Procedures for University-Owned Equipment

This site presents Property Management Office (PMO) policies and procedures related to the acquisition and ownership of University of Iowa-titled equipment. For additional information, please contact the Property Management Office.

 

For policies specific to UIHC Orgs 03, 70-89, 93, and 94, please see the UIHC Asset Capitalization Policy.

 

Table of Contents

  1. General Policies: Goals for property administration; Responsibilities of PMO to University Departments; Responsibilities of University Departments to PMO

  2. Capitalization and Ownership: University Owned Equipment; Minimum Capitalization Threshold; Agency Funds; Internally-developed Software; Federal-titled Equipment; Disposition

  3. Asset Additions: Purchases of Equipment; Donations & Gifts; Fabrication; Capital Leases; Other Methods of Acquisition

  4. Asset Life: Equipment Tags; Modifications and Repairs; Internal Transfers of Equipment; Off-Campus Use of Equipment

  5. Physical Inventories: Frequency; Inventories Performed by Departments; Inventories Performed by PMO

  6. Disposition Procedures: Deductions and Title Transfers; Loss, Theft or Destruction of Property; Disaster-related Forms

  7. Forms: Or what do I need to do if…

  8. Treatment of Special Situations: Main and Law Library Collections; Art Objects; Antiques

APPENDIX A: Definition of Terms

APPENDIX B: Physical and Cost Attributes of the On-Line System (PSAM)

 

I. General Policies

 

The University Operations Manual provides the general guidelines for PMO procedures.

  1. Goals for property administration at the University of Iowa

    1. Provide a means of collecting, storing, updating and retrieving equipment inventory information.

    2. Provide departments with accurate and timely information concerning equipment under their control.

    3. Provide a database for calculating and documenting equipment use allowance by building and room.

    4. Comply with Federal Office of Management and Budget property-related requirements for grants and awards to educational institutions, including:

    5. Record capitalization and depreciation entries to the University's General Ledger.

    6. Record results of timely biennial equipment audits as received from University departments.

  2. Responsibilities of PMO to University Departments

    1. Assign Property I.D. number (tag number) to and post physical and cost information to the University's Asset Management system for any item of equipment purchased or acquired that meets the definition of equipment as stated in the University Operations Manual, Part V, Chapter 12, Section 2.

    2. Maintain a database of all capitalized equipment.

      • To capture assets acquired and capitalized.

      • To compute depreciation.

      • To record each asset’s location and custodian.

      • To provide departmental equipment inventory reports as requested.

      • To record biennial inventory changes.

      • To record specific information regarding federal reporting.

    3. Process departmentally prepared Transfer, Addition, Deduction, and Surplus forms in order to maintain records accurately and reflect the current status of departmental equipment.

    4. Archive original forms and physical inventory documents for review by federal, state, and internal audit staff.

  3. Responsibilities of University Departments to PMO

    1. Provide information requested at the time of new equipment purchase by completing asset information on the requisition (Preq).

    2. Notify PMO of any equipment obtained through other sources, such as gifts, transfers from other departments, equipment transferred to the university with new faculty members, and items which have been fabricated within a department that now meet the University definition of equipment (combined fabrication costs of item exceed $5,000).

    3. Locate and report to PMO, at least once every two years, all items of equipment assigned to the Department.

    4. Notify PMO of all changes in the status of equipment between biennial audits mentioned above. This includes, but is not limited to, assets stolen, lost, cannibalized, sent to University Surplus, changes in location and custodian, and tag replacements needed.

Return to top of page

 

II. Capitalization and Ownership

  1. University-owned Equipment: Title to equipment purchased with University funds (excluding Agency Funds) through the University Purchasing Department or through a retail sales center on campus shall be considered property of The University of Iowa.

  2. To be capitalized, equipment (including purchased software and fabricated equipment) must meet a minimum capitalization threshold of $5,000 and have a useful life of more than one year. See detailed specifications in Section III.A.3.

