Asset Management

  1. Introduction and Contact Information
  2. Definitions
  3. Capitalization Thresholds
  4. Acquisitions
  5. Receiving Purchased Equipment
  6. Placing Decals
  7. Safeguarding and Care
  8. Relocating
  9. Transferring Ownership
  10. Inventory Procedure
  11. Reporting Requirements
  12. Dispositions
  13. Records Maintenance and Retention
  14. Real Property – Capitalization Thresholds
  15. Real Property – Acquisitions
  16. Attractive and Sensitive Property
  17. Reducing, Re-Using and/or Recycling University of Florida Electronic Equipment

1. Introduction and Contact Information

      1. The purpose of these University of Florida Asset Management directives and procedures is to provide direction for University employees who are responsible for marking, recording, and/or safeguarding University owned and Government owned capital assets.
      2. These directives and procedures are promulgated through the following sources:
        1. Chapter 9 of Board of Governors, “Property and Finance”
        2. Chapter 273 of Florida Statutes, “State-Owned Tangible Personal Property”
        3. 2 CFR 200, Uniform Guidance (Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards)
        4. FAR Part 45 – Government Property
        5. Chapter 1013 of Florida Statutes, “Educational Facilities – Part III, Planning and Construction of Educational Facilities”
        6. GASB, Basic Financial Statements – and Management’s discussion and analysis – for State and Local Governments
        7. Rule Chapter 69I-72, Department of Financial Services Division of Auditing
      3. These directives and procedures are intended for university-wide use. However, if a department elects to institute a more restrictive practice for purposes of budgetary control, the Controller’s Office will entertain a request of this nature. All university employees are expected to comply with these directives and procedures.
      4. University Asset Management is located in Elmore Hall (PO Box 115300, 116 Elmore Hall) and can be reached at the following numbers:
Office Phone Fax
Asset   Management Main Office Personnel 392-2556 392-4687
Inventory   Personnel 392-3352 392-4687
Surplus   Property Warehouse 392-0370 392-5921
Grants   Specialist for Asset Management 392-2556 X 344 392-4687
Construction   Accounting 392-8251 392-4687

[top]

2. Definitions

    1. Account – The account is a six digit number assigned to a particular class of assets and is used when purchasing capitalizable equipment. When using these accounts, the expenditures must meet the capitalization threshold set by the University of Florida. The following accounts are used when purchasing capital assets:
      781000 Land
      781100 Equipment General
      782400 Computer Software
      783200 Modular Buildings
      784000 Vehicles and Transportation
      785000 Library Resources
      786000 Property Under Capital Lease (Used by AM staff only)
      787000 Construction Work in Progress (Used by CA staff only)
      789100 Artwork and Museum Artifacts
      789400 Livestock

      When assets are purchased, the department is responsible for recording the receipt of the asset in myPayment Solutions to document the item’s receipt for payment. Any voucher created without receiving documentation will be returned to the department. Once the voucher is approved, Asset Management records the asset in myUFL. Journal entries are generated from myUFL to capitalize the item.

      When an asset is capitalized, the asset costs are converted to an asset account:

