Property Training Presented by the Controller’s Office

Property Training Presented by the Controller’s Office

What is Property? Capital vs. Expendable – Useful Life 1 year – 5K / 100K / 4M – 76xxxx / 74xxxx – Expense Account Short List Property Cost – What is included? 2

Responsibility for FSU Property All university-owned property should be properly used and safeguarded by all employees at all times Central Offices – Accounting & Reporting Services (ARS) – Sponsored Research Administration (SRA) Departmental Responsibility – VPs, DDDHs delegate – Property Management Role Designation Form 3

Responsibility for FSU Property Departmental Roles – Property Manager – Property Custodian – Inventory Taker – FSU DPT AM PROPERTY ROLES Identifies the Property Manager, Property Custodian, and the Inventory Taker for each department. Principal Investigator (PI) 4

Safeguarding University Property Department Guidelines Attractive Items – Best Practices Guide Highlights of the Guide – Internal Control Checklist Attractive Item Additions Form 5

Property Acquisitions Reqs / POs / Vouchers Donated / Gifted Property Vehicle Acquisitions 6

Property Acquisitions Cont. Fabrications – Property fabricated or constructed by or for the University may meet the criteria of a capital asset if the equipment fabrication is expected to have a total value of at least 5,000. 7

Property Tags & Identification Tagging & identification – Non-C&G tags – C&G funded property tags 8

Property Inventory Required annually Inventory Schedule Communications Scanners Missing Items Form Inventory Completion Form 9

Capital Property Moves / Changes Documentation is required whenever any of the following changes are made to capital property: – Location – Transfers of ownership (department/fund/project) – Descriptions – Documented via Capital Property Change Form Form online C&G Property Physical Relocations 10

Property Maintenance Departmental Responsibilities Follow manufacturer specifications Maintain maintenance logs Notification of impairments 11

Removal of Property from FSU When may University property be removed from campus? Off-Site Capital Equipment Use Form Removal for 1 year or less Removal for more than 1 year 12

Property Dispositions – Expendable Property Property Manager is final approver Request for physical disposition is submitted online via Facilities Waste Management Surplus Portal – Capital Property Capital Property Accountability Release is required and must be approved by ARS prior to a submitted disposition request online via Facilities Waste Management Surplus Portal 13

Property Disposition Methods Surplus/Recycling/Scrap Lost/Stolen Destroyed Cannibalization Abandoned or Non-Recoverable Transfer Out or Donation Traded-In/Exchanged Surplus Property 14

Useful OMNI Queries Query Name Description FSU DPT AM CURR ASSETS List your department's current assets FSU DPT AM PROPERTY ROLES Identifies the Property Manager, Property Custodian and Inventory Taker for each department FSU DPT AM NOT INV Assets not yet inventoried in the current inventory cycle FSU DPT AM ASSETS INV Assets inventoried by department in the current inventory cycle FSU DPT AM LAST INV DT The last inventory date of assets not yet inventoried in the current cycle FSU DPT AM ASSET ACQ CUSTODIAN Detailed acquisition and custodial (offsite to) information for department’s assets FSU DPT AM TRANS RET ASSETS Assets transfers and retired by department FSU DPT AM CURR NONCAP Expendable property that was added manually to OMNI Asset Management for tracking/inventory purposes Complete listing of Controller’s Office queries - http://controller.vpfa.fsu.edu/query 15

Resources Asset Management website http://controller.vpfa.fsu.edu/asset-management University Property Policies (OP-D-2-F) - link Frequently Asked Questions - http://fla.st/1OH60cu Departmental Business Management Guide - http://fla.st/1OH62Ba Property Forms - http://fla.st/1OH638e Additional information on OMNI, queries and reporting at FSU is available via the Controller’s Office General Ledger classes http://fla.st/1OH67VB FSU Surplus Property website – – https://www.facilities.fsu.edu/depts/wastemanagement/surplus information.p 16 hp