Objectives
Property Management Office objectives to accomplish their mission are:
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To comply with internal rules (University Operations Manual), regulated procedures (Generally Accepted Accounting Principles), and State and Federal guidelines.
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To properly identify and record all equipment purchases in the University database through a systematic review and input of vouchers.
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To record gifts of equipment as per notifications from donors giving or departments receiving such gifts.
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To assign property ID number and provide serial-numbered tags in order to identify and track University equipment inventory.
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To maintain property management records for all federally-titled equipment.
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To provide central administration and departments with timely reports listing the equipment for which they are responsible.
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To assist and monitor departments’ compliance with the preparation of biennial inventories.
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To record addition to, transfer of, and retirements of movable equipment.
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To provide a central system to account for depreciation calculations in compliance with GAAP (Generally Accepted Accounting Principles) and to support UBIT (Unrelated Business Income Tax) filing.
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To post capitalization and depreciation of capitalized equipment to the University’s General Ledger.
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To improve the manner in which asset data is gathered including electronic exchange and update of asset information.
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To promote a positive interaction with departments to resolve specific questions and/or problems regarding capitalized assets.
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To improve the product we offer and the service we provide.
Property Management is a department within the Finance and Operations organization