  3. Equipment acquired with Agency Funds (currently Funds 950 – 997) cannot be capitalized and should not be purchased with a 6730 or 6740 Iact.

  4. UIHC capitalizes internally-developed software as long as it meets guidelines set forth in the UIHC Asset Capitalization Policy. The internal costs to develop software elsewhere in the University are not capitalizable as an asset.

  5. Federal-titled equipment is Federal Government-owned. Please see PMO Policies & Procedures for Federal Assets for more information.

  6. Property that is University-titled may be disposed of by transfers to Surplus, trade-ins, cannibalizing for parts, or transfers to another institution associated with a departing faculty member.

Return to top of page

 

III. Asset Additions

  1. Purchases of Equipment and Software

    1. Purchase requisition (P-req): the University provides for the purchase of equipment and software through use of the Purchasing/Accounts Payable system.

      • Complete a P-req to order capitalizable equipment and software.

      • Stand-alone capitalizable software should be charged to General Ledger Iact 6740. Software purchased with, intrinsic to, and made a part of an equipment asset, should be charged to Iact 6730.

      • The selection of Iacts 6730 and 6740 will generate a pop up box requesting additional asset information (see Asset Description Memo). It is necessary to complete this information for an accurate asset record.

      • If there will be one or more down payments/prepayments prior to receipt of the asset, please indicate the estimated due date for University possession of the asset in the “Internal Comments” section of the P-req. PMO will use this date in asset set-up to begin depreciation of the asset.

      • List the asset tag number and, if possible, the manufacturer’s serial number of any equipment assets to be traded-in for new assets in the Asset Management section of the Preq. The new equipment will be capitalized at its total value, rather than cost less the trade-in. The value of the trade-in offsets net book value for the asset traded-in.

    2. Assets are set-up from vouchers. Daily, PMO runs a report showing general ledger transaction in IACTs 6730 or 6740. From this list, PMO sets up assets by recording information from the P-req, Purchase Order, and Voucher into the property management system (PSAM) and coordinating any necessary accounting corrections.

    3. Capitalizable costs include the cost of the item as well as costs paid to a vendor for freight, installation, set-up, and/or testing. These same costs are used to determine if an expenditure meets the $5,000 minimum cost for capitalization (it must also have a useful life of more than one year).

      • The asset capitalized is an item and components that can stand-alone are not part of the asset (exception: system assets at UIHC).

      • Software that is not intrinsic to hardware cannot be considered in conjunction with the cost of hardware to meet the capitalization test.

      • Software is capitalizable on a “per seat” license cost basis.

    4. Purchase Order Iact Corrections:

      • Departments are responsible for submitting the correct MFK on a P-req. Expenditures that meet the University minimum capitalization threshold qualify as an equipment or software asset and require the use of Iact 6730 or 6740.

      • After the Purchase Order is dispatched, all changes to Iacts 6730 and 6740 must be made by PMO. PMO reviews a daily report of purchase orders charging Iacts 6730, 6740, 6080, and 6085. PMO corrects the assignment of expenditures between these Iacts, if necessary, prior to voucher entry based on minimum capitalization threshold guidelines.

      • During asset set up, PMO may “Change Voucher” (CV) vouchers charged to Iacts 6730 and 6740 to another Iact if they do not appear to meet the minimum capitalization threshold.

      • During the year in which the asset is acquired, departments may “CV” changes to all MFK elements, with the exception of the Iact. PMO adjusts asset records to match to “CV”.

    5. Upon receipt and posting of vendor invoices, the Accounts Payable Department forwards a copy of the voucher to the Requisitioning Department. Printed at the bottom of the voucher is an “Equipment Inventory Information Form”. The Requisitioning Department should complete information not known at the time of the requisition, such as serial number, provide the date the asset was received, and sign and return the document to the Accounts Payable Department. After review, Accounts Payable Department forwards the document to PMO to update the asset.

      • Note: assets should be capitalized and begin depreciating as of the date the University owns them. The date the asset was received provides support for capitalization in the correct fiscal year. Please return the completed form promptly.

