Capital Assets and Attractive Property Management
Management of capital assets, attractive property, and federal property include acquiring, identifying, decaling, transferring between chartfields, and disposing of assets/property.
Capital assets, sometimes referred to as fixed assets, are resources of the University and are included on the University’s financial statements. A capital asset is long-term property that UF owns and uses in fulfilling its mission and is not expected to be consumed within one year of acquisition. The Board of Governors and UF policy defines which items are required to be tracked as capital assets. There are several types of capital assets: tangible property, real property, and intangible property.
Capital tangible property is property that can be physically relocated. Capital tangible property costs a minimum of $5,000 per item and has a useful life longer than one year (excluding library resources, these items only require a minimum of $250). Items are verified by an annual physical inventory. Examples of capital tangible property are furniture and equipment, livestock, library resources. UF identifies all capital tangible property, except library resources, with an orange decal, which is placed on the item. This is an example of the orange decal:
Click here for additional information on directives and procedures for capital assets including general information, definitions, and capitalization thresholds.
Attractive Property is property that costs less than $5,000. The University or departments may wish to track the property due to various reasons, including:
- Property contains sensitive data
- Property is prone to theft or loss
- The department is required to or wishes to track the property
This is an example of the white attractive property decal:
Click here for additional information on directives and procedures for attractive property including what items are mandatory attractive property, what decal is used to identify attractive property, and a template of a departmental attractive property policy.
Federal property is a special kind of tangible property. UF acquires federal property several ways: Federal property can be purchased with a federal grant or contract, loaned to UF from a federal agency, or donated to UF by a federal agency. The federal government requires this property to be tracked, so it will have an orange decal AND may also have a white federal decal provided by the funding agency.
UF uses 3 special codes at the beginning of the tag number to identify federal property:
- 4910US – Owned by the US Government
- 4910AO – Owned by an agency like NASA
- 4910F – Owned by federal surplus or GSA
Examples of federal agencies who provide property to UF are the National Science Foundation (NSF), National Aeronautical and Space Administration (NASA), and the Federal Excess Personal Property program (FEPP) which is managed for UF through CITRA.
Click here for additional information on directives and procedures for property acquiring contracts and grants funding.
Real property is buildings, land, land improvements, and infrastructure. It is any property attached directly to land as well as the land itself. These items are verified annually through the space inventory and allocation system (SPIN).
While real property is being constructed, Construction Accounting works with project managers to ensure costs for the construction project are properly identified and tracked.
Click here for additional information on directives and procedures for real property including the capitalization threshold and acquisitions.
Capital assets can be acquired three ways: the capital assets are purchased, donated, or loaned to the University.
- Purchased – Capital assets can only be purchased through Procurement (myUF Market). Capital assets should never be purchased unencumbered through myUF Payment Solutions or purchased with a PCard.
- Donated – Assets can be donated to UF through the UF Foundation or transferred in with incoming faculty from another university.
- Loaned – Assets can be loaned, or “furnished”, to UF by a federal agency or other agencies to be used at the University. It is provided to the University, but it isn’t owned by the University. The title’s ownership remains with the agency.
Click here for additional information on directives and procedures for acquiring capital assets by purchase, donation, or loan.
Departments are responsible for receiving, safeguarding, and updating location information of capital assets in myAssets.
The University uses decals to identify ownership of capital assets, attractive property, and federal property (examples are shown above in those sections).
>Click here for additional information on directives and procedures for decaling of capital assets, attractive property, and federal property.
Ownership of capital assets and attractive property can be transferred between UF departments.
Click here for additional information on directives and procedures for transferring capital assets and attractive property.
In support of UF Strategic Plan and UF’s sustainability initiative, when capital assets or attractive property are no longer needed, these items should be sent to UF Surplus to be recycled, reused within the University, or sold/donated to the public. If departments wish to dispose of the items on their own, they will need to request the disposal of the property from Asset Management in myAssets. Under no circumstances should any UF property be disposed of or transferred without Asset Management approval.
How to Dispose of Property:
Surplus Pick-Up – Departments will need a Surplus Pick-Up Request for all unused or unneeded capital assets and attractive property to prevent the property from being damaged or improperly disposed. Special allowances are made for property located outside of Alachua County. Capital assets and attractive property located in an area not serviced by UF Surplus may work with their local recycler to dispose of the property responsibly.
Click here for additional information on Surplus Pick-Up requests and step-by-step instructions on how to submit a Surplus Pick-Up Request.
Disposal Requests – If departments wish to dispose of the items on their own, they will need to request the disposal of the property from Asset Management in myAssets. Departments submit a Disposal Request in myAssets and identify the disposal method: cannibalizing, recycling, trade-in (for purchase of goods or services), donating to another university, lost/missing*, stolen*, improperly disposed (thrown away without Asset Management approval), or requesting not to track anymore by a decal correction (departmental designated attractive property only).
*When an item has been lost or stolen, the Police must be notified immediately to obtain an incident report or police report, respectively. This report will be submitted with the survey to Asset Management.
Click here for additional information on directives and procedures for disposing of all types of property including capital, attractive, and federal.