Fixed assets

1. BANNER FIXED
ASSETS POLICIES AND
PROCEDURES
How they affect you.
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Lorie Pierce,
Fixed Assets Coordinator

2. WHAT ARE WE TALKING
ABOUT?
Fixed Assets policies and procedures that directly
affect
• your work,
• your budget,
• and your responsibility for protection of UNCP
assets as custodian department.
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3. WHAT DOES THE FIXED
ASSETS SECTION OF
BUSINESS SERVICES DO?
We are responsible for:
• Determining new assets and tagging for
identification
• Performing annual inventory audits
• Determining correct cost of assets recorded
• Maintaining the University Fixed Assets
accounting records that document equipment and
property acquisitions and which are part of the
annual University Financial Statements.
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4. FIXED ASSETS RESPONSIBILITY
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 All moveable capitalized assets and inventoried
assets are physically inventoried each fiscal year
(July-June) by Fixed Assets staff after pre-inventory
is completed by the departments.
 Each Department Head/Manager is
responsible for safeguarding all
assets purchased by his or her
department and signing an Annual Inventory
Form and assisting with the Physical
Inventory.
 Physical assets, their cost and depreciation are
audited annually by the State Auditors
 These records are used by the University to report
Fixed Assets on the Annual Financial Statements

5. FIXED ASSETS RESPONSIBILITY
BY DEPARTMENT
• For Equipment Under the Capital
Threshold of $5,000. You may want to
also keep these on a spreadsheet or list
by the department, including serial
numbers for a departmental record.
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6. FIVE AREAS OF
IMPORTANCE
New Assets
Purchases
Tagging
Annual Inventory
Forms
Our Website
Our Staff & Location
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7. WHAT ARE FIXED ASSETS?
DEFINITION
Fixed assets are classified as either capitalized or inventoried assets and are
acquired for use in normal operations
Capitalized Fixed Assets: are land, buildings machinery, tools or furniture
(Property, Plant and Equipment) that cost more than $5,000 . The cost of
capitalized items include shipping charges, legal fees, setup cost, in addition to
the purchase price , all which together must equal at least $5,000.
• Are used in course of business operations
• Have a normal life expectancy of two years
Inventoried Fixed Assets: include all assets $2,500 or greater. The cost of
inventoried items include shipping charges, legal fees, setup cost, in addition to
the purchase price , all which together must equal at least $2,500.
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What are Fixed Assets?
 Other tangible or intangible assets
Software, copyrights, etc
Includes 3 types of assets-
 Permanent – land, improvements to land, easements,
buildings, building improvements, infrastructure, and
structures
 Moveable Equipment (Asset barcodes applied &
inventoried) –
Office equipment and furniture,
Data processing equipment,
Educational, research and scientific equipment,
Motor vehicles- licensed,
Other equipment -unlicensed vehicles, machinery,
landscaping, dining hall, maintenance and other
equipment

9. FIXED ASSET COST
THRESHOLD
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IF the Total Cost ≥ $5,000
appropriate purchasing expenditure codes are required
*All/Any of these must be combined to equal the NC State threshold of $5,000
$5,000(Capitalized) and $2,500(Inventoried) Per Asset ONLY
Legal Fees
Installation
Fees
Delivery Fees
The recorded cost of each capitalized fixed asset in the General Ledger includes:
$3995.00 + $300.00 + +
$500.00 $1300.00
Asset Cost + (tax)

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11. THINGS TO REMEMBER
FOR PURCHASES
1. Use EA for ‘Each’ as the Unit of Measure when
purchasing assets with Quantity Unit Price.
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$11,734.00
2 @
$5867.00
EA

