Assets and Accounting Module

An asset is an item or group of items that meet the capitalization criteria and are documented within the Asset Accounting Module. Assets are generally moveable capital equipment, however, there are a variety of other assets that are also tracked by Property Management. Refer to the individual sections for the following types of assets:

Asset Accounting Module

The Asset Accounting Module is a database used to house the information pertaining to moveable capital equipment. This system captures information such as acquisition value and useful life for each capital asset to ensure accurate depreciation. The system’s reporting tools allow Property Management to access a capital asset’s location and condition, identify the responsible custodian and cost center, as well as view the net book value after depreciation.

The inventory maintained by Property Management is utilized by many departments such as Risk Management, Sponsored Program Post-Award, and General Accounting. This inventory listing includes moveable capital equipment, fabricated equipment, and fine art pieces. These assets may be purchased or leased by the University or acquired through donation, transfer or loan. Due to the many ways a capital asset may be acquired, the Property System is also used to track the funding source to comply with federal regulations and sponsor requirements.

Reasons for having an Asset Accounting Module:

• Allow for both accurate accounting and budgeting for the University
• Calculate proper depreciation on purchased equipment for University financial statement
• Contain accurate information to facilitate proper levels of insurance coverage and claims processing
• Comply with federal regulations that require records to be maintained for sponsored equipment
• Comply with both research sponsors and the IRS for financial reporting
• Property-related requirements for contractual agreements

Benefits of the Asset Accounting Module include:

• Consistent, complete record-keeping
• Accurate accounting and budgeting for equipment at the University
• Compliance with government regulations
• Assists with departmental planning and budgeting
• Track gifts and donations to the University
• Provide information from which to negotiate the indirect cost rate on equipment
• Track movement, utilization, status, and disposition of equipment
• Analysis of equipment use and loss by departments
• Generate reports of equipment by grant or contract number

Note: These records are the basis for filing required reports for sponsor-funded projects as well as financial and management reporting.