Asset Management Training

Asset Management Asset Management TrainingTraining

What is Asset Management?What is Asset Management?

• ResponsibilitiesResponsibilities– Track major equipmentTrack major equipment

• Defined as having an acquisition cost >or = Defined as having an acquisition cost >or = to $5,000 and a useful life of one yearto $5,000 and a useful life of one year

• Ensure that all major equipment is tagged Ensure that all major equipment is tagged with a UND tag and provide replacements for with a UND tag and provide replacements for lost tagslost tags

• Maintain the Asset Management Module for Maintain the Asset Management Module for the University and reconcile to the general the University and reconcile to the general ledgerledger

AM ResponsibilitiesAM Responsibilities • Coordinate, collect and review annual physical Coordinate, collect and review annual physical

inventories and maintain records for insurance inventories and maintain records for insurance purposespurposes

• Assist departments in establishing procedures for Assist departments in establishing procedures for maintaining and controlling their minor equipment maintaining and controlling their minor equipment listslists

• Process all MAJOR equipment transfers and surplus Process all MAJOR equipment transfers and surplus property forms – make changes to assets in the property forms – make changes to assets in the systemsystem

• Review equipment policies with VP of Finance and Review equipment policies with VP of Finance and OperationsOperations– Dollar threshold for minor equipmentDollar threshold for minor equipment

Departments’ Role in AMDepartments’ Role in AM

• Inform Asset Management (AM) when a major Inform Asset Management (AM) when a major equipment item is received without a tagequipment item is received without a tag

• Inform AM of the asset’s location (including room Inform AM of the asset’s location (including room number) and serial numbernumber) and serial number

• If fabricating an item, discuss with AMIf fabricating an item, discuss with AM

– A tag can be issued to ensure that all PO’s paid are A tag can be issued to ensure that all PO’s paid are applied to that tagapplied to that tag

• Inform AM if any equipment is donated to your Inform AM if any equipment is donated to your department or if any equipment needs special department or if any equipment needs special insurance (leased or rented assets)insurance (leased or rented assets)

Departments’ Role Departments’ Role (cont’d)(cont’d)

• Update minor equipment list throughout the yearUpdate minor equipment list throughout the year

• Prepare Equipment Transfer and Status forms to Prepare Equipment Transfer and Status forms to move equipment between departmentsmove equipment between departments

• Prepare Surplus Property Forms to send to Prepare Surplus Property Forms to send to Surplus propertySurplus property

– This includes major and minor equipmentThis includes major and minor equipment

– New form for surplus property – see Surplus New form for surplus property – see Surplus websitewebsite

• Perform annual inventoriesPerform annual inventories

Annual Inventory processAnnual Inventory process

• Departments conduct an inventory once a year – Departments conduct an inventory once a year – either in the Fall or the Springeither in the Fall or the Spring

• AM will send instructions BUT department will AM will send instructions BUT department will run a query rather than receiving the Inventory run a query rather than receiving the Inventory Item listItem list

• AllAll departments will be required to run this departments will be required to run this queryquery

• Tag numbers will stay the same as LegacyTag numbers will stay the same as Legacy

Conducting Annual Conducting Annual InventoryInventory

• Why do we conduct annual inventories on Why do we conduct annual inventories on campus?campus?

– Compliance with North Dakota state law and Compliance with North Dakota state law and University policyUniversity policy

– Major equipment inventory– ensures that major Major equipment inventory– ensures that major equipment is properly tagged and in the correct equipment is properly tagged and in the correct locationlocation

• Ensures that AM’s records in the system are correctEnsures that AM’s records in the system are correct

– Minor equipment inventory – equipment with an Minor equipment inventory – equipment with an acquisition cost < $5,000 is only insured if it is on acquisition cost < $5,000 is only insured if it is on the department’s minor equipment listthe department’s minor equipment list

Major Equipment InventoryMajor Equipment Inventory

• Review Inventory Item List and check to see that Review Inventory Item List and check to see that the asset belongs to the department and can be the asset belongs to the department and can be locatedlocated

• Review the assets in the department and check Review the assets in the department and check if it is on the Inventory Item listif it is on the Inventory Item list

• It is critical to note ANY discrepancies on the It is critical to note ANY discrepancies on the Inventory Item ListInventory Item List

Minor Equipment InventoryMinor Equipment Inventory• Maintain an excel spreadsheet listing all of the minor Maintain an excel spreadsheet listing all of the minor

equipment (< $5,000) owned by the departmentequipment (< $5,000) owned by the department