      181000 Land
      182000 Building
      183000 Furniture & Equipment
      184000 Infrastructure
      186100 Artwork Depreciable
      186200 Artwork Non-Depreciable
      186300 Software
      186400 Livestock
      187000 Library Resources Depreciable
      187100 Library Resources Non-Depreciable
      188000 Property Under Capital Lease
      189000 Leasehold Improvements
    2. Asset Identification (Asset ID Number) – The asset identification number is a unique number which is automatically assigned to each asset by the Asset Management (AM) Subsystem in MyUFL.
    3. Attractive/Sensitive Property Items – Attractive/sensitive property is tangible personal property less than $5,000 that can be characterized as “walk away” items. These items are prone to theft because they are either not secured, are easily portable, contain new technology and/or they are adaptable for personal use.
    4. Cannibalizing Equipment – Cannibalizing equipment is done when the department takes apart a piece of equipment to use the parts to repair other equipment. Note: Cannibalizing equipment must not be done without prior authorization from Asset Management.
    5. Capital Assets – Capital assets includes Land, Buildings and Fixed Equipment, Infrastructure, Moveable Furniture and Equipment, Library Resources (Depreciable and Non-Depreciable), Software, Artwork (Depreciable and Non-Depreciable) and Livestock.
    6. Capitalization Threshold – The capitalization threshold defines the criteria(s) for capitalizing University of Florida assets.
    7. Asset Category – Each capitalized Asset Account is also a unique Category for classifying assets and can also be identified by the following category codes: LAND, BUILD, F&E, INFRA, ARTD, ARTND, SOFT, LIVES, LEASE, LEHDI, LIBND, LIBR.
    8. Custodian – The University President has final responsibility for all capital assets that are in possession of the University. Based on specific departments, this responsibility is delegated to the Vice Presidents, Deans, Directors or Chairpersons or a Designee. The person to whom this responsibility is assigned becomes the “Custodian” of the assets. All Custodians must be a full-time EXEMPT employee with direct knowledge of the operations of the department.
    9. Department – Department includes all Research Centers, Academic and Non-Academic Departments and Auxiliaries.
    10. Fabricated Equipment – Fabricated equipment includes equipment that is constructed by individuals or departments by assembling parts or basic materials purchased. The total value of all combined parts must meet the capitalization threshold for the category of equipment in which it is related.
    11. Fixed Capital Outlay (FOCO) – Includes real property (i.e. land and buildings including attachments, fixtures and fixed equipment and structures) including additions, replacements, major repairs and renovations to real property which materially extends its useful life or materially improves or changes its functional use. Includes operating outlay necessary to furnish and operate new or improved facility.
    12. Government Owned/Furnished Equipment – For the purpose of these directives and procedures, government owned/furnished equipment refers to federally owned equipment, which has been made available to the University for use on a particular contract or grant, title to which has remained with the federal government.
    13. Off-site – A location not identified in the University’s space file. A complete list of University locations can be found at UF’s Space Tracking & Reporting System, STARS.
    14. Profile – The Asset Profile is a 4 digit code used to identify an asset’s useful life (Number of years an asset can be depreciated).
      A003 Artwork 15 years
      X003 Artwork not depreciable
      A005 Artwork 50 years
      F001 Books > $250-Noncirc 20 years
      F003 Furniture 15 years
      F016 Motor Vehicles 15 years
      F025 Aircraft/Helicopter 15 years
      F030 Motorcycles 5 years
      F032 Golf Carts Scooters 3 years
      F043 Motor Vehicle Equipment 15 years
      F052 Marine Engine 10 years
      F064 Boat/Airboat/Canoe/Raft 15 years
      F084 Boat/Utility/Eq Trailer 15 years
      F103 Communication Eq/Radio 15 years
      F115 Office Eq/Copier/Fax 15 years
      F135 Computer Equipment 7 years
      F164 Photo/Video/Sound/TV 10 years
      F183 Engineering Equipment 15 years
      F193 Agricultural Equipment 15 years
      F203 Laboratory Equipment 15 years
      F222 Recreational/Athletic 15 years
      F233 Musical Instruments 15 years
      F242 Radiation Control Eq 15 years
      F252 Scientific Equipment 10 years
      F253 Scientific Equipment 15 years
      F255 Scientific Equipment 7 years
      F260 Aircond/Cooling Eq 15 years
      F286 Medical/Dental Equipment 15 years
      F272 Plumbing/Sewage/Plant 15 years
      F284 Medical/Dental Equipment 10 years
      F300 Modular Buildings 15 years
      F303 Food Service Equipment 15 years
      F314 Household Equipment 15 years
      F320 Drapes 20 years
      F333 Maintenance/Repair/Eq 15 years
      F342 Weapons/Body Armor 15 years
      F373 Printing/Mail/Processing 15 years
      F411 Materials/Handling Eq 15 years
      F430 Radio/TV Station Eq 15 years
      L002 Library Resources 10 years
      L003 Library Resources not depreciable
      O010 Livestock 5 years
      O061 Software 5 years
    15. Report of Survey – The Report of Survey (ROS) is a form that is completed by the Department Contact and the Property Custodian to facilitate the process of removing a capital asset or attractive item from inventory. Each ROS is created in the myAssets system – typically by the Department Custodian. Each ROS lists the survey type (cannibalization, recycled, decal correction, etc.), asset information, and the Department Contact and Property Custodian’s contact information. Upon receiving required departmental approval from the Property Custodian, each ROS is signed off on by a witness from the department (typically the Department Custodian) and a representative of the University’s Survey Board. After all required approvals, the item is removed from inventory.
    16. Subcontractor Acquired Property – Property provided by the University or purchased from University provided funds for the performance of a contract or grant. Title to property will vest with the University or the original federal sponsoring agency.
    17. Tag (Property or Decal) Number– The tag number is a number assigned to an item by Asset Management or by the Asset Management Subsystem in MyUFL. This number is printed on a paper decal that is placed on moveable equipment. Once the decal has been place, it is not to be removed by departments. Note: For assets purchased after July 1st 2004, the asset ID and the tag number will default to the same number. Asset Management will change the tag number when the asset is owned by a governmental agency or another granting agency, where the asset is software, books, buildings or infrastructure, or when a data correction is needed to a property’s master record.
    18. Title (Ownership) of Property – The University of Florida owns all property acquired with funds administered by or under the control of the University. Title to assets purchased with federal funds may reside with the granting agency during the life of the contract or grant. Once a contract or grant has expired and if the granting agency no longer has a need for the property, title will revert to the University. Assets meeting the capitalization threshold will be decaled regardless of funding source.
    19. United States Munitions List (USML) – The USML is a list of items designated as defense related by the United States federal government. Items on this list are often referred to as ITAR (International Traffic in Arms Regulation) controlled. Any equipment item on this list must be identified as ITAR controlled in UF’s property records or a Departmental list of Attractive items. In order to comply with export controls all access to an item on the USML list must be limited. As soon as an item is identified as being ITAR controlled, Division of Research Compliance (DRC) will be contacted. DRC will assist the department in developing a technology control Plan (TCP) that addresses both information and physical security measures.
    20. 600 Series – The 600 series is a list of items maintained by the Department of Commerce.  The 600 series items are also known as the Commerce Munitions List.  These items have a military application but are considered less sensitive than items on the United States Munitions List.  Any equipment item on this list must be identified as a 600 Series item in UF’s property records or a Departmental list of Attractive items.  As soon as an item is identified as being a 600 series item, the Division of Research Compliance (DRC) will be contacted.  DRC will assist the department in developing any needed security measures.

