Policies & Procedures


 

Section: ACT
Part: PRO
Statement No.: 10.2
Date: 5/15/2009
University of North Carolina - General Administration
Administrative Policies and Procedures Manual
Title: Add Fixed Assets to the Fixed Asset System
 

1      After an item has been paid for, the fixed asset officer tags the item and completes the Fixed Asset System Equipment Record, which includes the following information:

 

 

  1. Enter the required asset information as stated below: (* Required Fields)

Ø  Asset Number*

Ø  Description of asset*

Ø  Depreciation Center*

 


 

o    GA: General Admin

o    TA: Administration

o    TB: Bryan Center

o    TC: Communications

o    TD: Development

o    TE: Engineering

o    TF: Finance

o    TH: Human Resources

o    TL: Legal

o    TM: Program Services

o    TO: Technical Operations

o    TP: Production

o    TR: Payroll

o    TS: Educational Services

o    TT: Informational Technology

o    TX: Miscellaneous

 

 

 

 


 

Ø  Vendor

Ø  Model #

Ø  Building (use the drop down table or type in the correct number) *

Ø  Room Number or name (e.g. Utility Closet)

Ø  Condition:

 


 

o    N: New

o    G: Good

o    F: Fair

o    P: Poor


 

 

Ø  Date Inventoried*

Ø  Serial Number

Ø  Asset Control (asset category):*

 

·         8100- Office Equipment: This major object includes payments for purchasing chairs, desks, tables, cabinets, file cabinets, typewriters, adding machines, bookkeeping machines, calculators, duplicating machines, bookshelves, copiers, telephone equipment, paper shredders, other equipment, and furniture and furnishings used in offices, reception areas, lobbies, conference rooms, seminar rooms, and other similar areas.

 

·         8200- EDP Equipment: This major object includes payments for purchasing and installing automatic or electronic data processing equipment, and includes costs of central processing units, working storage, control units, peripheral equipment, terminals, mainframe software, and word processors. Also, it includes the purchase of specialized furnishings for data processing activities, and rights to use, according to license agreements, computer software whose ownership is retained by the supplier.


 

 

·         8300:-Educational Equipment (Educational Equip): This major object includes payments for purchasing educational, scientific, medical, laboratory, and classroom equipment and furniture for instructional, research, and examination endeavors. It includes costs of specialized library furnishings, recording studio equipment, audiovisual equipment, surgical equipment, and x-ray equipment. Also, it includes costs of agricultural equipment purchased for instructional or research purposes.

                               

·         8400- Motor Vehicles: This major object includes payments for purchasing motor vehicles and other self-propelled, motorized equipment suitable for general use by the institution. It includes costs of automobiles, trucks, motor boats, motorized campers, motorcycles, motor scooters, airplanes, and other self-propelled motorized vehicles.

 

·         8500-Other Equipment: This major object includes costs of specialized motorized equipment, unsuited for general use, such as construction and maintenance equipment, which are not appropriate for inclusion in major object 5400, and costs of other equipment, furnishings, and furniture not included in major objects 5100 through 5300. Also, it includes costs of agricultural equipment for maintenance of institutional grounds. It includes costs of air conditioners, athletic equipment, fire fighting equipment, forklifts, furnaces, mobile and relocatable facilities, lawn mowers, storage sheds, street sweepers, water coolers/fountains, and other items.

 

·         8600-Library Books and Journals (Library Bk & Jour): This major object includes payments to acquire additions to library and learning resource collections, and includes costs of books, magazines, newspapers, manuals, journals, manuscripts, musical scores, musical recordings, photographs, maps, films, tapes, records, compact discs, microforms, and other literary and artistic objects, materials, and creations. It includes costs of binding library periodicals, journals, pamphlets, and paperback books. It excludes costs of objects purchased for resale.

 

·         8700-Land: This major object includes payments to acquire legal ownership of or title to real property in the name of the State or the institution. This major object is used only in capital improvement budgets.

 

·         8800-Buildings: This major object includes payments for construction, purchase, additions, alterations, enlargements, expansions, extensions, improvements, modifications, remodeling, renovations, and upgrades of buildings and other roofed and walled structures. Structural change projects enhance the value of buildings, increase their utility, or lengthen their useful life. It includes costs of affixed or non-movable component systems in buildings (both initial installations and replacement units), such as electrical, air conditioning, plumbing, communication, heating, transportation, and environmental systems. It excludes costs of initially furnishing buildings with non-affixed equipment, furniture, furnishings, and machinery; these costs are included in appropriate equipment accounts, i.e., major objects 5100, 5200, 5300, and 5500. This major object is normally associated with capital improvement budgets, but is used in operating budgets if the total cost of a qualifying completed project is at least $1000 and less than $50,000. Project costs of $50,000 or more are chargeable to this major object in capital improvements budgets. Projects which cost less than $1,000 are treated as acquisitions of “5500 Other Equipment” (when construction or purchase occur) or as “3500 Repairs and Maintenance” (when the above cited structural changes occur). All charges to this account are subject to capitalization in the fixed assets system.


