Gary Young – Director Malika Ouenza – Manager Plant Accounting Angy Seago - Manager ETF & Equipment John Wallace-Smith – Sr. Equipment Specialist Michael Williams - Inventory Specialist
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Am I a FIXED ASSET ?
Example of a Fixed Asset Software Buildings Vehicles Library Books Equipment Infrastructure Fabricated Equipment
Definition of a Fixed Asset Buildings, Land, Improvements, Leasehold Imp. or Infrastructure with UVA minimum threshold cost $250,000 and useful life greater than 1 year Equipment and Vehicles with UVA minimum of $5,000 unit cost and useful life greater than 1 year Major software applications with UVA threshold cost of $100,000 and useful life greater than 1 year Library Books (exception – total aggregate of all library books significant and life greater than 1 year) ETF Equipment (exception – Virginia’s SCHEV has lower threshold cost of $500)
UVA $ 2.2 Billion (Land, Bldgs-500+, Equipment-24,000+, Library Books, Software) Wise $ 95.0 Million Southwest $ 1.0 Million
ASSETS UVA FLORIDA NC (Chapel) STANFORDHARVARD Current Fixed –Net Assets 1,643 1,300 1,874 2,546 4,087 Investments 2, ,605 17,525 39,086 Other ,460 2,157 4,476 21,808 44,342 HOW DO WE COMPARE TO OTHERS ? (In $ Millions FY’06 Data) * Different capital thresholds and useful lives will affect values
Breakdown of $2.2B Buildings$ 1.1 Equipment.3 Infrastructure.2 Construction in Progress.2 Imp. Other than Bldg.1 Software.1 Library Books.1 Land.1
FAA Group Responsibilities Accounting Oracle Fixed Assets Module Inventory Audit & Control Financial Reporting Sponsor Reporting Policies & Procedures
IMPORTANT ISSUES ETF Equipment Coding Expenditures correctly Cost transfers Policy change – Releasing equipment to other universities Policy change – Surplusing data sensitive equipment Fabrications – equipment title must be UVA Asset Impairments