving Clerk II • Kpringle@desu.edu or 302.857.6275 • Vacant, Receiving Clerk I

More Related