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Annual Inventory for Attractive Property

Directive Statement

This directive establishes the proper methods of administering annual inventory of attractive property.  Departments are responsible for inventorying attractive property – it is not inventoried by Asset Management.

Reason for Directive

The purpose of this directive is to ensure proper accounting for capital assets and attractive property.  The Board of Governors requires the University of Florida to complete an annual physical inventory of all capital assets.  Other regulations, such as HIPAA and FERPA, require attractive property to be tracked, or departments may choose to track attractive property.  See the Attractive Property Directive to identify attractive property.

The inventory is performed annually starting July 1st and ending March 31st.  The deadlines for departments for completing the annual inventory are as follows:

  • Off-site Certifications September 30th
  • High Risk Departments November 30th
  • STAR and IFAS Departments January 31st
  • Main Campus and Health Science Center Departments March 31st
  • Attractive Property for all departments – April 30th

Who must comply?

All UF departments.  Departments designate Property Custodians and Departmental Contacts who manage property for the department.  Asset Management maintains a listing of Current Property Custodians and Contacts.

Procedures

Departments will conduct an annual inventory of attractive property.  The Annual Inventory for Capital Assets directive provides information about that process.

  1. Scan the decal on the attractive property using the iOS inventory app to update the inventory record in myAssets (below is an example of an attractive property decal).
    • Asset Management has Apple devices loaded with the iOS inventory app which can be loaned to departments for the use of annual attractive property inventory.
      Attractive Property Inventory Decal
  2. Complete an Off-Site Certification for items not located on UF facilities.  This includes when a department is relocating an asset to an off-site location, or an item is intermittently traveling and must be completed before the equipment is removed from campus.  The Off-site certification will be required annually as long as the item is located off campus or continues to travel.

Definitions

Attractive Property

Attractive property is tangible personal property less than $5,000.  The University or the department wishes to track the property due to various reasons, including: contains sensitive data, prone to theft or loss, department is required or wishes to track the property.  myAssets is the tool used to track and identify Attractive Property.  Each department is responsible for tracking and identifying its attractive property.

Capital Assets

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 Asset Management module of myUfl contains the official property record of Capital Assets and is the data source for financial reporting of capitalized property.  The Asset Management Department is responsible for managing and maintaining these property records.

Decal

Asset tag placed on capital assets, attractive property, and federal property.  Printed on the decal will be a unique tag number, used to identify the item, and a bar code.

Departmental Contact

The Departmental Contact handles the day-to-day operations related to property.

High Risk Departments

Departments that have demonstrated in the past an inability to effectively control and account for their capital assets.  The following factors are considered in determining a high-risk department:

  1. Unable or unwilling to meet annual inventory deadlines
  2. Lack of safe guarding and control by higher than average disposed capital assets classified as lost, stolen, or improperly disposed
  3. Inexperienced Property Custodian and/or Department Contact

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.

Property 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.

STAR Departments

STAR departments have special privileges and responsibilities as it relates to decaling and inventorying their capital assets and attractive property.  Departments that have demonstrated exemplary property practices are eligible to be classified as STAR (Scanning Targeted Auditable Resources) departments. View the list of STAR departments.

Last Reviewed

05/01/2020: reviewed content

Resources

Off-Site Certification

UF’s Space Tracking & Reporting System

Toolkits

UF HR Toolkit – myAssets

Contacts

Asset Management: (352) 392-2556

Division of Sponsored Research: (352) 392-9174

UF Help Desk: (352) 392-HELP

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