Asset Management Training. Revised

Transcription

1 Asset Management Training Revised

2 Asset Management Training The purpose of this training is to provide instruction to Property Custodians, Business Managers, Department Heads, and other individuals handling State Property on their roles and responsibilities, policies and procedures for inventory, tagging assets, transfers, disposals, and contact information.

3 Asset Management Asset Management Responsibilities Governmental Role Inventory Control Procedures Transfer of Property Contact Information

4 Asset Management Responsibilities The Office of Asset Management is responsible for managing the assets of LSUHSC-NO from acquisition to disposal. Asset Management tags newly acquired moveable property items valued at greater than $1,000, perform a physical inventory of taggable property each year, maintain accurate accounting records of capital and taggable items, and help manage the removal of Surplus and Scrap.

5 Asset Management Responsibilities (cont.) Serve as a liaison between the University, LPAA (Louisiana Property Assistance Agency), State, Federal and Private agencies regarding Inventory. Ensure University compliance with University, System, State and Federal property laws, regulations and guidelines.

6 Governmental Role LSUHSC-NO is required by LA State Law to accurately account for all inventory. Audits are conducted by various agencies to determine compliance with University, State, and Federal rules and regulations. Non-compliance with State and Federal rules and regulations and University policies may subject the university to fines and other penalties and the withholding of governmental funding.

7 State Property -Definitions Property means tangible, non-consumable, moveable property owned by an agency. (LA R.S. 39:321(8)). Non-consumable means property that is not consumed in less than one year of normal use. Moveable means property that is not attached to a building or structure. (Louisiana Administrative Code Title 34, Part VII, Chapter 3, Section 307 (A)).

8 Definitions Taggable property is moveable property with an acquisition cost of $ 1,000 or more. Non-Taggable property is moveable property with an original acquisition cost of less than $ 1,000. Capital Asset property is property with an original acquisition cost of 5,000 or more.

9 Definitions (cont.) Surplus property is any moveable state property which is deemed to be of no further use to an agency (LAC Title 34 Part VII Section 101). Scrap is surplus material; such as metal pieces, broken component parts or inoperable equipment, which has no utility value.

10 Inventory Control - Requirements Louisiana Revised Statute 39:324 and 39:325 require entities to conduct an annual inventory of moveable property and report any unlocated property to the Louisiana Property Assistance Agency (LPAA). Louisiana Administrative Code Title 34 Part VII Section 313 states, in part, that efforts must be made to locate all moveable property for which there are no explanations available for their disappearance. University policy requires each department and/or division to have a property custodian that will serve as a liaison or contact person to Asset Management.

11 Inventory Control Property Custodians LSUHSC-NO Asset Management requires departmental assistance by utilizing Departmental Property Custodians. Property Custodians are responsible for: Locating all inventories and taggable property by conducting a thorough search for items, including those not located in the annual inventory. Answering questions relating to departmental property. Reporting changes in moveable property locations or custodian names.

12 Inventory Control Property Custodians (cont.) Reporting stolen property to University Police. Ensuring that any equipment purchased on the P- card that is valued at $1,000 or more be reported to Asset Management to be tagged and included on the Departmental Inventory listing. Ensuring that all property is used for University purposes. Ensuring that property assigned to faculty and staff for Off-Campus use are properly authorized in writing and have a verifiable business purpose.

13 Property Custodians (cont.) Receiving and processing Asset Management forms. Coordinating the disposal of departmental property. Obtaining receipts for all taggable property entrusted to department employees and forwarding those receipts to Asset Management. Obtaining and maintaining in the department receipts for all non-taggable property entrusted to department employees.

14 Annual Inventories - Procedures LSU Health Sciences Center New Orleans (LSUHSC-NO) is required by LPAA and the federal government to perform a physical inventory of all taggable assets each year. Asset Management conducts inventories buildingby-building using bar code scanners. Upon completion of inventories, departments receive a Missing report of property that was not found.

15 Procedures (cont.) Departmental Action Items Departmental personnel and/or property custodians should complete the Missing reports. Departments should respond within the time limit specified by Asset Management. Property custodians are responsible for: Physically locating assets that are missing and confirm with Asset Management whether asset(s) have been found. Correcting any other discrepancies for the asset(s) on the Missing report.