    6. During set-up the asset is entered with an asset “profile”. The profile describes a type or class of asset and establishes the useful life over which the asset is depreciated. For an asset acquired in Orgs 70-85, useful life is based on American Hospital Association (AHA) guidelines. For all other departments, useful life is based on an estimated economic life for that asset profile.

    7. For each taggable asset, PMO sends a tag card (information on a half-sheet of copy paper) along with a matching bar-coded identification tag to the Department. The Department attaches the tag to the asset, makes any necessary updates to the tag card, and returns the tag card to PMO.

      • Note: the tag should be placed on the asset in a position that is easily viewed for physical inventory tracking purposes and on a part of the asset that is permanent, i.e. not on a cover that may be removed during the asset’s life.

      • The tag is a sequentially-numbered identifier of the asset. There is only one tag per asset.

      • For more information, see IV.A. Equipment Identification.

  2. Donations and Gifts

    1. A department receiving equipment as a gift is responsible for submitting an “Additions Request Form” to PMO, including all pertinent information for recording that asset in the asset management system (see Section VII and Forms).

    2. Gifts of money to the University are deposited into appropriate gift accounts and any purchases of equipment made from these accounts are recorded as purchases in the same manner as previously described in Section III, A, above.

  3. Capitalization of Fabricated Items

    1. The University policy on capitalization of equipment includes items purchased by any department and assembled together by any of the various service departments operated by the University.

    2. Items of equipment being fabricated will be capitalized under the same guidelines as assets purchased by the University, i.e., $5,000 and a useful life of one year or more.

    3. The cost of the fabricated asset includes the cost of the purchased items comprising the fabricated asset.

    4. Prior to completing any P-reqs, departments contact PMO (judy-clark@uiowa.edu) to obtain a “FAB” tag number. This “FAB” tag number, along with an estimated asset-built date, is noted in the “Internal Comments” section of all P-reqs pertaining to that fabrication.

    5. PMO sets-up the fabricated asset as the vouchers are received using the estimated asset-built date to start depreciation.

  4. Capital Leases

    1. Leases of equipment that approximate ownership are capital leases, not operating leases.

    2. For a lease to be a capital lease, it must meet minimum capitalization threshold requirements for an asset and meet one of the following tests:

      • Transfer ownership to the University,

      • Provide a purchase option that is less than a bargain threshold,

      • Provide a lease term that is at least 75% of the estimated life of the item, or

      • Net present value of the lease is at least 90% of the fair market value of the item.

    3. The capital lease test is performed during the P-req approval stage and the lease payments are routed through Iact 6435. Operating leases remain in Iact 6430.

    4. The item purchased through a capital lease is set-up as a capital asset and follows all policies related to capital assets.

  5. Other Methods of Acquisition: A department receiving equipment, meeting the minimum capitalization threshold, through abandonment, transfer from other institutions, or by other means is responsible for notifying PMO that such equipment exists and should be inventoried. These acquisitions are reported to PMO on an “Additions Request Form”. This form will be used by PMO to enter all pertinent information into the asset management system (see Section VII and Forms).

Return to top of page

 

 

IV. Asset Life

  1. Equipment Identification (Tagging)

    1. Movable equipment is identified by a metal tag having the following information: name of the institution, a visibly readable six-digit inventory number, and a bar-coded version of the six-digit inventory number.

    2. The University tag helps to identify and track assets owned by the University. Some assets, however, cannot carry a tag. These assets are identified in the asset management system by a sequential number following one of these tag number prefixes:

      • “ART” and “HART” – art objects

      • “SOFT” – nontaggable software

      • “FURN” – nontaggable UIHC bundled furniture acquired as part of a building project (note, “FURN” tag number must be listed on P-reqs)

      • “P” - nontaggable UIHC project assets

      • “S” –UIHC systems assets with no items meeting minimum cost threshold

      • “BLANK” –other equipment, such as fragile instruments, that cannot bear a metal barcode tag

    3. A barcode tag should remain attached to an asset while it is owned by the University. Please contact PMO (robert-schaaf@uiowa.edu) if a replacement tag is required.

