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Property
Office receives copies of requisitions from Contracts and verifies
that object codes and account keys are appropriate to the purchase.
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Property
Office associates a PPEtag with each asset on the requisition.
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If
Contracts placed the order on a credit card*, Property Office
informs the DPA so that s/he can contact the Property Office
when the asset(s) is received.
*Only the UCAR Contracts Office may purchase assets on a credit
card.
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The
DPA notifies the Property Office when assets are received in
the division. The Property Office runs a PO receiving report
as a back up step to discover if assets were delivered for which
notification was not provided. (In some divisions, the DPA is
not informed of all asset deliveries.)
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The
Property Office black bags the PPEtag to the DPA. (This is to
ensure that the asset can be tagged as quickly as possible once
it is received.)
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The
DPA tags the asset, completes the tagging form, and returns
the form to the Property Office within two weeks of the date
the tag is issued.
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Data
from the tagging form may be input to the FADB record by the
DPA or by the Property Office. FADB records are created the
first week after the month in which payment is issued. If DPA
does input, it should occur within a day or two after the e-mail
goes out notifying DPAs that the prior month's upload is complete.
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Tagging
forms are filed for future reference.
PROPERTY WEB SITE
TOUR - Please make an effort to become familiar with
the Property Web site, if you aren't already.
It contains guidance information for most of property functions
performed in the divisions. In the June meeting we toured the
Web site but if you were not in attendance, take the time to tour
the Web site yourself.
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SENSITIVE PROPERTY - UCAR
is required to track Sensitive Property which is any equipment
with a cost between $2,000 and $5,000 that could easily be taken
without the division's knowledge.
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DISPOSALS
- Section 3-4 Disposition
of Property on the Property Web site explains the methods
most commonly used for disposing of UCAR-accountable property
and their respective procedures. If your division wants to dispose
of property by a method not discussed there, please call the
Property Office for guidance. We are usually able to accommodate
variations.
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LOANS
- All loans of UCAR-accountable equipment outside of UCAR, to
employees or other entities, must be documented and approved.
This includes both Fixed Assets and non-Fixed Assets.
The revised Equipment
Loan Agreement (with non-UCAR entity) will be posted on
the Web in the coming week. Be sure to use this form for any
loans executed beginning today. Existing loans will be reviewed
and the respective divisions will be contacted for discussions
if it appears that the new form should replace the existing
agreement. Replacement will not be forced but may warrant discussion.
2003 YEAREND
- UCAR has 2,300 assets that represent approximately $241,000,000
on our financial statements. It is important that the Property
records be accurate to ensure that the financial statements are
accurate. (Most of our sponsors rely on the accuracy of these
statements.) Therefore, be sure that all assets reflected on your
division's active asset list are, indeed, active assets. If any
are pending disposal action, that action should take place immediately.
Also, please be aware that DPAs are called upon during the annual
audit to produce selected assets and, sometimes, supporting documentation
for various actions related to their division's assets. The Property
Office will issue e-mails as we become aware of audit needs that
impact the divisions. We should know by the July meeting when
auditors will arrive on-site and will update you at that time.
The Year-End
Calendar of Events provides deadlines for Property and other
financial actions related to the yearend cutoff and the audit.
CAPITALIZED
COSTS - Costs may be capitalized as part of a fixed
asset include all costs that are intrinsic to the asset itself
as well as costs for placing the asset in service. For example,
the cost of a super computer and the costs of installation would
be capitalized. Costs for a maintenance tool kit or the cost of
maintenance service would not be capitalized. If you have the
opportunity to review requisitions issued by your division for
property, be sure to identify any components that should not be
capitalized and verify that they have the appropriate 52xx or
53xx object code. If you are unsure about any of the requisition
items, please contact the Property Office for clarification.
FADB FIELD DESCRIPTION
CHANGE - The word "Price" on the FASUMM,
FAACCT, and FADEPR screens has been changed to "Cost"
to more accurately describe the data in the respective fields.
Since we are required to track assets based on their cost, the
word "price" may have been misleading to some. Cost
is the actual amount paid whereas price is an amount quoted by
the vendor prior to purchase. Sometimes these are the same but
when they are not, cost is the amount reflected in the General
Ledger and, therefore, in the FADB.
UTILIZATION
RESPONSIBILITY - As indicated in Section
7: Responsible Person Duties and Responsibilities of the UCAR
Property Manual, the Responsible Person assigned to an asset by
the division is responsible for ensuring that asset(s) in their
care are being used appropriately. This means that use is consistent
with the terms of the agreement that funded the asset. Very often,
the agreement indicates that assets purchased should be used on
the work being funded through that agreement. In such cases, use
for any other purpose should be approved by the sponsor.
DELIVERABLES
& FYE - There are currently four deliverables on
the Property records; one each for ATD/DFS and ATD/RAF and two
for UNAVCO. Please remember that these will not come off the list
of active assets until the respective DPAs provide confirmation
of delivery to the Property Office. If they are not delivered
until FY04, it will be fine for them to remain on the active asset
list, however, if they are or have been delivered in FY03 it is
important that delivery confirmation be provided to the Property
Office immediately upon delivery so that disposal records can
be created.
Contact
the Property Office at anytime with questions or for assistance.
We're here to help you manage your division's property.
Janet Campbell, ext 8858, janetc@ucar.edu;
Chris Knoetgen, ext 8573, knoetgen@ucar.edu
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