50.25 Annual Inventory of Capital Assets
Purpose:
To establish policies and procedures associated with an annual physical inventory of capital assets.
Policy:
The Chancellor's Office will conduct a physical inventory of all capital assets on an annual basis. A capital asset is
- a tangible asset owned by OUS
- used in OUS operations (not for resale)
- has a useful life over one year
- has an initial cost (inclusive of ancillary charges) of at least $5,000
The following procedures will be used for the annual inventory of capital assets.
Procedures:
- Business Services will distribute an inventory report to departments in January of each year.
- Staff in each department are responsible for performing a physical inventory review of all items. A physical inventory means that staff should physically locate items listed on the inventory report and verify that each asset has an inventory sticker affixed to the asset.
- Staff conducting the physical inventory should be familiar with the four major categories/situations noted below (and the action required for each). Note: If more detail is needed to identify an asset shown on the inventory report, Banner form FFIMAST shows additional information about the asset.
- The asset is located and the asset's record is accurate.
Action Required:
- There is no action required.
- The asset is located, but the asset's record needs to be updated. This could be a variety of updates, including (but not limited to) the following:
- Description - The description should be updated to better identify the item
- Location - The building and/or room number should be updated to show the current location of item
- Organization - The organization code should be updated to reflect the current responsible department within the Chancellor's Office
- Model - The model should be added to better identify the item
- Serial Number - The serial number should be added to better identify the item
Action Required:
- Complete an "Asset Maintenance Form" for each capital asset requiring one or more of the above changes.
- On the asset inventory list note "Update" next to the asset(s) for which you are submitting a form to update the record.
- The asset is lost or missing.
Action Required:
- Contact the Manager of Business Services ( 541-737-0822 or jackie_thorsness@ous.edu ) for assistance in dealing with this asset.
- On the asset inventory list note
"Missing"
next to these asset(s).
- A capital asset is located during the physical inventory that does not appear on your department's asset inventory list.
Action Required:
- Contact the Manager of Business Services ( 541-737-0822 or jackie_thorsness@ous.edu ) for assistance in dealing with this asset.
- A situation occurs that does not fit those noted in 3A-D above.
Action Required:
- The following should be signed by the Department Head and routed to Business Services:
- Annual inventory list (with notations noted above, if applicable)
- Asset Maintenance Forms (if applicable)
- Business Services will update the inventory records to reflect changes requested.
- Business Services will maintain the annual physical inventory reports and Asset Maintenance Forms in archive files.
Authoritative References:
Forms:
Banner Query Forms:
- FFIMAST Fixed Asset Master Query Form
- FFIFALV Fixed Asset List Form
Banner Reports:
- FWRFAIA Non-Expendable Inventory Annual Report
- NOTE: Be sure to complete the parameter(s) for the Organization Code to print only your department's list of inventoried item(s)
Purpose:
To establish policies and procedures associated with an annual physical inventory of capital assets.
Policy:
The Chancellor's Office will conduct a physical inventory of all capital assets on an annual basis. A capital asset is
- a tangible asset owned by OUS
- used in OUS operations (not for resale)
- has a useful life over one year
- has an initial cost (inclusive of ancillary charges) of at least $5,000
The following procedures will be used for the annual inventory of capital assets.
Procedures:
- Business Services will distribute an inventory report to departments in January of each year.
- Staff in each department are responsible for performing a physical inventory review of all items. A physical inventory means that staff should physically locate items listed on the inventory report and verify that each asset has an inventory sticker affixed to the asset.
- Staff conducting the physical inventory should be familiar with the four major categories/situations noted below (and the action required for each). Note: If more detail is needed to identify an asset shown on the inventory report, Banner form FFIMAST shows additional information about the asset.
- The asset is located and the asset's record is accurate.
Action Required:
- There is no action required.
- The asset is located, but the asset's record needs to be updated. This could be a variety of updates, including (but not limited to) the following:
- Description - The description should be updated to better identify the item
- Location - The building and/or room number should be updated to show the current location of item
- Organization - The organization code should be updated to reflect the current responsible department within the Chancellor's Office
- Model - The model should be added to better identify the item
- Serial Number - The serial number should be added to better identify the item
Action Required:
- Complete an "Asset Maintenance Form" for each capital asset requiring one or more of the above changes.
- On the asset inventory list note "Update" next to the asset(s) for which you are submitting a form to update the record.
- The asset is lost or missing.
Action Required:
- Contact the Manager of Business Services ( 541-737-0822 or jackie_thorsness@ous.edu ) for assistance in dealing with this asset.
- On the asset inventory list note
"Missing"
next to these asset(s).
- A capital asset is located during the physical inventory that does not appear on your department's asset inventory list.
Action Required:
- Contact the Manager of Business Services ( 541-737-0822 or jackie_thorsness@ous.edu ) for assistance in dealing with this asset.
- A situation occurs that does not fit those noted in 3A-D above.
Action Required:
- The following should be signed by the Department Head and routed to Business Services:
- Annual inventory list (with notations noted above, if applicable)
- Asset Maintenance Forms (if applicable)
- Business Services will update the inventory records to reflect changes requested.
- Business Services will maintain the annual physical inventory reports and Asset Maintenance Forms in archive files.
Authoritative References:
Forms:
Banner Query Forms:
- FFIMAST Fixed Asset Master Query Form
- FFIFALV Fixed Asset List Form
Banner Reports:
- FWRFAIA Non-Expendable Inventory Annual Report
- NOTE: Be sure to complete the parameter(s) for the Organization Code to print only your department's list of inventoried item(s)