    4. Tag-aheads

      • Tags for purchase orders of large numbers of assets that are delivered to a central receiving site prior to dispersing the assets to departments may be obtained by contacting PMO (Pamela-Reed@uiowa.edu) and providing her the associated Purchase Order number and “send-to” information.

  2. Modifications and Repairs

    1. Modifications to existing equipment are capitalized when they significantly increase the useful life or the value of the original asset (rule of thumb: modification costs greater than 50% of the asset and/or increases useful life by more than one year).

      • Modification cost for equipment that has already been tagged must be reported to PMO and the additional costs will be added to the specific asset.

      • To request changes to the useful life of an asset, please contact PMO.

    2. Repairs of existing equipment are not capitalized. Repairs will be handled in the General Ledger accounting system by using IACT 6265.

    3. Maintenance costs including replacement of consumable parts of an asset, like repairs, do not extend the life of the asset and should be charged to a Supplies Iact.

  3. Internal Transfer of University Equipment

    1. Departments may need to transfer expenditures for assets. The Department can accomplish this through a “CV” during the first fiscal year of an asset’s life. PMO will then transfer ownership in the asset management to match the “CV”.

    2. Departments may transfer responsibility/ownership of an asset until it has been retired. Departments should submit an “Internal Transfer of University Equipment Form” to PMO to transfer ownership in the asset management system (see Section VII and Forms). This form:

      • Requires the approval of the Departmental Executive Offices from both the Relinquishing and Receiving Departments (or their designees). If this is a transfer between Sub-departments within a Department, either the Departmental Executive Officer may sign approving the transfer or Sub-department Managers may each sign for their respective areas.

      • Should not be used to update asset records for changes in location or custodian. These changes do not require Departmental Executive Officer approval, so please contact PMO (charma-wenck@uiowa.edu) to initiate them.

      • Does not “CV” the expenditure.

    3. If a department has assets, there is a balance in the Department’s asset and/or accumulated depreciation Iacts (1600-1685). The Department’s MFK cannot be closed out until all assets are removed from the Department’s responsibility. This will require that the Department remain open through month-end, so that PSAM can make its entries to the General Ledger. The Department can:

      • Complete an “Internal Transfer of University Equipment” to transfer assets to another department/sub-department, or

      • Complete a “Surplus Removal Request Form” to ask PMO to deduct the assets and University Surplus to pick them up, or

      • Complete a “Deductions Request Form” if the assets are no longer found.

      • See Forms for the forms and form instructions.

  4. Off Campus Use of Equipment

    1. Short-Term Use: When any equipment belonging to the University of Iowa is used off-campus for periods of up to six months, an “Off-Campus Use of Property Form” must be completed and held by the Department (Forms).

    2. Long-Term Use: When University of Iowa equipment is to be used off-campus for periods longer than six months, the Department to which the equipment belongs must complete an “Off-Campus Use of Property Form”, forward the form to PMO, and retain a copy of it (Forms).

Return to top of page

 

 

V. Physical Inventories

  1. Frequency: A physical inventory of all University-owned movable equipment must be completed every two years by the Department to which the equipment is assigned.

  2. Inventories Performed by Departments

    1. PMO notifies departments in the first quarter of the fiscal year when it is the departments’ year to perform an audit of its assets.

    2. Instructions and an electronic asset report are e-mailed to departments to assist them in complying with the audit requirements. For departments with large numbers of assets, scanners are available from PMO.

    3. Departments must verify the existence, location (room and building), and custodian of all equipment items assigned to them.

    4. Departments complete the appropriate forms to add or update assets or update changes to assets, locations, custodians, and custodial departments.

    5. Departmental Executive Officers are required to review the completed inventory and sign the "Certification Letter" that accompanies the worksheet.

    6. Departments return forms to PMO upon completion of the audit, along with the updated worksheet and signed “Certification Letter”.

