EQUIPMENT TRANSFERS
BETWEEN DIVISIONS - When your division offers equipment
to other divisions, be sure to indicate if any financial obligation
is attached to the transfer. When the equipment was purchased
with bond funding depreciation is posted to the purchasing division.
If the equipment is offered to other divisions before it is fully
depreciated, the offering division should indicate whether or
not an accepting division would be expected to absorb remaining
depreciation expenses. PLEASE NOTE that when equipment is transferred,
the Property Office will make no changes to the division depreciation
account key unless specifically requested to do so by BOTH the
transferring and the receiving divisions. Transferring the equipment
and changing the depreciation account key are totally separate
actions.
2003 YEAREND
- Auditors will perform the Interim portion of the 2003 Audit
between August 18 and September 15. Most of the audit activities
that involve DPAs are conducted at this time. Auditors will select
approximately 25 assets they will need to see. As soon as that
selection is made, the Property Office will contact the affected
DPAs to arrange access and let other divisions know that they
will not need to participate. A possible exception would be if
the affected divisions cannot produce all of the assets selected.
In that case, they will need to justify the missing asset and
the auditors will select additional assets for viewing to determine
how pervasive the problem is.
The Year-End Calendar
of Events provides deadlines for Property and other financial
actions related to the yearend cutoff and the audit.
CAPITALIZED
COSTS -
The total cost of an asset must be the sum of the costs of all
components that are permanently part of the asset. This means
that components temporarily used with an asset cannot be counted
as part of the total cost of the asset. It also means that when
components are replaced, the replacement cost cannot be capitalized
because the cost of that component is already represented by the
original purchase cost. To add the cost of the replacement purchase
would be to overstate the total cost of the asset because it would
include the costs for both the original component and the replacement
component when only the replacement is actually part of the asset.
FYE DISPOSALS
- Please remind your division staff that if they remove equipment
from service before the end of the fiscal year, you need to know
so you can notify the Property Office and have it removed from
the active records. The active Property records are used to prepare
UCAR financial reports as well as FYE property reports for the
sponsors. Failure to remove equipment from the active lists as
soon as it is removed from service can cause errors on these reports.
DPA COMMUNICATIONS
WITHIN DIVISIONS - In the meeting, DPAs were asked
about the methods they use to communicate Property information
to affected division staff. Methods included staff meeting discussions,
one-on-one instruction, and periodic e-mails. Several DPAs commented
that they do not, or seldom, communicate with division staff on
Property issues.
At a minimum, each
DPA should send an e-mail to all division staff who have property
responsibilities with a link to the Responsible Person Duties
and Responsibilities page on the UCAR Property Web site. It is
the DPA's responsibility to ensure that all division staff assigned
as Responsible Persons have been provided with information regarding
what their responsibilities are in this regard.
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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