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Fixed Assets

Management of Capital
Equipment at the University
of Virginia
Introduction to Capital
Equipment Management

 Equipment Additions
 Equipment Disposals
 Equipment Tracking & Maintenance
 The Inventory Process
 Financial Reporting
Equipment Additions
 There are four ways that capital equipment
gets added to the Fixed Assets module

– Purchases of $5,000 or more in the

Purchasing Module “PO/AP” ( ETF equipment has
$500 threshold)
– Cost Transfers
» Example: Purchases through Cavalier Computer
– Gifts-in-Kind (IX.A.11)
– Releases From Sponsors or Other
Universities to UVA (X.A.3)
Equipment Disposals
 There are a number of reasons for removing
equipment from the Fixed Asset module

– Surplus (V.II.A.6) – Use P-1 form and “Request to

Surplus” E-form at www.procurement.virginia.edu/Surplus
– Release to Other Universities (X.A.2) - Use Form
P-1, and attach explanation from PI (Principle Investigator) &
“Request to Surplus “ form
– Trade-In Use Form P-1 Request and Document PO
(Purchase Order) Number
– Cannibalization Use P-1 Request
– Donate Use P-1 Request & “Request to Surplus” form
– Abandoned or Missing – Use P-1 Request
– Stolen Use P-1 Request & file police report
Equipment Tracking & Maintenance
 The orgs are primarily responsible for their
capital equipment and its maintenance.
 Fixed Assets Accounting is responsible for
oversight of capital equipment policies for the
 As the Equipment /Property Contact you are
responsible for the tracking and management
of your organization’s equipment – So what
do you need to do?
– Verify information in the system is accurate
– Ensure Off-Ground Forms are submitted promptly
– Contact the Fixed Assets Accounting Office when
changes impact asset location, assignment, etc.
– Complete and submit P-1 forms as needed
The Inventory Audit Process
 Fixed Assets Accounting (FAA) scans the
organization’s bar-coded equipment assets
(excluding Org self-audit assets)
 Upon completion, the Org Chair & Equipment
Contact receive a “Not Found Capital Equipment
Inventory Report” which lists missing equipment
 Org must audit this report, locate missing assets,
complete and return report to FAA along with any
required forms (Off-grounds & P-1’s )
 FAA verifies found equipment and records
equipment inventory info in Fixed Assets Module
 Final Certification form is sent to Chair who
confirms missing or non-missing equipment and
returns signed form to FAA.
Financial 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 Fixed Assets
Accounting Office pertaining to
Capital Equipment
 Responsible for management, accounting and
financial reporting for University equipment assets
 Administrator the Oracle Fixed Asset Module and
data updates to the system
 Responsible for tagging newly acquired assets &
collecting asset information with scanners
 Control/report UVA and Gov’t inventory
 Responsible for control of asset retirements
The Role of Equipment/
Property Contacts
 Provide information to Fixed Assets Accounting
for ALL equipment-related activity
 Review equipment inventory reports to ensure
your organization’s equipment is properly
accounted for
 Stay current on equipment policies & procedures
– Visit Fixed Assets Accounting’s website
– Call or email Fixed Assets Accounting Staff with
questions (FixedAssetsAccounting@virginia.edu)
How Oracle Changes the
Way We Do Business
 Each person with FA Viewer or FA Self-
Service access can query the Fixed Assets
Module directly
 Each person with Discoverer can run their
own reports
 Equipment 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 part of capital equipment.
» Training is NOT part of the value of the capital
» Expenditure Type: It’s got to be right or a cost transfer
has to be done.
» Furniture is always non-capital equipment regardless of
threshold cost or quantity
The Importance of
Expenditure Types
 It represents the core data element for Fixed
Assets Accounting
 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 (exception – All ETF cost
transfers are done by Fixed Assets Accounting)
Equipment/Property Contacts must:
 Fill Out the P-1 Form When…
– Transferring Equipment internally
– Disposing of Equipment
– Releasing equipment to another institution
– Receiving specific types of Acquisitions
 Review their Reports Monthly To…
– Ensure each organization has accounted for all capitalized
equipment as well as Government-Furnished or owned equipment
 Inform Fixed Assets Accounting if equipment has changed
location or assignment
 Review Not Found inventory lists and work with the Fixed
Assets Accounting to reconcile any differences
 Ensure Inventory Certification is completed & submitted
 Ensure Off-Grounds certifications are completed & submitted
Items You Will Need

 Contact Information
 List of Expenditure Types (Discoverer Report)
 The P-1 Form and Instructions
 Inventory Certification Form
 Off-Grounds Equipment Certification
Fixed Assets Accounting Staff

Name Position Email Phone

Gary Young Director - Fixed gdy4f@virginia.edu 434-924-4284
Assets Accounting

Lisa Layne Manager - Plant lwl5h@virginia.edu 434-924-4283

Richard Hebert Capital Equipment rah4xf@virginia.edu 434-924-4323

Larry Norem Equipment Specialist ljn8y@virginia.edu 434-924-0805

Mike Williams Equipment Inventory mww5w@virginia.edu 434-924-4209