Fixed Assets Arin Doerfler - PowerPoint Presentation

1. Fixed Assets

2. Arin DoerflerSenior Accountant – Fixed AssetsLee Hall Room 240x1230adoerfle@umw.eduSusan BeaverFixed Asset CoordinatorCentral Storeroom x1221sbeaver@umw.edu

3. What is a Fixed Asset?Equipment (plus the cost to obtain or put in service) with a cost of $2,000.00 or greater.ETF equipment (plus the cost to obtain or put in service) with a cost of $500 or greater.Is complete itself, does not lose identity or become a component of the building where it resides, is durable, and is expected to have a service life of more than one year.Some examples: Office furnitureComputer/laptopPrinterMicroscope / lab equipmentMotor vehicles

4. UMW’s Fixed AssetsTo date we currently have almost 3700 tagged Fixed Assets on our books, not to include new construction.Total cost of approximately $30.5MFixed Assets range in cost from $500 - $2.7MUseful life is determined by Commonwealth of Virginia, though a typical life cycle is about five years.ETF funded Fixed Assets have a useful life of seven years, computers have a useful life of three years.Fixed Assets directly impact UMW’s Financial Statements

5. Fixed Asset TagsFixed Asset Tags are tracked and verified on a continual basis. Fixed Asset Tag Numbers are entered into Banner to properly account for and depreciate assets with information that comes directly from purchase order entries.EQ (issued from Accounting)DP (issued from IT)ETF – Equipment Trust Fund, grant money from the Commonwealth of VirginiaGF (issued from Accounting)Replacement Tags

6. Commonwealth of VirginiaHigher Education Equipment Trust Fund (ETF)Funds administered by the State Council of Higher Education for Virginia (SCHEV)Funds are used to ensure that our students are working on the most up-to-date equipment and computers, so what they learn on will be something that is utilized in their professional careers.All equipment purchased with ETF funds are classified as Fixed Assets$500 minimum cost to qualify for ETF fundingFunding source is always 1117SPCC Cards may not be used to purchase with ETF FundsETF Fixed Assets are accounted for and reported to SCHEV each year and are subject to SCHEV Audit.

7. Purchase OrderseVA orders are placed using an account code that ends with an “F”, designates item is a fixed asseteVA order Line Items generate temporary tag numbersQuantity and CostQ1 x $5780.00 = $5780.00 FIXED ASSETQ8 x $540.00 = $4320.00 NOT A FIXED ASSETLine Item descriptions – be as descriptive as possible!Always include: Manufacturer, Model Number, and item descriptionCustodians are typically assigned by information in the orderBEST practice when completing an eVA order is to include in the Comment section:FOAP information per Line ItemCustodian’s Name

8. InventoryNEW! FY20 Inventory of all capital equipment is completed biennially.Fixed Asset Coordinator conducts inventory based on Building and CustodianWe look for Fixed Asset Tag, verify Serial Number and verify location of assetIn addition, we also verify and update custodial changes as needed.Once a building inventory is completed, all information is sent to the Senior Accountant – Fixed Assets for manual entry and updates to Banner.Missing items are checked (and rechecked) before requesting to write them off; this approval must come from the Vice President of the respective area.

9. SurplusNot just forms and action!Surplus is a physical locationSurplus items can be repurposed or soldContact Central Storeroom to surplus unwanted itemshttps://adminfinance.umw.edu/facilities/central-storeroomsurplus/x5972http://adminfinance.umw.edu/facilities/central-storeroomsurplus/surplus-relocation-form/