16 Asset Acquisition - Procedures Assets that are valued at a cost of $1,000 to $4,999 will need to be coded differently than capital property (moveable property $5,000 & above). How this impacts your purchases - If an item is valued at $1,000 - $4,999 this is considered a taggable asset/supply and should be coded using the range of through If an item is valued at $5,000 or more this is considered a capital asset and must be coded using the range of through

17 Asset Acquisition Procedures (cont.) The below is a visual representation of the coding that needs to be adhered to when completing purchase documentation and ensuring correct coding of assets. 0 $1,000 $5,000 Non Taggable Property Taggable Property Taggable Capital Property

18 Tagging Assets - Procedures All taggable assets must be tagged and reported to LPAA within 60 calendar days from the date of receipt. (LAC Title 34 Part VII Chapter A). The property custodian or designee should call Asset Management upon receipt of property that meets the criteria of a taggable asset. An Inventory Specialist will come to the department and tag the property.

19 Taking Property Off-Campus You must have a verifiable business purpose for taking taggable and non-taggable Property Off- Campus. Examples include, but are not limited to: An individual s assigned business duties at LSUHSC- NO Research work of a faculty member Cooperative endeavors, contracts, subcontracts, or other agreements that require University owned equipment to be loaned to another state, public, or private corporation or association.

20 Taking Property Off-Campus (cont.) Other activities as approved by the individual s department chair, dean, director, or designee, as appropriate. Employees should follow Chancellor s Memorandum LSUHSC-NO CM-42 Information Technology Infrastructure for all applicable non-taggable moveable property.

21 Off-Campus Property Procedures LSUHSC-NO property may be taken and used offcampus if used for permissible reasons and properly authorized. Title 34, Part VII, Chapter 5, Section 305 of the Louisiana Administrative Code requires the University to obtain a receipt when state property is entrusted to employees. Furthermore, employees to whom property is entrusted shall be liable for the payment of damages whenever his wrongful or grossly negligent act or omission causes any loss, theft, disappearance, damage to or destruction of property of his agency for which he is responsible.

22 Off-Campus Property - Procedures Copies of receipts for taggable and nontaggable property should be maintained by each department/section. Receipts and return of taggable property should be sent to the Property Manager in the Asset Management Department.

23 Scrap Property - Procedures Contact the Safety department if toxic materials are present. These will need to be removed (e.g. radioactive material, chemical agents). Contact the IT department if scrapping pc related property i.e. hard drives, software. All data must be erased (sanitized). Trash, debris, and the like must be removed from furniture, refrigerators, etc. Send a request via to NO Inventory in Asset Management with the following information:

24 Scrap Property Procedures (cont.) Tag number aka Asset number, if applicable and available Brief description of the property Quantity, location Option of Completing a Notice of Change in Moveable Equipment form in lieu of an request

25 Surplus Property Procedures Ensure that the selected property is of no use to another department. See Department Transfers. Contact the Safety department if toxic materials are present. These will need to be removed (e.g. radioactive material, chemical agents.) Contact the IT department if sending pc related property to surplus (e.g. hard drives, software). All data must be erased (sanitized). Trash, debris, and the like must be removed from furniture, refrigerators, etc.

26 Surplus Taggable Property Procedures (cont.) Once it s determined that an item should indeed be sent to surplus and the above action items have been completed (if applicable) follow the step below. Send a request via to NO Inventory in Asset Management with the following: Tag number aka Asset number Brief description of the property. Quantity, location

27 Procedures (cont.) Option of Completing a Notice of Change in Moveable Equipment form in lieu of an request.

28 Property Disposal Asset Management - Procedures Upon receipt of Scrap and/or Surplus requests for Taggable Assets, Asset Management will perform the following: Inspect items for safety, condition, and reference information. A sticker for scrap or surplus may be placed on the item(s). Initiate LPAA paperwork transfer. Create a Work order for Facilities and contact an outside contractor to coordinate the transfer of items from the department to an interim pick-up area and/or disposal. Final pick-up occurs upon approval from LPAA.

29 Donated Assets All property donated to LSU Health Sciences Center New Orleans (LSUHSC-NO) must be recorded for financial statement purposes. If the value of an item is $1,000 or greater then it is tagged and recorded on the Movable Property Inventory.

