Property Accounting Procedure Manual
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1 Property Accounting Procedure Manual Property Accounting Procedure
2 Table of Contents Property Accounting Responsibilities... 3 General Guidelines Concerning Capital Equipment... 3 Acquisition... 3 Non-Sponsored Programs Furnished Property... 3 Sponsored Programs Furnished Property... 3 Sensitive Property... 3 Donated Property... 4 Personally Owned Property... 4 Software... 4 Maintenance... 4 Tagging of Property... 4 Physical Inventories... 4 Missing Property... 4 Stolen Property... 4 Disposition... 4 Non-Sponsored Programs Furnished Property... 4 Sponsored Programs Furnished Property... 5 Sensitive Property... 5 Cannibalization of Property... 6 Property Procedures... 6 Definitions... 6 Fund Groups... 7 Property Accounting Procedure
3 Property Accounting Responsibilities Property Accounting reports to the Director of Accounting under the direction of the Senior Director of Finance and Accounting. The Director of Accounting is responsible for maintaining a two-year physical inventory cycle, which includes: Tagging SJSU Research Foundation property, Maintaining accurate inventory records, Adding property data to the asset management system, and Coordinating property disposals. General Guidelines Concerning Capital Equipment Acquisition Non-Sponsored Programs Furnished Property Non-sponsored Programs Furnished Property is property acquired using fund groups other than 2X. Please refer to the definitions section for a list of all fund groups. If the unit cost of an item is $5000 or more and it has a life expectancy of more than one year, it is considered capital property and will be classified as a capital expenditure. Accessory items not meeting these criteria will be classified as non-capital expenditures. If the unit cost of an item is less than $5000, or the life expectancy is less than one year, it is considered non-capital property and will be classified as a non-capital expenditure. Note: Only property acquired using funds other than 2X will be capitalized. Sponsored Programs Furnished Property Sponsored programs (contracts and grants from governmental agencies or private contracts) often provide funds to acquire property for specific contract requirements. This property should be used only for the sponsored program s purposes unless otherwise authorized by the sponsor. Upon completion or termination of the sponsored program, the sponsoring agency guidelines should be consulted to determine which of the following actions should be taken: Transfer title to San José State University. Transfer property to a continuing contract or grant. Transfer property to another institution. Sponsored Programs Furnished Property needs to be handled with extreme care. Accurate records need to be maintained as to the use, location, and maintenance of the property. The sponsoring agency may schedule periodic audits of their property whenever they desire. The Principal Investigator of the sponsored program has custodial accountability and responsibility for property as long as the grant period is in effect. Property purchased from sponsored funds, where the title to the property is held by the sponsor agency, will not be capitalized. Property purchased from sponsored funds that will be gifted to the State at the end of the grant period will not be capitalized. Sensitive Property Sensitive property is any electronic computing device capable of receiving and persistently storing direct user input. This includes but is not limited to workstations, servers, tablets, laptops, and smart phones due to the possible storage of level 1 or level 2 data as defined in the CSU Data Classification Standard. The unit cost is not a factor in determining whether the item is considered sensitive. Property Accounting Procedure
4 Donated Property Property donated to San José State University must be processed through the San José State University Division of Advancement. Personally Owned Property The Research Foundation is not responsible for personally owned property. Software Software is expensed (not capitalized) except for major system purchases of software greater than $5,000 per package. Maintenance Tagging of Property The Research Foundation is responsible for tagging all capital property with a value of $5,000 or more unless the property is gifted to the State upon acquisition. The Property Coordinator will make arrangements with the custodian s department to tag the item. High-risk, attractive or easily pilfered items valued under $5,000 will not be tagged or tracked, except for sensitive property. The Research Foundation will provide a sensitive item tag to the custodian s department for tagging of items that are considered sensitive property. The custodian s department will tag the item with the sensitive item tag provided. The Research Foundation will record the item in the asset management system. Physical Inventories The Research Foundation conducts inventories on a two-year cycle basis. When property is scheduled for inventory, Principal Investigators will be notified by of the inventory date. A list of assigned property will be provided to assist Principal Investigators in preparing for the physical inventory. Once the department physical inventory has been completed, a final report will be issued after any discrepancies are resolved. One report is to be signed by the Principal Investigator and returned to the Research Foundation. The second copy is to be retained by the Principal Investigator. Missing Property The Research Foundation will prepare a Physical Inventory Discrepancy Memo after the physical inventory is completed. The Principal Investigator s department will be given 14 days to locate any missing property. If the department is still unable to locate the property after the 14-day grace period, the Research Foundation will determine whether the property should be considered lost or stolen, and then take appropriate action. Stolen Property If property is determined to be stolen, the Principal Investigator must immediately notify the San José State University Police Department (UPD) and the Research Foundation of the loss. UPD will investigate and fill out a police report regarding the loss. Disposition Non-Sponsored Program Furnished Property For property not being utilized, a Property Disposition Form should be completed and forwarded to the Research Foundation Director of Accounting, who will arrange for proper disposal. Property should never be traded, cannibalized, or disposed of without approval from the Research Foundation. Property Accounting Procedure