[top]

3. Capitalization Thresholds

    1. Furniture & Equipment – Includes moveable equipment of a non-consumable nature, where the value or cost (less discounts) of the asset including freight, installation and other cost incurred to acquire the asset is $5,000 or more and the normal expected life of which is one year or more. Note: Repairs and maintenance expenses, service contracts, and extended warranties are not additions to the capital assets.
    2. Artwork – Depreciable – Includes all artwork purchased by a department (not including the Harn Museum or the University Gallery) where the value or cost of which is $5,000 or more and the normal expected life of which is one year or more.
    3. Artwork – Non-Depreciable – Includes all artwork purchased by the Harn Museum or the University Gallery ONLY where the value or cost of which is $5,000 or more and the normal expected life of which is one year or more. Note: All donated artwork is donated through the UF Foundation and reported on the Foundation’s financial statements.
    4. Software – Computer Software is treated as an intangible asset.  Software includes software licenses that have a unit cost of $4,000,000 or more, the life is one year or more and does not have a time-limited license for current or future use (i.e. does not require payment or return each year).
    5. Livestock – Includes animals with a value or cost of $5,000 or more and the normal expected life is one year or more.
    6. Library Resources – Includes Library resources with a value or cost of $250 or more and having a useful life of one year or more.

[top]

4. Acquisitions

    1. The following are procedures for acquiring equipment: Note: The Surplus Warehouse at the University of Florida contains equipment that is available to other departments for use. The departments are encouraged to first review the Surplus Warehouse website before acquiring new equipment.
    2. Purchasing New Equipment through a Purchase Requisitions – The following are procedures for purchasing equipment through a purchase requisition:
      1. When purchasing equipment, the purchase must meet the capitalization threshold ($5,000.00) for the type of equipment being purchased.
      2. The “Requisition to Purchase” must reference the applicable department ID, fund, program and category.
      3. When purchasing tangible equipment, the department is encourage (whenever economically feasible) to purchase environmentally preferred products. (University of Florida Environmental Purchasing Policy)
      4. Upon completion of Requisition to Purchase, receipt and vouchering, the department will complete a Property Update Document in myAssets for any additional information to be added to the property record

      Note: Tangible equipment (other than books) should not be purchased using a P-Card or paid un-encumbered.

      Instructions on requisitioning to purchase assets can be located on the Asset Management Toolkit.

    3. Trading In Old Equipment for New Equipment – The following are procedures for trading-in old equipment for new assets:
      1. The department must complete the purchase requisition as instructed above.
      2. The department must indicate the old tag number of the asset that is being traded-in on the comments field on the MyUFL (See instructions above).
      3. The department must initiate a Report of Survey request in myAssets for the old piece of equipment.
      4. The department must mail the completed Report of Survey to Asset Management (PO Box 115300, 116 Elmore Hall), email property@admin.ufl.edu, or upload to the myAssets system .
      5. All University decals must be removed from the asset before the item is traded-in and taped to the Report of Survey PDF generated from myAssets. (If the decal is not attached to the Report of Survey, the department must include a statement on the survey explaining why the decal was not attached.)
      6. If the item contains sensitive information, it must be removed from all devices before the item is traded-in.

      Note: The University of Florida does not permit the trade-in of UF owned assets for expendable materials, operating leased equipment or equipment being purchased by Direct Support Organizations where ownership of the new asset does not reside with the University of Florida.

    4. Receiving Donated Equipment – The following are procedures for receiving donations of equipment from other universities, the Federal Government, other State agencies and private industries:
      1. The department will receive the asset(s) in myAssets – see instructions.
      2. The department must obtain supporting documentation which clearly confirms that ownership has been transferred to the University of Florida.
      3. Asset Management staff will add the asset to the AM subsystem indicating the acquisition type as “donation”.
      4. The value of the donated equipment added to the financial statements will be the fair market value of the asset at the time the University of Florida acquires the asset.
    5. Fabricating Equipment – The following are procedures for recording fabricating equipment:
      1. The department must choose a proper asset category when creating the requisition to purchase.
      2. The department must indicate in the comments field on the requisition that the costs will be added together to make one asset.
      3. The department will receive the asset(s) in myAssets – see instructions.
    6. Receiving Government Furnished Equipment – The following are procedures for transferring government owned equipment to the University of Florida:
      1. Title to all equipment furnished by the government for use on a project will remain with the government. It is the responsibility of the Principal Investigator to send a copy of the shipping documents, transfer order and/or correspondence pertaining to the receipt of the equipment to Asset Management (PO Box 115300, 116 Elmore Hall).
      2. Such property, when acquired by NASA grants, will be maintained in accordance with NASA Grant Handbook.
      3. Equipment furnished by the government are subject to all reporting requirements of the particular contract or grant until the project is terminated at which time specific disposition instructions will be requested by Asset Management.
    7. Purchasing Equipment from Contract or Grant Funds -The following are procedures for Purchasing Equipment from contract and grant Funds:
      1. The specific provisions of each contract or grant may vary regarding the acquisition of equipment. In many cases, prior approval must be received. Before assets are charged to a contract or grant, departments must review the terms and conditions of the agreement to identify limitations for purchasing equipment. If the department is unsure of limitations set forth by the granting agencies, they can contact Asset Management’s Senior Grants Specialist at 352-392-2556 x 344.Known Agency Specific Limitation:
        1. For the Department of Defense (DOD) contracts, the purchase of equipment in the project budget costing less than $5,000 does not need further approval, but prior approval of the Contracting Officer is required if the item is not listed.
        2. NASA Grants – Acquisition of property costing in excess of $5,000 and not included in the approved budget requires the prior approval of the Administrative Grants Officer unless the item is merely a different model of an item shown in the approved budget. The government reserves the right to require transfer to the government or third party (named by the government) of the title of items purchased at a cost in excess of $5,000 within 120 days after receipt of a final inventory.
      2. General types of equipment, such as typewriters, air conditioners, office furniture, and calculators are not permitted to be purchased unless specifically approved in writing by the Contracting Officer.
      3. All purchase requisitions (partially or fully funded) must include the project number assigned to the contract and grant on the chartfield string.
    8. Receiving Equipment from Federal Surplus Property in Starke, Florida – The following are procedures for receiving equipment from Federal Surplus Property:
      1. The department must contact Asset Management to obtain prior authorization.
      2. Asset Management will authorize the department to pick up Federal Surplus Property.
      3. When the equipment is received, it is the responsibility of the department to certify receipt of the property items and to authorize payment (when necessary).
      4. The department must mail a copy of the certification of receipt or invoice to Asset Management (PO Box 115300, 116 Elmore Hall), or email to property@admin.ufl.edu.
      5. Asset Management will add equipment to the Asset Management Subsystem.
    9. Leasing Equipment – The following are procedures for capitalizing leased equipment that are deemed “capital leases”:
      1. One of the following criteria must be met:
        1. The title of the equipment is transferred to the University.
        2. There is a bargain purchase price for the equipment at a future date.
        3. The term life is greater or equal to 75% of the life of the equipment.
        4. The present value of payments is greater than or equal to 90% of the fair market value of the equipment.
      2. Asset Management will add the asset to the AM Subsystem.
      3. Asset Management will instruct the department on how to properly account for capital leased equipment.