 

 

 

·         8900-Other Capital Outlays (Other Capital Outlay): This major object includes payments for non-equipment capital outlays not identified by major objects 5600, 5700, and 5800. It includes costs of highways, roads, bridges, parking lots and decks, sidewalks, road signs, building markers, landscaping, sewage systems, television transmission towers, other towers, tanks, wells, fences, water mains and hydrants, stadiums, tennis courts, swimming pools, and other qualifying items. This major object is normally associated with capital improvement budgets, but can be used in operating budgets if the total cost of a qualifying completed project is less than $50,000. Project costs of $50,000 or more are chargeable to this major object in capital improvements budgets. All charges to this account are subject to capitalization in the fixed assets system.

To enter cost, click on the Add/view Cost records. See F3.35 to learn how.

 

 


Ø  Acquisition Cost*

Ø  Federal Cost

Ø  Acquisition Date*

Ø  In Service Date: date put into use, if the asset is construction in progress asset leave this field blank until the asset is placed in service.  This date drives the depreciation calculation start date.

Ø  Owner:* (defaults to 1)

 

o    1: GA Owned

o    2: Fed Owned

o    3: GA Owned, bought with Federal money

o    4: Joint GA Owned/Fed Owned

o    5: University Owned

o    9: Other

 

Ø  Commodity No.: code assigned by the state (enter 0) and is also listed on the purchase order.


 

 

 

Ø  Useful Life

Suggested Useful Life

 

Suggested Useful Life

Asset

Life

 

Asset

Life

Antennas

20

 

Furniture

25

Buildings

75

 

      Antiques

50

     Additions/Renovations

50

 

     Modular units/workstations

20

     Card Access System

20

 

     Office

25

     Carpeting

20

 

Generators

30

     Electrical

50

 

HVAC

 

     Hardware/fixtures

25

 

      small unit

15

     Landscaping

20

 

      large unit

30

     Painting

15

 

Land/Perm Land improvements

0

     Parking Lot

25

 

Occupancy Rights

10

     Roof

 

 

Sewer System/drainage

50

           Replacement

50

 

Software: (Mainframe Legacy only)

20

           Repairs

25

 

Towers

50

Computers

5

 

Transmission Line

30

       Mainframe /network equip

7

 

Translators

20

Design/Planning

20

 

Transmitters

20

Equipment

25

 

UPS System/generators

 

      Audio/Video equipment

10

 

      Small

10

      Projectors

10

 

     Large

25

      Scanner/printer

10

 

Vehicles

10

      Telephone

10

 

Water System

 

Fire Alarm System

25

 

       Replacement/Repairs

25

 

Ø  Depreciation Method (defaults to 1, but must be changed to a "0" for CI projects)*:

o    0: no depreciation (the 0 value is used for

 

Ø  Depreciation Method (defaults to 1, but must be changed to a "0" for CI projects)*:

o    0: no depreciation (the 0 value is used for land, and all construction in progress assets until the asset is placed in service.)

 

 

 

 Ø  Status:*

 

                   o    1: Active

o    1: straight line method, ½ year convention

  o    2: Retagged

  o    3: Missing

  o    4: Missing 1st year

 

  o    5: Transferred

              o    6: Deletions

              o    7: Inactive

              o    8: Construction in Progress (CIP)

              o    9: Surplus


 

 

Ø  Comments (if necessary, the intended purpose is to assist the user with subsequent asset information for the user or to assist with the annual inventory i.e. in large silver network rack in room 15)

 

  1. Once the asset information is entered into the system, then the cost record information must be entered. To do so, the user clicks on "Add Cost Records" or hits "Alt + A." The following information must be added to the cost record fields:

Ø  Acquisition Method:

 

o    1: Purchase

o    2: Donation

o    3: Lease

o    4: Transfer

o    5: Other

Ø  Purchase Order Number

Ø  Check Number or Reference Number

Ø  Check Date

Ø  FRS Account Number

Ø  FRS Object Code (by doing this, the "Asset CtrS7 field will be automatically populated with the correct corresponding number

Ø  Purchase Amount (or credit)

Ø  Accrual Flag (defaults to " N for No), only use the”Y” value during the month of July to record assets that were received in June and paid for in July.

 Ø  Budget Code: state assigned code number

 Ø  Purpose Code

 Ø  Division

 Ø  Department Number

 Ø  Type:

        o    G: General

 o    Component

 

 Ø  Comments

 

 Ø  Federal Amount