5 Disposition (continued) Sponsored Programs Furnished Property Upon completion or termination of the sponsored program, the Research Foundation s Office of Sponsored Programs will provide Property Accounting with written direction that will either: Transfer title to San José State University, Transfer property to a continuing contract or grant, or Transfer property to another institution. Sensitive Property 1. For sensitive property purchased from a sponsored programs account: a. The Research Foundation will transfer custody to the State for use in future research related activity at the end of the grant period. b. Property Accounting will a transfer memo to the Principal Investigator. c. The Department Chair, SJSU Information Security Officer, and the College IT Department will be copied on the . d. The Research Foundation will remove the sensitive property from the asset management system. 2. For sensitive property purchased from a non-sponsored programs account: a. The Research Foundation will transfer custody to the State upon acquisition with the exception of Central Office sensitive property purchases. b. Property Accounting will a transfer memo to the Principal Investigator. c. The Department Chair, SJSU Information Security Office, and the College IT Department will be copied on the . It is the responsibility of the department to ensure that data is rendered unreadable as part of the decommissioning process. All computing devices used to store Level 1 or Level 2 data must be rendered unreadable using one of the following methods. 1. Software-based Department of Defense (DOD) approved Disk-Wiping a. Darik s Boot and Nuke (DBAN) b. KillDisk c. Apple Disk Utility d. Mobile Device factory wipe feature e. Any other software package approved by the DOD 2. Physical Destruction a. Must be performed by a hard drive shredding company or through a process approved by the Information Security Officer. 3. Other a. In the event that software or physical destruction services cannot be reasonably performed by department technicians, the University s Office of Information Security shall accept delivery of equipment and dispose of data via its documented Physical Destruction service. Please contact security@sjsu.edu for details. Note: Central Administration sensitive property will be disposed of by the Research Foundation IT Department technicians following the SJSU Data Disposition Standards. All equipment must have the Research Foundation property tags removed or obliterated upon disposal. Property Accounting Procedure
6 Cannibalization of Property If obsolete or broken equipment is cannibalized, please complete the disposition form and send it to the Research Foundation so the property can be deleted from the asset management system. Failure to do so will result in the property not being found during the next physical inventory and then being reported to UPD as lost or stolen. Property Procedures Procedures are performed in accordance with the current guidelines set forth in the California State University Administrative Manual (SUAM), sections , 8065, 8065.S02, and SJSU Disposition Standards. Definitions Cannibalization The act of disassembling or dismantling property to the point of making the property unable to perform for its intended use. Capital Property Items with a unit cost of $5000 or more and a life expectancy of more than one year are considered capital property. Fabricated Property Property that is constructed by combining or assembling modular components and/or materials into one identifiable unit. The finished product must have a unit cost of $5000 or more and a life expectancy of more than one year. All materials will be capitalized regardless of cost. Personally Owned Property Property belonging to an employee or student and being used at the Research Foundation for personal or business use. Sensitive Property Sensitive property is any electronic computing device capable of receiving and persistently storing direct user input, including but not limited to workstations, servers, tablets, laptops, and smart phones, due to the possible storage of level 1 or level 2 data as defined in the CSU Data Classification Standard. Sponsored Programs Furnished Property Property purchased with funds from the following fund groups: 21, 22, 23, 24, 25, 26, 27. Non-Sponsored Programs Furnished Property Property purchased with funds from other than 2X fund groups. Fund Group The fund group is the first two digits of the account number. Property Accounting Procedure
7 Fund Groups Based on accounting requirements, Fund Groups have been established by the Research Foundation to identify specific types of revenue. Fund numbers and their descriptions are: 00 Cash 11 General Fund (Central Administration) 13 Benefits and Clearing 15 Investments 21 Federal Contracts and Grants 22 State Contracts and Grants 23 Non-Profit Grants (private foundations) 24 Corporate Contracts and Grants 25 Local Government Contracts and Grants 26 Cost Matching Contracts and Grants 27 Federal ARRA Contracts and Grants 34 Self-Support Accounts 35 Moss Landing Marine Laboratories Ship Operations 37 External Agency Trust Accounts 43 Enterprise Accounts (business incubators) 51 Deans/Chairs F&A Allocation Accounts 52 Board Designated Reserves 53 PI F&A Allocation Accounts 55 Board Allocated Research Grants 60 Invested Agency Funds 74 Plant Assets 2X Funds Property Accounting Procedure
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