[top]

5. Receiving Purchased Equipment

    1. The following are procedures for receiving purchased equipment:
      1. Any assigned employee for each department will be responsible for receiving and unpacking equipment. When removing the packing slip and confirming the contents of package, this employee will indicate the following on the packing slip: Serial Number, Custodian, Location, Primary User, and Manufacturer
      2. The department will input the receiving information noted above into MyUF Payment Solutions. Instructions are located on the Approving an Invoice for an Asset instruction guide.

[top]

6. Placing Decals

    1. The following are procedures for placing decals on capital equipment:
      1. Each item of property is marked with a decal which contains the asset tag number to establish ownership (i.e. University, Government or Agency owned) of the asset.
      2. Each property item shall be permanently marked with a decal containing the identification number assigned to that item to establish UF ownership. Any item of property whose value or utility would be significantly impaired by the attachment or inscription of the decal is exempt from the requirement for physical marking. However, the custodian’s property records shall contain sufficient descriptive data to permit positive identification of such items. Items with the same class code shall be marked in a similar manner to facilitate identification. In determining a marking location, careful consideration shall be given to the intended use of the items; the probability that the marking could be obliterated by wear, vandalism or routine maintenance functions; and, the appropriateness of the marking method chosen. Additionally, the location of the decal and the marking method chosen shall not mar the appearance of the item. When utilizing an electronic scanning format system, decals shall be placed on property in the same manner as other markings specified in this section.
      3. In the event that the nature of the equipment does not allow for the proper placement of decals (i.e. the equipment is in an inaccessible location, the equipment is too small to have a decal placed on it or the value of the equipment would be impaired if decal was placed on it), a decal book will be maintained containing the decal. The book must also include any supporting documentation that will assist in locating the equipment.
      4. Once a decal has been placed on the equipment, it must not be removed without notifying Asset Management.
      5. If the department knows that the equipment will be used off campus, (i.e. in an employee’s place of residence or in a remote location) the department must apply the decal on the equipment and complete an Off-Campus Property Certification in myAssets before the equipment is removed from campus.

[top]

7. Safeguarding and Care

    1. The following are procedures for safeguarding and caring for equipment:
      1. It is the Custodian’s responsibility to ensure that the University’s assets assigned to them are adequately protected against loss, damage or theft. This includes:
        1. Locking equipment (including attractive items) in secured locations.
        2. Perform adequate maintenance and upkeep of equipment.
        3. Training staff on procedures for properly handling equipment (i.e. moving, transferring and cannibalizing equipment).
        4. Locking doors when rooms are not in use.
        5. Not letting equipment sit idle for extended periods of time.
        6. Storing equipment in environmentally suitable locations to prevent corrosion, contamination and damage of sensitive parts.
    2. Repair or Rehabilitation of Government Owned Equipment.
      1. When the necessity arises for major repair or rehabilitation of government owned/furnished property, it must first be approved by the Federal Property Administrator before such repair or rehabilitation may be performed.
    3. Subcontractor Controlled Equipment.
      1. Government property in possession of subcontractors should be maintained in accordance with the requirements stated in the University Directives and Procedures concerning the basic requirements of the acquisition, safeguarding and care, disposition, relocating and reporting of Government property.

[top]

8. Relocating

    1. The following are procedures for relocating equipment:
      1. The department is responsible for entering the new location information for moved equipment in myAssets.
      2. If a department is relocating an asset to an off-site location, the department must complete an Off-Campus Certification Form in myAssets before the equipment is removed from campus.
      3. Any asset that will be transported outside the United States must receive authorization prior to travel. To request authorization, submit an asset Request Approval for Foreign Travel through myAssets. When traveling with computers no restricted data or research can travel international without prior approval from DSR.
      4. Before moving equipment that contains hazardous materials, Environmental Health and Safety must be consulted.
      5. When moving equipment, the department must take adequate care to prevent damage of the equipment by properly packing and covering of equipment.
      6. The department must take safety precautions when moving equipment to prevent physical damage to the building or to the employee’s moving the equipment.
      7. Asset Management will update the new location in the AM subsystem in MyUFL based on the above information. These procedures only apply when relocating equipment within the same department.

