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Frequently
Asked Questions
UCAR doesn't own this so why is it on the property (fixed asset)
list?
UCAR sponsors require that UCAR track and report on all equipment
in UCAR possession and/or under UCAR control, regardless of who
owns it. Therefore, items included on UCAR active asset lists are
those owned by UCAR and those for which UCAR is accountable to a
sponsor. Some items are owned by the sponsor and some by UCAR but
all are subject to UCAR Property controls.
My workstation is 5 years old and can't be worth more than $2,000.
Why is it still on the property list?
UCAR is required to comply with the terms of OMB
Circular A-110 which defines property based on the cost (purchases)
or value (donations) at the time acquired, not the current market
value or the depreciated value. Therefore, if an item of equipment
had an original cost or value of $5,000 or more when UCAR acquired
it, it must remain on the UCAR property list until UCAR gets rid
of it.
Why do we have to put current location information in the Fixed
Asset Database for our property?
OMB
Circular A-110 requires that UCAR maintain a property database
and one of the required fields is location.
The description in the Fixed Asset Database (FADB) for my workstation
is wrong. Why did the Property Office enter it that way?
Descriptions in the FADB are not entered manually but feed into
the record from the electronic Purchase Order. Additionally, ensuring
that the description is accurate is the responsibility of the DPA. The DPA has write-access to the FADB to change the description,
in addition to several other fields, or can e-mail the Property Office
to change a description for them.
Why are we required to notify our DPA before disposing of a piece
of Property? If I am responsible for it, I should be able to do
whatever I want without notifying anyone.
UCAR manages approximately 2,500 items of property valued at $260,000,000+.
These items are acquired under a variety of government and commercial
funding agreements, each with requirements about how property purchased
through that agreement should be managed and ultimately disposed
of. UCAR Property Management procedures are designed to accommodate
all of those agreements and include a requirement to notify the
Property Office prior to any disposal (including dismantle) so they
can obtain the appropriate approvals or sponsor direction.
In addition, the UCAR Property Office issues financial reports on
property to sponsors throughout the year. If disposal actions are
not tracked carefully, those reports may be incorrect and, therefore,
the subsequent financial reports issued by the sponsor are wrong.
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