Add Donated, Found, and Other Non-Cash Addition Equipment to FABweb
Before You Begin
All equipment $500 or more must be recorded in FABweb, even if your unit did not purchase it. Because the reporting threshold changed July 1, 2005, if the item was purchased before that date for less than $2,500, it does not have to be recorded in Banner Fixed Assets using FABweb.
If the equipment is a gift, submit a Report of Gift Received Transmittal form to the University Foundation.
If the equipment has been permanently transferred from another institution, it will become property of the University/State of Illinois unless the research sponsor has mandated otherwise. Even if the equipment title will not pass to the University, the equipment must still be added to Banner Fixed Assets.
If the equipment is on loan from another institution, consult with University Property Accounting and Reporting for recording in Banner Fixed Assets.
To add donated and non-cash addition equipment to FABweb:
- Determine that it is a non-cash addition.
- Log on to FABweb.
- Select "Process a New Acquisition for Banner Fixed Asset."
- Select "Create a new non-cash record."
- Continue through the FABweb tabs.
- The asset record is forwarded to University Property Accounting and Reporting who will review and submit it to Banner.
Equipment from another University
When equipment from another university has accompanied a researcher, determining how to record that asset can be complex because each situation may be unique:
- Consult with University Property Accounting and Reporting to determine the proper recording of the asset. Provide documentation that the former institution is transferring title, along with attributes required for entry into Banner Fixed Asset. If the former institution is NOT transferring title, the equipment remains the property of the sponsoring agency until the sponsor either relieves the University of accountability in writing or the title is transferred to the University:
- As part of the sponsor's agreement
- At the request of the University of Illinois and with the written approval of the sponsor
- Add the asset as a non-cash addition to FABweb as directed by University Property Accounting and Reporting.
Forms Used in this Procedure
Related Policies and Procedures
Last Updated: June 1, 2011 | Approved: Senior Associate Vice President for Business and Finance - June 2011