• New Spreadsheet will be mandatory in new policy – New Spreadsheet will be mandatory in new policy – See template at:See template at: http://www.und.edu/dept/assetmanagement/Docs/MinorInventoryTemplate.xlshttp://www.und.edu/dept/assetmanagement/Docs/MinorInventoryTemplate.xls

• A major tag is assigned on the Inventory Item list with A major tag is assigned on the Inventory Item list with the total dollar value from the Excel spreadsheetthe total dollar value from the Excel spreadsheet

– Tags are created for each location/building that a department Tags are created for each location/building that a department has inventoryhas inventory

– Subtotal your minor inventory by location/buildingSubtotal your minor inventory by location/building

• It is critical that the tag for minor inventory be It is critical that the tag for minor inventory be updated annually for insurance purposesupdated annually for insurance purposes

Minor Inventory ExampleMinor Inventory Example

Off Campus Equipment Off Campus Equipment InventoryInventory

• Maintain and update your “Off Campus” Maintain and update your “Off Campus” lists for both major and minor inventorylists for both major and minor inventory

• Definition of off campus equipment:Definition of off campus equipment:

– ““All equipment used off campus for more than 7 All equipment used off campus for more than 7 consecutive days should be designated in consecutive days should be designated in Location Code OFF-CAMPUSLocation Code OFF-CAMPUS

Equipment Transfer and Equipment Transfer and Status FormStatus Form

• Form is used for the following circumstances:Form is used for the following circumstances:

– Transfer equipment between departmentsTransfer equipment between departments

– Delete items traded in on another purchase orderDelete items traded in on another purchase order

– Delete items after an exhaustive search has been Delete items after an exhaustive search has been performedperformed

– Delete stolen items – attach copy of police reportDelete stolen items – attach copy of police report

• Signed by department head Signed by department head

– Form is on-line: Form is on-line: http://http://www.und.edu/dept/assetmanagement/html/formsdocs.htmwww.und.edu/dept/assetmanagement/html/formsdocs.htm

Obtaining your “Inventory Obtaining your “Inventory Item List”Item List”

• All departments will need their PeopleSoft All departments will need their PeopleSoft department numbers and will run a querydepartment numbers and will run a query

– Refer to the department mapping on the Connect Refer to the department mapping on the Connect “U”ND website for your department number at: “U”ND website for your department number at: http://www.und.edu/cnd/HTML/financejobaids.hthttp://www.und.edu/cnd/HTML/financejobaids.htmm

– Some departments’ inventory have combined Some departments’ inventory have combined into othersinto others

How to Run the QueryHow to Run the Query• Running the Query to obtain Inventory Item ListRunning the Query to obtain Inventory Item List

– InstructionsInstructions - These instructions will be on the - These instructions will be on the CND website under the AM website (can get there CND website under the AM website (can get there through the Finance website)through the Finance website)

• Query must be downloaded into Excel and printed outQuery must be downloaded into Excel and printed out– Printout should be signed by all counters and the Printout should be signed by all counters and the

department head department head – Note that there will not be a specific place for the Note that there will not be a specific place for the

signaturessignatures• Please open the example of the finished Please open the example of the finished

inventory and copy the signature box onto your inventory and copy the signature box onto your spreadsheetspreadsheet

• Note: Query is a real time report – the information Note: Query is a real time report – the information will be available as of the day you run itwill be available as of the day you run it

Looking up Asset Looking up Asset InformationInformation

• Search for an assetSearch for an asset

– Refer to How to: Search for an Asset on the Refer to How to: Search for an Asset on the Connect “U”ND website at:Connect “U”ND website at:

http://http://www.und.edu/cnd/HTML/FinanceAssetMgmt.htmwww.und.edu/cnd/HTML/FinanceAssetMgmt.htm

Additional Training?Additional Training?

• What additional Asset Management What additional Asset Management training would be helpful to departments?training would be helpful to departments?

• What reports in Asset Management would What reports in Asset Management would you like to see?you like to see?

• Additional suggestions?Additional suggestions?

Helpful LinksHelpful Links

• Asset Management website:Asset Management website:– http://www.und.edu/dept/assetmanagement/inhttp://www.und.edu/dept/assetmanagement/in

dex.htmldex.html

• Connect “U”ND website – FinanceConnect “U”ND website – Finance– http://http://

www.und.edu/cnd/HTML/FinanceMain.htmwww.und.edu/cnd/HTML/FinanceMain.htm