    7. PMO posts updates to PSAM to complete the process.

    8. PMO holds original forms and physical inventory documents for review by federal, state, and internal audit staff.

  3. Inventories Performed by PMO

    1. PMO personnel may conduct an audit of a particular department's equipment. This may be done at the request of the Department, the Office of the State Auditor, or the Internal Audit Office, or it may be initiated by PMO.

    2. Once the physical count has been completed and reconciled, the proper forms are sent to the Department for verification, completion, and approval.

Return to top of page

 

VI. Disposition Procedures

  1. Disposition of University-owned Equipment (University of Iowa Hospitals and Clinics departments are also directed to the UIHC Policy and Procedure Manual):

    1. All capitalized equipment which leaves the University permanently (for Trade-ins, see #2 below), must be reported to PMO by the Department responsible (see Section VII and Forms).

    2. A “Deductions Request Form” should be used if an asset is no longer located, has been stolen, or is to be used for parts.

      • If a department decides to use an asset for spare parts (cannibalize) in order to increase the useful life of other assets, the asset tag must be removed and submitted along with the “Deductions Request Form” to PMO when the first part is removed from the asset.

      • Recommendation: departments should list any and all dispositions of items that could possibly be assets. By doing this, PMO can verify the status of the item to keep asset listings more accurate.

    3. Departments should complete a “Title Transfer of University Equipment Form” when equipment transfers to another institution with a departing faculty member. The form must be signed by a Department Contact and Departmental Executive Officer from the University of Iowa, neither of whom are the departing faculty member. The equipment may only be transferred to another institution. As a result, the “Receiving Party Information” should include a contact who can take responsibility for receipt of the equipment.

    4. Items of equipment that are traded in on new equipment should be listed in the Asset Management section of the Preq. The asset(s) traded-in should be identified by the tag number and, where possible, the manufacturer’s serial number. Assets traded-in will be retired as a result of the purchase, so departments should not list them on a “Deductions Request Form”.

    5. All equipment items (capitalized and non-capitalized) no longer used by a department:

      • For University departments not in Orgs 70-85 (UIHC), all equipment items (capitalized and non-capitalized) to be removed by University Surplus must be reported by submitting a "Surplus Removal Request Form". The completed form is sent to PMO (see Section VII and Forms).

      • PMO processes the form by checking for federal assets, deducting any active assets from the department's inventory, and forwarding a copy of the form to University Surplus. • University Surplus is then responsible for coordinating the removal of the equipment.

      • HCIS and Housekeeping Departments are responsible for handling UIHC surplus removal. Departments in Orgs 70-85 (UIHC) should complete a “UIHC Electronic Equipment Disposal Form”, a “UIHC Computer/Peripheral Disposal Form”, or a “UIHC Surplus Request Form” to initiate disposal. HCIS and Housekeeping will follow-up with PMO to remove the assets from records.

    6. Specialized equipment may be sold directly by a department when that sale is deemed to be most advantageous to the University and/or department. Departments must obtain prior authorization from University Surplus. Once the authorization is approved and the sale completed, the department must report the sale to PMO on a “Surplus Removal Request Form” (with a note showing authorization and sale on the form). PMO will then deduct the asset from property records.

  2. Loss, Theft or Destruction of Property (UI Operations Manual, Part V, Chapter 12, Section 7)

    1. Any University property stolen, destroyed, or missing must be reported to the Department of Public Safety at the time that the property is discovered to be missing.

    2. If the property is not recovered within 48 hours, the incident must be reported, in writing, to the University Risk Manager. At the same time, a "Deductions Request Form" and a copy of the security report must be sent to PMO in order to remove the asset from the University asset management system (see Section VII and Forms).

  3. Disaster-related Forms

    1. There may be a need to document transactions related to disasters on specific forms. These forms will be made available as necessary.

    2. Currently, there is a “Deductions and Surplus Flood Form” available to document assets destroyed or surplused as a result of the June 2008 floods. This form should only be used for equipment damaged by the flood and located in a building listed as flood-damaged (see Section VII and Forms).