30 Donated Assets - Procedures Contact Asset Management immediately upon receipt. Notification should include the following via or memo: Verbiage documenting the receipt and acceptance of the donation. A valuation review of the donated property must be attached. Applicable portions completed by the donor of the form Certification of Donation or Contribution of Property of a Sophisticated & Technological Nature.

31 Donated Assets Procedures (cont.) Methods of Valuation (case by case) the net value of the property as stated by the donor (for new property). a quotation obtained by Purchasing (for donated property commonly sold through wholesalers). an estimate by the director of Purchasing based upon comparable items. Upon receipt of notification, Asset Management will set up an appointment to affix a LSUHSC-NO tag to the donated property. The PeopleSoft database will be updated to include the donated asset accordingly.

32 Stolen Property - Procedures Department personnel must report stolen property immediately to University Police. A police report must be completed by the Department. University Police shall notify the Asset Management Manager and the Compliance Officer of any apparent theft of public funds or assets. The Compliance Officer shall notify the Legislative Auditor, Director of Internal Audit, and the District Attorney.

33 Procedures (cont.) Individuals must follow all policies and procedures of the State and University (e.g. Louisiana State Constitution Article VII Section 14, Louisiana Administrative Code Title 34, Part VII, Chap. 3 and 5, CM-42, and PM-36). Off-Campus property should be returned to the University prior to an individual s separation or upon notice by the Department Head, Dean, Vice Chancellor, Property Manager or other authorized individual without reason or notice.

34 Transfer of Property Intradepartmental Transfers Departmental Transfers Grant Transfers Other State Agency Transfers

35 Intradepartmental Transfers Definition An Intradepartmental Transfer is a transfer of taggable property within a department from one departmental member to another (e.g. room to room).

36 Intradepartmental Transfers Procedures Send a notification to Asset Management via . Include new custodian, building and room number. Complete the Notice of Change in Moveable Equipment form in lieu of .

37 Departmental Transfers -Definition A Departmental Transfer is the transfer of taggable property from one department to another.

38 Departmental Transfers -Procedure Send an to Asset Management indicating the following : Tag number, description New department custodian, room number, and building. Acceptance s must be received from receiving department. Complete the Notice of Change in Moveable Equipment form in lieu of .

39 Intradepartmental & Departmental Transfers Once s/forms have been received by Asset Management, the following are executed: The requests are validated. Upon validation, the new custodial information is updated in PeopleSoft. Arrangements are made with Facilities or an outside contractor for transport when applicable. The Department is responsible for completing a work order to Facilities on Intradepartmental or Departmental Transfers.

40 Grant Transfers - Definition Taggable property that is either sponsorowned or funded being transferred from one University or entity to another University or entity.

41 Grant Transfers - Procedures Sponsored Projects should be notified immediately. Asset Management must be notified thereafter. A relinquishing statement must be sent to Asset Management accompanied by the Grant ID number. Request will not be processed without this information. If a grant is not continuous, the property is the property of LSU Health Sciences Center New Orleans.

42 Other State Agency Transfers Definition: Property being transferred outside of the University to an agency within the LSU system (e.g. Hospital). Action Items: Send notification to Asset Management via or complete a Notice to Change Moveable Equipment form.

43 Grant & Other State Agency Transfers LPAA is contacted for approval by Asset Management. Upon approval, arrangements are made for transport. Shipping and Freight costs may apply. The requestor will receive verification via Asset Management on approval status by LPAA. The transfer cannot take place until approval from LPAA is given. Assets are retired from the PeopleSoft database upon approval from LPAA.

44 Asset Management Contacts Holly Roberts, Assistant Director Accounting Services (504) Chanel Baiamonte, Manager (504) Joe St. Clair, Property Control Specialist III (504) Crystal Nelson, Property Control Coordinator II (504)

45 Helpful Links To view Asset Management s website, go to the link below. To view the Asset Management Manual, go to the link below. aster%20schedule%20revised.doc To view the Off-Campus Equipment Form, go to link below. 0fillable%20form.pdf To view the Off-Campus Non-Taggable Property Policy, go to link below. quipment%20policy%20final.doc

46 THE END