Fixed Assets

Management of Equipment at the

University of Virginia
 Introduction to Property
Management
 Equipment Additions
 Equipment Deletions
 Equipment Tracking
 The Inventory Process
 Annual Reporting
 Equipment Additions
 There are four ways that equipment
gets added to the Fixed Assets module
– Purchases of $5,000 or more made in the
Purchasing Module “PO/AP”
– Cost Transfers
» Example: Cavalier Computer
– Gifts in Kind (IX.A.11)
– Transfers In from Sponsors or Other
Universities (X.A.3)
 Equipment Deletions
 There are five ways that equipment gets
removed from the Fixed Asset module
– Surplus (V.II.A.6) - Use “Request to Surplus” E-form at
www.procurement.virginia.edu/Surplus
– Transfers Out to Sponsors and Other Universities
(X.A.2) - Use Form P-1, Equipment Inventory Change
Request and attach explanation from PI (Principle
Investigator)
– Trade-In - Use Form P-1, Equipment Inventory Change
Request and Document PO (Purchase Order) Number
– Cannibalization - Use Form P-1, Equipment
Inventory Change Request and attach explanation
– Stolen - Use Form P-1, Equipment Inventory Change
Request
 Equipment Tracking and
Maintenance
 The Central Office is responsible for oversight
of property for the University
 As the Property Contact you are responsible
for the tracking and management of property
for your organization – so what do you need
to do?
– Verify information in the system is accurate
– Ensure that Off-Ground Certification Forms are
filed promptly
– Contact the Central Office when changes need to
be recorded for location, assignment, etc.
– Completing and submitting P-1 forms
 The Inventory Process
 The Property Accounting Staff scans the
equipment in an organization
 The Property Contact is notified that the scan
is complete and they must run a report for
equipment that was not accounted for
 The Property Accounting Staff returns to scan
equipment that was found and records
equipment verified to be off grounds
 Remaining equipment not accounted for is
considered missing and a certification form
needs to be completed
 Annual Reporting
 Sponsor Annual Report in September of
each year
 Annual Report to SCHEV in October of
each year
 Final Sponsor Property Reports
 Annual Report to Budget for ETF
Allocation Analysis
 Annual Financial Statements
The Role of the Central Office
 Responsible for management, oversight and
reporting for all University equipment assets
 Administrators of Fixed Asset Module of
Oracle and responsible for any data updates
to the system
 Responsible for tagging all new equipment
assets acquired by the University and
collecting asset information with scanners
 Responsible for inventory
 Responsible for oversight and tracking of
asset retirements: scanning surplus, etc.
The Role of Property Contacts
 Provide information to the Central Office
Property Accounting Staff for ALL equipment
related activity
 Review equipment inventory reports to
ensure that your organization’s equipment is
properly accounted for
 Stay current on equipment policies and
procedures
– Visit property website
– Call or email Property Accounting Staff with
questions (property@virginia.edu)
How Oracle Changes the Way
We Do Business
 You can (and must) still use the P-1
Form!
 We can all query the system directly
 We can all run our own reports
 Property in the Fixed Assets Module
can be updated from the integrated
Oracle Purchasing Module
 The Purchasing Module
 Accuracy
– It is very important that ALL users in your
organization input data into this module correctly
» Description: Must be completely filled out, using noun
first and followed by adjective. “Lab equipment” is NOT
sufficient if you have purchased a “laser, high intensity”.
» Quantities: Must be on purchase order. On LPO show in
description; remember that items with many accessories
will be tagged as one item so you can put this on one
line in the purchase order (ex. Microscopes)
» Freight & Installations: Code as equipment.
» Expenditure Type: It’s got to be right or a cost transfer
has to be done.
 The Importance of
Expenditure Types
 The core data element for Fixed Asset
reporting
 Understanding the signs….
– Use these for UNIT cost not total cost
 >/= $5K: greater than or equal to $5,000
 <$5K: less than $5,000
 Cost transfers
– If the original expenditure category is wrong you
need to do a cost transfer according to the
instructions for the Grants Management module
 Stuff We Think You Need
(so there are copies attached!)

 Contact Information
 List of Expenditure Types (Discoverer Report)
 The P-1 Form and Instructions
 Inventory Certification Form
 Off Grounds Equipment Certification
Form
 Frequently Asked Questions
 STAFF LISTING
Name Position Email Phone
Gary Young Director of Fixed gdy4f@virginia.edu 924-4284
Assets Accounting

Angy Seago Manager of ETF seago@virginia.edu 924-4323

Malika Ouenza Manager Plant mo4x@virginia.edu 924-4283

Accounting
John Wallace-Smith Sr. Property jaw3b@virginia.edu 924-0805
Specialist
Mike Williams Property mww5w@virginia.ed 924-4209
Inventory u
Specialist
 Property Contacts Must:
 Fill Out the P-1 Form When…
– Transferring Equipment
– Disposing of Equipment
– Receiving specific types of Acquisitions
 Review their Reports Monthly To…
– Ensure their organization has accounted for all property
 Inform the Property Accounting Staff if equipment has
changed location or assignment
 Review missing inventory lists and work with the
Property Accounting Staff to reconcile
 Ensure inventory certification is completed
 Ensure off-grounds certifications are completed