Return to top of page

 

 

VII. Forms

  1. Have a question? The Contact page provides a listing of our responsibilities. If you have questions, please contact us!

  2. All forms are available through this website with detailed instructions related to each form available.

  3. Because forms change over time, please do not save and re-use forms. Pull the latest version down from the web.

  4. Forms require two original-signature approvals. If there is an issue with approvals, the form will be returned to the Department Contact for correction.

  5. Effective April 1, 2009, after updating asset management records, PMO will return a copy of the form to the Department Contact listed on the form. In the case of an internal transfer, the form will be returned to the Receiving Department Contact only. The copy will indicate PMO actions. If you have a question concerning an update, please contact PMO.

  6. PMO provides a copy of all UIHC (Orgs 70-85) forms received to UIHC Finance & Accounting.

  7. How Do I.....Form/Action

 

Return to top of page

 

 

VIII. Treatment of Special Situations

  1. Main and Law Library Collections

    1. Records of library collection dollar values for the Main Library and Law Library (only) are maintained on the asset management system by fiscal year. Both libraries maintain detailed records regarding these purchases. Minimum capitalization threshold does not apply to these assets, and the assets are not depreciated.

    2. Main and law library book purchases are accumulated on institutional account 6745 during the fiscal year. The amounts are entered into the asset management system on a monthly summary basis by MFK (Master File Key).

    3. Adjustments for lost or stolen books, etc., are made as a result of annual book reports prepared and submitted by these library departments.

  2. Art Objects

    1. Those assets that are part of the University of Iowa's Museum of Art collection and UIHC Project Art collection are carried on the asset management system. Purchased items are carried at full purchase cost. Gifts are carried at appraised or estimated value at time of acceptance.

    2. There is no minimum capitalization threshold for art objects. They are carried on the University's asset management system regardless of cost and are not depreciated.

    3. Museum's collection and UIHC Project Art collection assign Accession numbers to assets. These accession numbers are carried in PSAM as the asset’s tag number.

    4. University-owned art objects located outside the Museum of Art may also become a part of the collection if the museum so determines.

  3. Antiques – Antiques on display at the Old Capitol are included in the asset management system, regardless of cost. Like Art Objects, Antiques are not depreciated.

 

Return to top of page

 

 

APPENDIX A - Definition of Terms

  1. BUILDINGS - components, additions and improvements that comprise the basic structure or function to service the building. For asset management purposes, building components such as lighting, electrical systems, plumbing, air conditioning, and elevators shall be considered building components rather than movable equipment.

  2. COMPONENT - any part of a unit of equipment that cannot be used independently of the remaining piece of equipment. This definition will apply even though the component part may cost more than $5,000 and have a useful life of one year or more. For asset management purposes, component parts are not identified separately, but are capitalized with the system of which they are a part unless PMO determines that they should be tagged separately.

  3. DEPARTMENT CONTACT – department employee responsible for initiating a request for a change to the department’s asset records.

  4. FABRICATED EQUIPMENT - equipment fabricated by any University department will be considered as capital equipment when the aggregate cost of materials used in the fabrication meets or exceeds the $5,000 threshold and has an estimated useful life of one year or more. The department is responsible for notifying PMO of such equipment.

  5. IACT'S - the field of the MFK that identifies expenditures for movable equipment assets, including software.

  6. INSTALLATION - expenses associated with installing capital asset will be capitalized. The department must furnish PMO with an appropriate UI Tag number so the cost of installation can be added to the cost of the appropriate equipment.

  7. MASTER FILE KEY or MFK - the 40 position identifier of the University's General Ledger System (GL:M).

  8. MODIFICATIONS & UPGRADES - alteration of equipment that may be similar in nature to repair and maintenance cost. The distinguishing feature is it results in either significantly increasing the value of the asset or extending its useful life, or both. Such costs will be capitalized on the asset management system and should be treated as equipment expenditures (IACT 6730).

