University Equipment May 6, 2015

Who is Property Accounting  Janice Harrison – Director of Property Accounting  Poli Navarro – Fiscal Support Analyst  Lisa Ault – Fiscal Support Analyst  Jon Carlson – Fiscal Support Technician

University Equipment  Capital Equipment (high value) is defined as tangible personal property having a useful life of more than one year and a per unit acquisition cost of $5, or above.  Non-Capital equipment (low value) is defined as tangible personal property having a useful life of more than one year and a per unit acquisition cost of $2, to $4,  Low Value-High Risk is defined as tangible personal property that are easily susceptible to theft. (Items such as computers, monitors, laptop computers, tablets, etc.)

University Responsibilities  Property Accounting will add all items with an acquisition cost of $2,500 to $5,  Departments are required to track the low value high risk items with an acquisition cost of $500 to $2, that meet the definition set by the State of Arkansas. These items need to be added in AIMS.  Departments are required to track all cell phones, tablets and weapons regardless of costs. The items need to be added in AIMS.

University Responsibilities (Cont.)  Federal government requires a physical inventory be taken every two years.  State government requires a physical inventory be taken every year.  Scanning is done by departments yearly. Any missing assets have to be certified by the department head stating all steps have been taken to locate the missing equipment.

UGG Equipment (Cont.)  The University is required to maintain the following:  Description  Serial Number  Source of Funding  Who Holds Title  Cost of Property  Location  Use and Condition of Property  Disposition Records for Sale of Property

Fabrication of Equipment  If equipment is being fabricated, Property Accounting needs to be notified of all expenses related to the fabrication.  Equipment will be added based on the cost of all the expenses related to the fabrication. Property Accounting will need a list of the AP ID’s so we can get the correct values for each piece of equipment being fabricated.

Transfer of Equipment  Please make sure that RSSP or Property Accounting is notified when your department receives equipment from other entities outside the U of A. (This can include equipment coming from another organization with a new professor for the U of A, or a donation to a department or professor.)  There are many instances where equipment is given to the U of A and Property Accounting is not notified.

Questions  Any Questions or Comments?