12. THINGS TO REMEMBER FOR
PURCHASES:
2. When all line items purchased create 1 asset, purchase with the same fixed asset
capital expenditure account
• If : The combined items total is $5,000 or more
Including shipping, handling, installation
and tax NOT including extended warranties
or maintenance agreements
• How: Use same expenditure account code in accounting block.
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13. FIXED ASSET EXAMPLE
Requisition Line Items Cost Quantity Account
• Frame $8,396.97 1 EA 203430
• Eyepiece 207.00 2 EA 203430
• Stage 5,905.50 1 EA 203430
• Observation Tube 1,408.95 1 EA 203430
• SIM Laser Scanner 4,926.00 1 EA 203430
• Transmitted Light Detector 5,609.76 1 EA 203430
• Spectral Detection 6,302.50 1 EA 203430
• 4th Channel 2,681.59 1 EA 203430
• PMT Detection Unit 3,692.12 1 EA 203430
• Fiber Port 537.54 1 EA 203430
• Shipping/Handling 100.00 1 EA 203430
• Installation 800.00 1 EA 203430
• Optional Software 4,499.00 1 EA 203730
• Extended Warranty 2000.00 1 EA 236010
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TOTAL ASSET COST $40,774.93
REQUISITION TOTAL $47,273.93
Microscope with Laser

14. THINGS TO REMEMBER WHEN
PURCHASING FIXED ASSETS :
3. Any item purchased to be permanently added to,
attached to, or installed into a previously purchased
capital asset must be purchased using the same capital
expenditure code used for that asset. This includes
equipment items such as a Handicap Lift for a Bus, Digital
camera for a Microscope, but does NOT include expendable
supplies such as copier toner or intangible assets such as
software. (Contact Fixed Assets Department, if unsure.)
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15. FIXED ASSETS EXAMPLE:
BUS WITH HANDICAP LIFT
Handicap Lift $6,000.00
Installation 1,000.00
Total Cost $7,000.00
(To be installed into Asset N00067962-Bus)
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16. THINGS TO REMEMBER WHEN
PURCHASING FIXED ASSETS:
4. Do not include in the asset cost
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Maintenance
Agreements
Service
Contracts
Extended
Warranties

17. FIXED ASSET EXAMPLE: COPIER
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18. NEW ASSET
TAGGING
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19. POLICY FOR NEW
ASSETS
• Based on the University's inventory and capitalization policies, the Receiving
Department staff determines which items will be assigned a tag number and
added to the Banner Fixed Assets System. Items $2,500 or greater will be added to
the Banner Fixed Asset System and items $5,000 or greater will be added to the
Bassets Fixed Assets System. The Receiving Department staff is responsible for
physically placing the tag number on the front or other easily accessible area of the
asset. Under no circumstances should anyone take an item off campus before the
Receiving Department staff has properly tagged it.
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NO NEW ASSET SHALL BE REMOVED
FROM CENTRAL RECEIVING BEFORE
BEING TAGGED!

20. POLICY FOR NEW ASSETS
Barcode tags are required for these new assets with a
total cost of $2500 or more:
• Office Furniture & Equipment
• Electronic Data Processing Equipment
• Educational, Scientific and Research Equipment
• Motor Vehicles (Licensed)
• Other Equipment (Non-licensed vehicles, grounds &
landscaping, etc.)
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21. ANNUAL INVENTORY
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22. DEPARTMENT HEAD
DUTIES
• RESPONSIBILITIES
“Each department head is responsible for safeguarding all assets purchased for his
or her department and assisting with the physical inventory process (see Annual
Inventories)..”
“… designate an individual in a permanent position on your staff (a student is not
an acceptable designee) to physically locate each fixed asset on the attached
printouts, which were prepared by our Fixed Assets Coordinator. ”
Any missing/surplused items must be accompanied by a police report and a
transfer movable/surplus form. (NO EXCEPTIONS)
All Fixed Assets Forms must be signed by the department head and returned to
the Fixed Assets Coordinator.
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23. ANNUAL INVENTORY:
DESIGNEE DUTIES
Immediately:
• Call to confirm receipt of inventory email packet.
During Next Two Weeks:
• Physically locate each asset and update list, including additions,
documentation for assets not located, and new locations of assets.
• Send updates and all forms to Fixed Assets Coordinator.
• Call to set up an appointment.
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24. ANNUAL INVENTORY:
DESIGNEE DUTIES
• Any asset listed on the current department inventory must be
inventoried. These are the designee’s responsibility. This
includes:
• those assets in the process of being properly transferred
when the inventory packet is sent out
• any relocated assets transferred without a properly
completed Transfer of Moveable/Surplus Equipment form
• A properly completed Transfer of Moveable/Surplus
Equipment form is required to transfer such an asset to the
new location. This form is also the designee’s responsibility of
the current department.
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25. ANNUAL INVENTORY:
DESIGNEE DUTIES
Before inventory appointment:
• Request by urgent email that all
department employees with Off-
Campus laptops, portable equipment
and instruments bring them in on the
day of the appointment for scanning.
• Arrange for access to all assets listed
on inventory: get keys to labs, set up
appointments, get combinations to
lockers, have students return items,
etc.
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26. ANNUAL INVENTORY:
DESIGNEE DUTIES
On the day of scheduled inventory appointment:
• Escort your Fixed Assets Coordinator to each asset.
If assets are missing, during next 10 days:
• Locate each item or document the status upon
receipt of the Missing Assets Report.
• Call your Fixed Assets Coordinator for an
appointment to verify any located missing items at
the close of the inventory in 10 days or after.
Missing Verification Appointment:
• Escort the Fixed Assets Coordinator to each located
missing asset.
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27. MISSING EQUIPMENT
• Missing equipment is defined as “any asset
which is not found during the physical
inventory process and for which documents
have not been forwarded to the Fixed Asset
Section for transfer or disposal.”
• If we have not been taken to the asset to see
it, we are required to code it as missing.
• All assets not found at the close of your
inventory will be reported to the Director of
Business Services immediately.
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28. FORMS
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30. COMPLETING FORMS
PROPERLY
• All paper Fixed Asset forms must be signed by the dean or highest
ranking department head of the custodian department.
• New versions with new policy format should be printed from our
website. These should be used in place of older ones. (Adobe Reader
7.0 or higher).
• Copies of all FA forms should be kept by the custodian department.
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Forms should always be submitted to Fixed
Assets Coordinator as soon as changes in
the asset’s inventory status occur!

