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Business and Financial Policies and Procedures

12 Property Accounting

12.1 Process New Acquisitions

12.1.1 Obtain Access to FABweb/Biennial Inventory Application
12.1.2 Classify Equipment and Property
12.1.3 Determine the Value of Equipment or Property
12.1.4 Enter Account Codes when Purchasing Equipment
12.1.5 Process a New Acquisition in FABweb
12.1.6 Affix Property Labels
12.1.7 Identify Donated, Found, and Other Non-Cash Addition Equipment
12.1.8 Add Donated, Found, and Other Non-Cash Addition Equipment to FABweb
12.1.9 Determine Capitalization Thresholds
12.1.10 Report New Software Over $250,000

Additional Resources for 12.1
Importance of Accurate Equipment Coding

12.2 Maintain Equipment Records

12.2.1 Complete a Biennial Inventory
12.2.2 Unit FABweb and Biennial Roles and Responsibilities
12.2.3 Comply with Unit Head Property Custodial Responsibilities
12.2.4 Maintain Entity Codes for Self-Supporting Activities
12.2.5 Update an Existing Asset in FABweb
12.2.6 Keep Property Secure
12.2.7 Assess an Employee for Missing or Damaged Equipment

Additional Resources for 12.2
Equipment Audits
Avoiding Property Accounting Problems

12.3 Transfers and Loans

12.3.1 Transfer Equipment to Another Unit
12.3.2 Process an "Internal Sale" of Equipment to Another Unit
12.3.3 Loan Equipment to Another Unit
12.3.4 Permanently Transfer Equipment with Researcher
12.3.5 Other Permanent Equipment Transfer Situations
12.3.6 Loan Equipment to Another Institution
12.3.7 Equipment Loans to Faculty, Staff, or Students

12.4 Disposals

12.4.1 Remove Stolen Equipment from Inventory
12.4.2 Remove Destroyed Equipment from Inventory
12.4.3 Dispose of Unneeded Equipment
12.4.4 Disposal of Firearms
12.4.5 Remove Data from Electronic Devices
12.4.6 Process Unlocatable Equipment

12.4.7 Dispose of Equipment with a Nominal Value


12.5 Real Property Leases

12.5.1 Enter into Leases or Licenses for Real Property
12.5.2 Expensed Lease or Housing Stipend for a Non-University Owned Residence or Apartment

Additional Resources for 12.5
Management of Residences Occupied by Non-Employees
Management of Residences Occupied by Employees

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