[top]

9. Transferring Ownership

    1. The following are procedures for transferring ownership of assets between departments:
      1. The “transferring” department will submit a Report of Transfer request in myAssets. Electronic approvals will be received from both the transferring and receiving department Custodians.
      2. If an asset was purchased from a Contract or Grant, Asset Management will verify the appropriateness of the transfer. (The terms and conditions of the granting agency may prevent the equipment to be used for activities other than the original project’s objective.)
      3. Asset Management transfers ownership of the equipment to the “receiving” department.

[top]

10. Inventory Procedure

    1. The following are procedures for completing equipment inventory:
      1. The inventory is performed annually starting July 1st and ending March 31st.
      2. Laser scanning equipment is used to scan the bar codes that are printed on the decals. This is the primary form of inventorying equipment and artwork.
      3. Off-Campus Certification – Off-Campus Certifications are used for equipment that is located in remote locations or in employee homes.
      4. Software and Book Certification – Software and Book Certification is performed on-line through myAssets. The department must indicate whether the item is still in use or not. If the item is still in use, the inventory date is updated by Asset Management. If the item is not in use, the item will be retired in the myUFL system.
      5. Livestock inventory is performed by counting the livestock in each category and providing the total sheets to asset management.
      6. Library Resources will use the on-line public assess catalog as inventory.

The department is responsible in locating missing equipment that was not been found during the first inventory pass.

[top]

11. Reporting Requirements

    1. Asset Management will provide the dollar amount of government owned facilities as well as the quantity of industrial plant equipment (IPE) accountable under each contract. Reports will be provided for all DOD Property on the Tangible Personal Property Report SF-428.
    2. Annual inventory reports will be provided to NASA for all property where title vest in the government. Reports must be prepared on NASA Form 1018, Report of Government-Owned/Contractor Held Property and furnished to the contracting officer no later than October 15th of each year.
    3. Reports will be provided to DOE on SF428, Tangible Personal Property Report.

[top]

12. Dispositions

    1. In accordance with Section 273.05, Florida Statutes, the University has appointed a “Property Management Committee” to review all dispositions information for UF owned equipment. It is the committee’s role to recommend the final disposition of equipment.
    2. The terms and conditions of the contract or grant  may stipulate how and when an asset is allowed to be disposed. Therefore, all equipment accountable to a contract  or grant must be approved by Asset Management before an asset can be disposed.
    3. When government-owned property becomes excess to the contract for which it was provided, it must be screened against the needs of other contracts before it can be declared excess.  If such need is disclosed, a request should be made to Asset Management for authority to use or to transfer.  Asset Management will contact the Plant Clearance officer for instructions. Additionally, if the department wishes to cannibalize government equipment, a request to cannibalize must be made to Asset Management for approval.  The request will be forwarded by Asset Management  to the Contracting Officer for the project.
    4. When a piece of equipment has been deemed surplus (no longer needed, damaged, worn out or obsolete), the department will complete a Surplus Property Pick-up Request form. Within 14 business days of receiving the Surplus Property Pick-up Request, Surplus Property staff will pick up the equipment and store it in the Surplus Property Warehouse. This piece of equipment will be advertised on the Surplus Warehouse Website for 14 days to allow other departments the option of acquiring the equipment before it is sold at auction, recycled or scrapped (except for furniture which is held 7 days).  If the item has not been claimed by another department, the equipment is available for auction (see Procedures for Reducing, Re-Using and/or Recycling University of Florida Electronic Equipment). The proceeds from the sale of equipment is used to cover the operating expenses of the Surplus Warehouse with the exception of Government owned equipment where the money received will be returned to the agency (FAR 45.604-3, Proceeds from the Sale of Surplus Property). If the equipment is not working, the equipment will either be scrapped or recycled.
    5. If the department decides to cannibalize equipment, the department must first complete the Report of Survey and send it to Asset Management for approval. The department must attach the equipment decal to the Report of Survey. By submitting this survey form, the department is certifying that the asset will be dismantled and no longer used and that this form is not being submitted to meet inventory requirements.
    6. If a piece of equipment is traded-in for new equipment, the department will submit a Report of Survey request through myAssets for the asset being traded in. Once approved by the department’s custodian, the PDF Report of Survey will be faxed to Asset Management along with the documentation to support the trade in. The department must attach the equipment decal to the Report of Survey form.
    7. If a piece of equipment has been damaged by fire, hurricane etc, a Report of Survey request must be submitted through myAssets. Once approved by the department’s custodian, the PDF Report of Survey will be faxed to Asset Management along with any supporting documentation. The department must attach the equipment decal to the Report of Survey form, whenever possible.
    8. UF owned equipment purchased from Contracts & Grant funds and still residing on a Contract & Grant account can only be donated to a not-for-profit entity. If a department wishes to donate equipment, they must initiate a request through myAssets. Signatures must be obtained from the College Dean, DSR and the Property Custodian. Verification of acceptance of the equipment by signature or email is also required from the receiving institution. Once approved by all parties, the completed Report of Survey must be faxed or e-mailed to Asset Management for final approval (352) 392-4687 or property@admin.ufl.edu.
    9. The Federal Surplus equipment dispositions are processed the same as above with the exception of equipment costing $5,000 or more or where the equipment is a motor vehicle. These items CANNOT be transferred, cannibalized, or utilized for a secondary purpose for a period of 18 months after placed in service without written permission from the Florida Surplus Property Division. If the department wishes to dispose or transfer Federal surplus equipment, they must notify Asset Management’s Sr. Grants Specialist at 352-392-2556 x 344.
    10. When equipment has been deemed lost or stolen, the department must initiate a request through myAssets. Once the request has been created, myAssets will e-mail the initiate a PDF Report of Survey form. This form must be signed by the Department Chairperson or Director and faxed or e-mailed to Asset Management at (352) 392-4687 or property@admin.ufl.edu. When theft is discovered, the University Police Department (or local authority) must be notified by telephone immediately. A copy of the police report must accompany the survey form. In the case of loss of non-state owned property that is covered by insurance, the department must notify the Insurance Coordinator at 352-392-1591.
    11. Items not sold at auction will be available to other Government Organizations and/or Private Nonprofit Organizations see item 17 below for special requirements for electronic equipment.