31. COMPLETING PROPER FORMS
Transfer of Movable/Surplus Equipment: to surplus or
transfer assets to other departments. This form can
be located under the Surplus section on the Business
Services Website.
FAS-1 Form: to change the location, description,
remove or replace a Fixed Asset. Please complete
FAS-1Form under the Fixed Assets section and
return to the Fixed Assets Coordinator.
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32. COMPLETING PROPER FORMS
If you are reporting any of these transactions you must
complete the appropriate forms:
• Traded-In with authorization from Fixed Assets
• Stolen/missing with a copy of the police report
• Exchanged for different assets or returned to the vendor
after tagging
• Junked ( i.e. Used for parts)
• Destroyed by fire, water damage or accident.
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33. COMPLETING PROPER FORMS
Transfer Forms
• Must be signed by both department heads
• Should be the responsibility of current
department.
• Can be used to change location only
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34. COMPLETING PROPER
FORMS
Stolen/Missing assets
• a copy of the UNCP police report
or external police report with the
asset tag and serial numbers
should be attached to the
Inventory form and submitted to
Fixed Assets Coordinator for
removal of the asset from your
inventory.
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35. WHAT ALL THIS MEANS
• Custodian departments are responsible
for their UNCP assets including:
• purchase,
• protection,
• location,
• and proper disposal.
• Following University policy and
procedures during the year will save the
department a tremendous amount of
searching for missing assets and help
maintain inventory accuracy.
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36. USING OUR
WEBSITE
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37. OUR STAFF &
LOCATION
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38. OUR
STAFF
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Lorie Pierce
Fixed Assets
Coordinator
Karen Swiney
Director of
Business Services
Billy Hunt
Receiving/Delivery
Clerk

39. OUR STAFF & LOCATION
Business Services Staff
Karen Swiney
• Director of Business Services
Email: karen.swiney@uncp.edu
Phone: 910.521.6292
Lorie Pierce
• Fixed Assets Coordinator
Email: lorie.pierce@uncp.edu
Phone: 910.521.6234
Billy Hunt
• Receiving & Delivery Clerk
Email: billy.hunt@uncp.edu
Phone: 910.775.4161
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•Business Services
•PO Box 1510
Pembroke, NC 28372-1510
•Phone: 910.521.6203
Fax: 910.521.6688
Relay 910.521.6203
Email: business.services@uncp.edu
Location: Auxiliary Services Building

40. NEXT STEPS
• Please read and follow the Inventory
Instructions and Fixed Assets
Policy/Procedures.
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Get ready for your next inventory!
 Check our website for answers to your questions.
 Call us. The Fixed Assets staff will be glad
to answer any questions about how to follow
University policy and procedures.