Capital Asset Responsibilities
To provide information regarding the function and responsibilities of the Office of Financial Services.
Lawrence campus and all reporting units.
- Equipment and Works of Art---$5,000 with a useful life greater than one year
- Land Nonstructural Improvements/Infrastructure---$100,000
- Buildings and Building Improvements---$100,000
- Accountable for all property under its control as mandated by state and federal regulations.
- Manage and oversee the central database of capital asset information to meet capital asset management/reporting needs of the University. Responsibilities include recording all monthly adds, deletes (retirements), transfers and adjustments in the database, including determining whether purchases (adds) meet the capitalization threshold criteria noted above. Additions to inventory include those items purchased with state funds, KUEA funds, transfers from other agencies, donations and gifts, and some items purchased with KUCR funds.
- Prepare and process all required paperwork related to capital assets. Examples include annual reports to State Accounts and Reports as well as the audit and approval of all “disposition of property” requests.
- Provide individual or group training to departments regarding property management and the University FITC financial system Asset module.
- Physically tag and photograph all centrally tracked equipment.
- Complete required annual capitalized equipment inventory.
- Maintain file of vehicle titles and perform an annual audit to ensure all titles are on file and secure. Coordinate with KU Administration and departmental personnel, title transfers for vehicles sold or traded.
- Prepare and file with the State Board of Tax Appeals for tax exemption status on all new land acquisitions.
- To provide adequate safeguards to ensure that all University property is properly maintained (includes purchases less than capitalization threshold).
- To enter correct information on purchases within University FITC financial system. Correct coding by departments avoids the need for later corrections.
- To properly code capital asset expenditures – Equipment purchases of $5,000 or more must be coded with a 1708xx Fixed Asset Clearing account. Use of an account code outside the 1708xx range increases the possibility that the asset will be omitted from the Asset module in FITC.
- To provide correct location assignment to Property Accounting Team every centrally capitalized piece of equipment is required to be physically “tagged” with a bar-code asset label. Asset location data such as building, floor, and room number are also required fields within the central database. As noted above, the Property Accounting team is responsible for tagging all new equipment as well as updating asset location data in conjunction with the annual equipment inventory. In order to locate the equipment, though, the team is dependent upon department equipment coordinators to provide accurate equipment locations. The Property Accounting Team encourages all departments to provide asset locations when submitting equipment invoices for payment. During the decision-making process, the ultimate destination of the asset is often known; therefore, the inclusion of this information creates no additional work for the department, but saves considerable time and effort in asset identification by the Property Accounting team.
- To maintain equipment listing for items vulnerable to left. Key items that should be included on every department listing are: computers, digital projectors, cameras and other popular electronic devices
- To communicate asset policies and procedures to pertinent department personnel and act as a liaison between property end-users and Property Accounting staff.
- To complete all required paperwork related to capital assets.
- Property control and accountability through a comprehensive campus-wide inventory system.
- Improved equipment utilization through control and identification of capital assets.
- Database to meet University, state, and federal grant requirements.
- Database to meet requirements of proper risk management and provide basis for identifying equipment for insurance purposes.
- Basis for management to project and budget future capital replacement requirements.
1246 West Campus Road
Lawrence, KS 66045
04/26/2021: Converted from PDF to live text page. Updated Contact, Approver, and owning unit from Comptroller to Financial Services.
06/06/2021: Uploaded Policy to the Policy Library.