[top]

13. Records Maintenance and Retention

    1. Asset Management is responsible for maintaining the records of all contractor acquired equipment and government furnished equipment. The property records file will be updated or adjusted upon receipt of Asset Management documentation indicating the payment for equipment or, in the case of government furnished equipment, the notice of receiving an item as shown on a DD Form 1149 or a contract modification.

[top]

14. Real Property – Capitalization Thresholds

    1. Building Capitalization Policy In accordance with statutory provisions and generally accepted accounting principles, the University will capitalize and include in its real property records the following:
      1. For construction projects beginning on or before June 30th, 2008:
        1. All new construction
        2. Remodeling, renovation, and major repair projects with total cost of $100,000 or greater or 25% or more of the building value. Total cost will include all professional fees, contingencies, materials, etc. associated with the project. Purchases of tangible personal property (OCO) are not included in the evaluation of project costs for capitalization purposes.
        3. All land purchases, donations, exchanges, etc.

        The Construction Accounting Department, with the approval of the Associate Controller, may capitalize projects costing under $100,000 if a determination is made that the completion of the project will substantially extend the useful life or substantially improve the use of the building. In such instances the costs of project will be added to the real property records. Purchases of tangible personal property (OCO) are not included in the evaluation of project costs for capitalization purposes.

      2. For construction projects beginning on or after July 1st, 2008:
        1. The original cost to construct new buildings
        2. The costs related to renovation projects which adds new square footage
        3. The costs to a renovation project which extends the useful life of a COMPONENT part (i.e. roof, plumbing, electrical, etc.) of the building by two or more years, and meets one or both of the following criteria:
          1. The costs are $250,000 or more
          2. The costs are 25% or more than the original cost of the building.

        Note: Total costs include all professional fees, contingencies, materials, etc. Excluded costs include tangible personal property and asbestos abatement costs.

[top]

15. Real Property – Acquisitions

    1. New Construction and Renovations – Each new construction and renovation project is assigned a project number in MyUFL. All costs related to the project are tracked individually. At the end of the project, if the costs meet the capitalization threshold (listed above), the costs are capitalized to the related building and/or as infrastructure on the financial statements.
    2. Donations – Donations of buildings are normally executed through the UF Foundation and/or the Research Foundation. Documentation to support the donation must be sent to Asset Management (PO Box 115300, 116 Elmore Hall). These capital assets are added to the AM Subsystem in MyUFL and recorded as an asset on the financial statements.
    3. Leased Property – Property leases that include clauses that stipulate that the title of the buildings will be transferred to the University of Florida and where the lease term is greater than or equal to 75% of the property’s life and the value of the payments is greater than or equal to 90% of the fair market value of the property are considered “capital leases” and are added to the AM Subsystem in MyUFL and recorded as an asset on the financial statements. Departments who engage in such capital lease agreements are encouraged to send the lease agreement and the amortization schedule to Asset Management (PO Box 115300, 116 Elmore Hall). Asset Management will further research whether the lease qualifies as a capital lease.
    4. Leasehold Improvements – Whether or not a lease qualifies as a capital lease, if a department makes improvements to a leased building, the costs are capitalized as a leasehold improvement as long as the improvements meets the capitalization threshold listed above.

[top]

16. Attractive and Sensitive Property

      1. Attractive Property is property that costs less than $5,000 and is not a capital asset.  The university or the department wishes 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 track the property
      2. Attractive Property that is required to be tracked must be recorded in myAssets. Items that are required to be tracked as mandatory Attractive Property include:
        • Items identified in the Mobile computing and storage devices policy (i.e. laptops, tablets, smart phones). These items need to be maintained on the unit’s information assets inventory.  Please refer to http://www.it.ufl.edu/policies/information-security/mobile-computing-storage-devices.
        • Items taken off-site – Property which is removed from UF owned, leased, or used locations (as identified in the UF Space Tracking and Reporting System, STARS). These items must be tagged as being UF property, assigned to an individual, and have an address identified in myAssets.  UF owned, leased, or used locations can be identified at http://www.facilities.ufl.edu/space.html.  All mobile computing devices should be identified as off-site property within myAssets, unless the department can demonstrate and document a business purpose for individual mobile devices not being categorized as off-site.  The business purpose documentation must be emailed annually to Asset Management at property@admin.ufl.edu.
        • Vehicles, vessels, or aircraft that is titled, licensed or registered with the Department of Motor Vehicles. This would include cars, trucks, motorcycles, scooters, trailers, boats, ATV’s and golf carts with a top speed of at least 20 mph.
        • Any property item included on the United States Munitions List (USML) or in the 600 series on the Commerce Control List. Items included in the USML or in the 600 series of the Commerce Control list have military applications (fire arms, night vision goggles, Geo-synchronous mapping).  If assistance is needed determining if an item is controlled by the International Traffic in Arms Regulations (ITAR) or a 600 series item, contact Asset Management at property@admin.ufl.edu for assistance.
        • Items purchased with Equipment-Use Fees (Fund 163). Please refer to http://cfo.ufl.edu/media/cfoufledu/documents/Equipment-Use-Fee-Equipment-Management-Policy.pdf
      3. Departmental Designated Attractive Property – A department can track items as Attractive Property outside of the mandatory requirements described above.  Departments can develop their own method of tracking departmental designated Attractive Property.  Examples include cameras, computer peripherals, musical instruments, lab equipment, medical equipment, and equipment to be loaned out to other departments.
      4. Responsibility – The property custodian is responsible for identifying and safeguarding all Attractive Property owned by their departments.  This includes decaling, identifying, annual inventorying, transferring, and disposing of attractive property and keeping the department up-to-date with Attractive Property policies and procedures.  Departmental policies for Attractive Property are to be documented in writing.  Refer to “Best Practices for Attractive Property” for guidance on developing and maintaining departmental policies and procedures.  Asset Management recommends the use of myAssets to track all attractive property, because myAssets is fully integrated with departmental contacts, UF locations, off-site certifications, e-mail notifications, and surplus pick-ups.  The property custodian may identify departmental contacts who will be delegated daily tasks.
          • Decaling – Departments are required to decal all Attractive Property within 30 days of receipt of the property.  Attractive Property can be purchased through Disbursements (myUF Payment Solutions) or Procurement (P-Card, or myUF Market).  Attractive Property can also be donated through the UF Foundation or transferred to UF with incoming faculty from another university.  Decaling of equipment is important to identify UF equipment and is required when traveling with UF equipment to foreign countries.
          • Identifying – Departments will need to record the following information to identify the attractive property:
            • Department ID
            • Serial number of property (if not available, list as “None”)
            • Description of property
            • Location of property