  9. MOVABLE EQUIPMENT - assets, (primarily movable in nature) not affixed to any part of a building or room, having an acquisition cost of $5,000 or more and an estimated useful (service) life of more than one year. [General Ledger Institutional Accounts (IACTS) of 6730 or 6740.]

  10. PSAM - is the PeopleSoft Asset Management financial system, purchased by and modified for the University of Iowa to record the purchase of assets for capitalization, depreciation and tracking (usually referred to in this document as "asset management system” or “PSAM”.)

  11. REPAIRS & MAINTENANCE - costs, recurring and regular in nature, to keep equipment operating for normal use. Such costs include the replacement of any existing parts or components and any repairs that do not extend the useful life of the existing asset. Any expenditure meeting the above guidelines will be treated as repairs (IACT 6265) and will not be capitalized by the asset management system.

Return to top of page

 

APPENDIX B - Physical and Cost Attributes of the Online System (PSAM)

  1. Physical Attributes: (pertinent equipment physical attribute information, captured and maintained on the University's on-line system.

    1. Building Identification for Location - an alpha identifier is used for recording the location of each asset. The building identifier is a central administration designation, not the campus mail listing. It is available as a link from PMO website’s “Building Identifiers”.

    2. Comments Field - a free text field that allows additional explanatory information to be added to an equipment record.

    3. Cost Row - the following elements of the MFK of purchase are recorded in the Cost Row: Fund, Org, Department, Sub-department, Grant/Program number, Oact, Dact, Function and Cost Center. The Institutional Account is recorded in the Cost Type field using a one-position identifier as follows: 0 = 6730, 2 = 6740 and 4 = 6745.

    4. Custodian - (formerly the Person Responsible Field) contains the name of the individual in the department who is charged with the responsibility for the asset. The Departmental Executive Officer is charged with the ultimate responsibility for the equipment under his/her department, regardless of the name contained in this field. The standard entry format for this field is "Last name,First Name" with only a comma (no space) separating them.

    5. Equipment Description - the equipment item will possess a description ranging from general to specific. The noun is normally entered first, followed by qualifying adjectives. Manufacturer's name, if different from the Vendor, is usually included here.

    6. Maint-Reference Number Field -is used for indicating a Bioengineering Department maintenance number, a vehicle license plate number, or a University of Iowa Hospitals and Clinics maintenance number.

    7. Manufacturer's Serial Number - as designated by the manufacturer is entered in this field when applicable. It is entered with no spaces and no symbols. When the serial number is longer than the field size, the number is recorded, in its entirety, in the comments field.

    8. Model Number Field (where applicable) - the model number assigned to the equipment item by the manufacturer is entered when provided.

    9. Profile - a profile is assigned to each asset during setup. The profile provides a standard description of the group of like assets and establishes the asset’s useful life for depreciation purposes.

    10. Room Number Field - accepts alpha or numeric data for the exact room number. The UI Room number is a "free text" field, limited to 15 positions and indicates the room number where the equipment item is located.

    11. Tag Date Field - is left blank for those assets that require a tag. The date which the asset was tagged is entered by PMO.

    12. Tag Identification Number - a six digit (numeric), bar-coded tag number which uniquely identifies each asset is assigned when the equipment record is set up. In cases where equipment items are not taggable, because of location or physical characteristics, an alternative tag number may be assigned. This will generally take the form of a "blank" (BLANKnnnnn) number.

    13. Vendor Name Field - records the company from whom the equipment was purchased. By entering the vendor number the name is pulled from the Vendor File of the Purchasing and Accounts Payable modules. This is not always the same as the manufacturer.

  2. Cost Attributes:

    1. Each asset must have a minimum of one cost record for the asset to be considered as being a complete record. Assets may contain multiple cost rows, depending on the source of funds used for the purchase of that asset.

    2. The department/sub-department field of the cost row will be used for creating capitalization and depreciation entries to the General Ledger.

Return to top of page

 

 

 

 

 

Property Management is a department within the Finance and Operations organization