UMBC AN HONORS UNIVERSITY IN MARYLAND Financial

Transcript:UMBC AN HONORS UNIVERSITY IN MARYLAND Financial:
UMBC AN HONORS UNIVERSITY IN MARYLAND Financial Services Inventory Control Training Seminar FY2022 Presented by: Tina Carter-Brown, Accountant tcbrown@umbc.edu ext. 5-8078 Albert Smith, Manager asmith@umbc.edu Ext. 5-3044 Agenda Equipment Capital & Sensitive Account Codes Acquisitions Equipment Tagging Inventory Control Forms Disposal Procedures Physical Inventory Policy Physical Inventory Procedures Inventory Forms Navigation Equipment is Not permanently affixed to a building Useful life of one year or greater Not held for resale Not predominantly composed of glass, rubber or cloth Capital Equipment Unit Cost of $5,000 or greater per item Unit-must operate as one Per item- must operate separately Equipment-Group of Items Sometimes a group of items require only one UMBC Property Tag. Examples: CPU, monitor, mouse, keyboard camera, lens Sensitive Equipment All computers, desktops, laptops, iPads and tablets with a cost that is less than $5,000 each. Audio Visual equipment (i.e. televisions cameras projectors) costing between $1,000 and $5,000 per item. Firearms costing less than $5,000 each Motor Vehicles costing less than $5,000 each Boats costing less that $5,000 each No Printers or Scanners under $5,000 will be tagged. No Cell Phones will be tagged. Sensitive Equipment We track sensitive equipment for the following reasons: It can be easily stolen and has a street value It can be used for personal use It can be easily exchanged for cash Accounts for Purchasing Equipment CAPITAL EQUIPMENT 7119900 Capital Equipment with a cost greater than $5,000 per item 7119910 Computer Equipment with a cost greater then $5,000 per item 7070100 Motor Vehicles with a cost greater than $5,000 each 7119911 Fabricated Equipment with a cost greater than $5,000 per item 7070199 Boats with a cost greater than $5,000 each SENSITIVE EQUIPMENT 7099950 Computer Equipment with a cost less than $5,000 per item 7070109 Automobiles with a cost less than $5,000 each 7070198 Boats less than $5,000 7099951 Audio Visual Equipment $1,000-$4,999 per unit 7099953 Firearms with a cost less than $5,000 each Acquisition Cost Net Amount Paid Equipment cost minus all discounts Acquisition Discount Example Cost of Microscope $5,300 Less: 10% Vendor Discount -530 Total Cost of Item $4,770 Net amount paid is equipment cost minus all discounts. This equipment no longer meets the tagging criteria. Freight and Installation Cost Cost of New Copier $4,900 Plus: Freight Charges + 60 Installation Cost + 50 Total Cost of Item $5,010 Training costs, extended warranties and maintenance costs are not included in the equipment cost.