        In addition to the mandatory fields displayed above, myAssets also has additional fields available for the departments to help identify and track the attractive property like in-service date, manufacturer, model, user, cost, purchase order number, voucher, ECCN, and ITAR.

        • Annual Inventorying – Departments will conduct an annual inventory of Attractive Property recording the date of the inventory and location of the items in myAssets.  Annual inventory of Attractive Property enables the department to identify lost, stolen, or improperly disposed attractive property, which may have contained sensitive data, so it can be reported timely to the Privacy Office.  Asset Management has inventory scanners which can be loaned to departments for the use of annual Attractive Property inventory
        • Transferring – Departments will initiate a transfer in myAssets of Attractive Property between departments within 30 days of the physical transfer of property.
        • Disposing – Departments will need to record the disposal of Attractive Property appropriately in myAssets.  No UF property, including Attractive Property, may be given to an individual or thrown away without prior approval from Asset Management.
          • Surplus Pick-up – Departments will need to request a surplus pick-up of all unused or unneeded Attractive Property to prevent the items from being damaged or thrown away and so the property can be utilized by other UF departments.
          • Disposal – Departments will need to request the disposal of the property from Asset Management by cannibalizing, recycling, donating to another university, lost/missing, stolen, improperly disposed (thrown away), or requesting not to track anymore by a decal correction (only applies to non-mandatory Attractive Property) in myAssets.
      5. Reporting Requirements for Attractive Property:
        • Off-site Certification – When a department is relocating an asset to an off-site location, or an item is intermittently traveling, the department must complete an Off-site Certification Form in myAssets before the equipment is removed from campus.  The Off-site certification will be required annually as long as the item is located off-site campus or continues to travel.
        • Foreign Travel Request – Any asset that will be transported outside the United States must receive authorization prior to travel. To request authorization, submit an asset Request Approval for Foreign Travel through myAssets. When traveling with computers, no restricted data or research can travel internationally without prior approval from the Division of Sponsored Research (DSR).
        • Disposal – When Attractive Property is no longer needed, it may be traded-in by the department for purchase of goods or services or sent to Surplus by completing a surplus pick-up request in myAssets. In support of the UF Strategic Plan and UF’s sustainability initiative, all property of the university, including Attractive Property, cannot be thrown away without prior approval from Asset Management and should be sent to Surplus to be recycled or reused within the university. Special allowances are made for property located outside of Alachua County. Equipment located in an area not serviced by Surplus may work with their local recycler to dispose of equipment.
        • Lost or Stolen Attractive Property – Whenever it has been discovered that Attractive Property has been lost or stolen, the Police must be notified immediately to obtain an incident or police report, respectively.  If Attractive Property recorded in myAssets is lost or stolen, then it must be reported in myAssets.
        • Lost or Stolen Mobile Devices are required to be reported to Information Security Office at https://security.ufl.edu/it-workers/media-disposal/lost-or-stolen-mobile-device-procedure.
      6. Departments that elect not to use myAssets to track ASP will need to include the following information for tracking ASP:
        1. Serial Number of Equipment and/or a Unique Tag Number if Serial number is not available*
        2. Date equipment was purchased
        3. Description of the equipment
        4. Item’s cost
        5. Current location of equipment
        6. Person responsible for usage of the equipment
        7. Inventory Date
        8. At time of removal from ASP list, the date and reason for removal

        Please refer to the Equipment-Use Fees Management Policy for additional information requirements when an item is purchased with Equipment-Use Fees. http://cfo.ufl.edu/media/cfoufledu/documents/Equipment-Use-Fee-Equipment-Management-Policy.pdf

* A unique tag number may be obtained for the item by initiating a request in myAssets. Tags must be placed on the equipment by the department.

When departments need to dispose of ASP, Asset Management policy for Reducing, Re-using and/or Recycling Electronic Equipment must be followed.

Stolen ASP – Whenever it has been discovered that ASP has been stolen, the Police must be notified immediately.

Lost or Stolen Mobile Devices are required to be reported to Information Security Office https://security.ufl.edu/it-workers/media-disposal/lost-or-stolen-mobile-device-procedure.

