Post on 03-Jan-2016
2014 NPMA Spring Seminar Value Through Professional Asset Management
Uncovering your Assets
Becky SaylorsManager, Fixed Assets and
Equipment Inventory Services
Virginia Tech
2014 NPMA Spring Seminar Value Through Professional Asset Management
What is Equipment at Virginia Tech?
Original cost $2,000 or more and expected useful life greater than one year • Exceptions to $2,000 rule:
Special funding (Schev)
Computers
Software
Leased items
Transportation equipment
Weapons
2014 NPMA Spring Seminar Value Through Professional Asset Management
Types of Equipment
83,000+ moveable equipment items • Personal computers, centrifuges, microscopes,
projectors, oscilloscopes, farm tractors, lasers, sensors, kitchen equipment, etc.
Capital and Controlled – 83,000+ items costing over $501 million
Capital only – 58,000 items costing $469 million
2014 NPMA Spring Seminar Value Through Professional Asset Management
Breakout of Equipment - Dollars
17%
33%
12%
15%
2%
7%
2%2% 4%
7%
By Amount
Personal ComputerScientific EquipmentComputing EquipmentInstructional EquipmentMedical EquipmentVehiclesAgricultural EquipmentOffice EquipmentTelecomm EquipmentOther Equipment
2014 NPMA Spring Seminar Value Through Professional Asset Management
Breakout of Equipment - Items
52%
14%
7%
12%
2% 2%
1%2%
4%5%
By Count
Personal ComputerScientific EquipmentComputing EquipmentInstructional EquipmentMedical EquipmentVehiclesAgricultural EquipmentOffice EquipmentTelecomm EquipmentOther Equipment
2014 NPMA Spring Seminar Value Through Professional Asset Management
Locations
Over 1,300 buildings on and off campus
Main campus in Blacksburg, VA 12 Agriculture Experiment Research Stations Extension offices in most counties and cities in
VA Campus in NOVA Around the world
Over 28,000 building/room location combinations
2014 NPMA Spring Seminar Value Through Professional Asset Management
Ongoing Departmental Training
Department Head required to designate a coordinator to attend training
Coordinators help locate new equipment and assist in the inventory process
Training provided on: • Policies and Procedures• Use and updating information in Fixed Asset System
(Banner)• Running departmental and missing inventory reports
2014 NPMA Spring Seminar Value Through Professional Asset Management
Why is Initial Tagging so Important?
Proper stewardship of public funds
Maximize recoveries for Facilities and Administrative Cost (indirect costs)
Federal and State requirements
Verification for financial statements (large investment)
Basis for future equipment inventories
2014 NPMA Spring Seminar Value Through Professional Asset Management
Where to look for equipment
Decentralized environment – no central receiving
Normal procurement purchases Donations Sponsors Fabrications Transfers In
2014 NPMA Spring Seminar Value Through Professional Asset Management
Tagging New Equipment
Let us know when a new asset arrives Maintain new purchases in a central location until
tagged Physically place barcode on equipment, collect
manufacturer, model and serial number Assign custodian for moveable equipment Record building and room located Untagged report by department (especially important at
year-end)
2014 NPMA Spring Seminar Value Through Professional Asset Management
Departmental Inventories
Department Head ultimately responsible for all equipment assigned to department
Complete physical inventory performed every 2 years for each department
Successful inventory accounts for minimum of 95% of items and dollars for each department
Timely and adequate follow up is expected with completion of the inventory process within 60 days
2014 NPMA Spring Seminar Value Through Professional Asset Management
Departmental Inventories
Provide listing to department for review prior to starting the inventory
Coordinate labs and problems areas with knowledgeable people
Equipment located at home
Department head certifies final results of the inventory
2014 NPMA Spring Seminar Value Through Professional Asset Management
Management Reporting
Monthly • Coordinator receives departmental change
report • Controller receives a status report for all
inventories
Quarterly• Controller receives status report for all inventories by
Senior Management area• Senior Management receives status report for all their
departments
2014 NPMA Spring Seminar Value Through Professional Asset Management
Management Reporting
Annually
• Budget Office receives status report for all departmental inventories
Incentives for reaching inventory goals