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:<\/p>\n
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\u2019s reporting tools allow Property Management to access a capital asset\u2019s location and condition, identify the responsible custodian and cost center, as well as view the net book value after depreciation.<\/p>\n
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.<\/p>\n
\u2022 Allow for both accurate accounting and budgeting for the University
\n\u2022 Calculate proper depreciation on purchased equipment for University financial statement
\n\u2022 Contain accurate information to facilitate proper levels of insurance coverage and claims processing
\n\u2022 Comply with federal regulations that require records to be maintained for sponsored equipment
\n\u2022 Comply with both research sponsors and the IRS for financial reporting
\n\u2022 Property-related requirements for contractual agreements<\/p>\n
\u2022 Consistent, complete record-keeping
\n\u2022 Accurate accounting and budgeting for equipment at the University
\n\u2022 Compliance with government regulations
\n\u2022 Assists with departmental planning and budgeting
\n\u2022 Track gifts and donations to the University
\n\u2022 Provide information from which to negotiate the indirect cost rate on equipment
\n\u2022 Track movement, utilization, status, and disposition of equipment
\n\u2022 Analysis of equipment use and loss by departments
\n\u2022 Generate reports of equipment by grant or contract number<\/p>\n
Note<\/strong><\/span>: These records are the basis for filing required reports for sponsor-funded projects as well as financial and management reporting.<\/p>\n","protected":false},"excerpt":{"rendered":" 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: Artwork […]<\/p>\n","protected":false},"author":21052,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/no-sidebars.php","meta":[],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/pages\/10171"}],"collection":[{"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/users\/21052"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/comments?post=10171"}],"version-history":[{"count":7,"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/pages\/10171\/revisions"}],"predecessor-version":[{"id":12221,"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/pages\/10171\/revisions\/12221"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/media?parent=10171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}