[top]

17. Reducing, Re-Using and/or Recycling University of Florida Electronic Equipment

        1. Overview – The University of Florida has embarked on an initiative to serve as a laboratory for sustainability, to form partnerships with local and regional stakeholders in its sustainability efforts, and to provide international leadership for sustainability. Surplus Property staff working with the campus community plays an important role in this mission by ensuring that electronic equipment is reduced, re-used and/or recycled.
        2. Purpose – The purpose of this directive it to minimize the effects of the University of Florida’s electronic waste on the environment by reducing, re-using and/or recycling electronic equipment and materials while meeting all local, state and federal regulations.
          By working together, we can all contribute to the University’s sustainability goals.
        3. Examples of Electronic Equipment and Materials
          Cables
          Calculators
          Cameras
          Cell Phones
          Circuit Boards
          Computer Racks
          Connectors
          Converters
          Copiers/UPS
          CPUs
          Computers
          CRT Monitors
          DVD Players
          Fax Machines
          Hard Drives
          Keyboards
          Mice
          Laptops
          Mainframes
          Medical Equipment
          Memory Devices
          Microfiche Readers
          Modems
          Moving Vehicles
          Optical Drives
          PDAs
          POS Equipment
          Power backup
          Printers
          Projectors
          Repeater Research and Testing Equipment Tracking Devices
          Surge protectors
          Splitter & Cluster Boxes
          Tape Drives
          Telecom Equipment
          Televisions
          Transceivers
          VCR Players

          Because electronic equipment contains a high level of lead and other hazardous materials, it has been deemed to be harmful to the environment. As such, the University of Florida has taken measures to minimize such environmental damage.

        4. Management and Disposal of Electronic Equipment
          1. Management of Electronic Equipment by Departments
            1. Departments are encouraged to review the list of surplus equipment available on Surplus Property’s website before purchasing new equipment.
            2. Departments are encouraged to not stockpile and/or store equipment for extended periods of time and to send such equipment to the Surplus Warehouse so that the equipment can be made available for other departments to actively use.
            3. Departments are encouraged to perform preventative maintenance on equipment to sustain its useful life.

            Through this effort, the University reduces the unnecessary purchase of electronic equipment that is already available from the Surplus Warehouse, as well as encouraging the re-use of available equipment suitable for other purposes.

          2. Completing a Report of Survey Form
            1. Departments are encouraged to initiate a request to pickup surplus equipment in myAssets whenever they discover they have equipment that is no longer needed in their department.
            2. When departments send electronic equipment to the Surplus Warehouse, the Units will indicate on the survey form whether the equipment is working or non-working.
            3. It is the responsibilities of all departments sending equipment to the Surplus Warehouse to ensure that all sensitive data has been permanently removed from all electronic devices. This includes, but is not limited to, data that is confidential, for internal use only, protected health information, or any other sensitive information that is not to be made publicly available.
            4. The departments must indicate on the survey form that all sensitive data has been permanently removed from all electronic devices. Guidance on removing such data can be found at http://fa.ufl.edu/am/destroy-data.asp.
        5. Obtaining Electronic Equipment from the Surplus Warehouse
          1. All electronic equipment identified as working is first advertised for 14 days on the Surplus Property website to allow other departments the opportunity to re-use the equipment. Note: Departments may be limited on the number of electronic equipment items each Unit can obtain from the Surplus Warehouse during a specified time period. This is intended to provide equal opportunity for all departments to choose the most valued electronic equipment available from the Surplus Warehouse.
          2. Auction of Electronic Equipment to Students, Staff and Private Individuals – If working electronic equipment has not been obtained by a department and is less than five (5) years old and/or contains new technology, the equipment becomes available by the Surplus Warehouse to students, staff and private individuals to purchase through online auction or sale. In such circumstance, the following conditions apply:
            • The equipment is sold individually and not in bulk.
            • A minimum fair market value will be stipulated for the beginning bid price.
            • The purchaser will be contractually required to return the electronic equipment to the Surplus Warehouse in the unlikely event that any sensitive information still exists on the electronic device.
            • The purchaser must agree in contract to use the equipment appropriately according to all local, state and federal regulations.
            • The purchaser must agree in contract to dispose of such equipment as required by local, state and federal regulations.
            • The purchaser is restricted to the number of items that can be bid upon during a specified time period.
          3. Donations of Equipment to Other Governmental Entities and Non-Profit Organizations – State, Government, and Non-Profit Organizations are allowed to obtain working electronic equipment from the Surplus Warehouse that has not been obtained by departments, is less than five (5) years old and/or contains new technology. The following conditions apply:
            • The equipment is not needed by another UF department or under bid.
            • The non-profit organization has proper certification.
            • The equipment is taken individually and not in bulk.
            • The organization will be contractually required to return the electronic equipment to the Surplus Warehouse in the unlikely event that any sensitive information still exists on the electronic device.
            • The organization agrees in contract to use the equipment appropriately according to all local, state and federal regulations.
            • The organization agrees in contract to dispose of such equipment as required by local, state and federal regulations.
            • A limitation may be set to control the number of items an organization can receive during a specified time period.
          4. Recycling Unsold and Non-Working Electronic Equipment – If working electronic equipment is not sold or donated within a reasonable time frame, the equipment will be sent to an approved recycling vendor along with non-working electronic equipment.Surplus Property will not sell or donate electronic equipment (working or non-working) in bulk unless the buyer has been approved as a recycler by Environmental Health and Safety and vendor pricing has been approved by Asset Management.

[top]