Annual Inventory for Capital Assets
This directive establishes the proper methods of administering annual inventory of capital assets. Asset Management will perform inventory of capital assets. Departments are responsible for off-site certifications, inaccessible locations, and locating missing items.
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
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.
Who must comply?
Asset Management’s Responsibility
Asset Management will perform the annual inventory of capital assets efficiently and completely by utilizing both traditional inventory and advanced inventory methods. You can expect Asset Management to use the following methods while completing the annual inventory for your department:
- Scanning – Asset Management staff will come to your department and use Apple devices to scan the decals on the capital asset(s) (below is an example of a capital asset decal).
- Fuel or Maintenance Logs – Asset Management uses UF Motor Pool fuel and maintenance records to document the existence for the annual inventory.
- Network Connections – IT equipment has the benefit of network connections that can enable an “electronic touch” to each machine. Electronic “pings” can be sent to groups of computers to validate the P.C. to the MAC address. This inventory method is a common commercial practice for IT equipment, and is formally recognized as a standard practice by ASTM International (see ASTM E2132‐11).
- Library Resources – Library Resources use the online public assess catalog as inventory record.
Departments will perform the following actions to support Asset Management in the annual inventory of capital assets.
- Identify capital assets in inaccessible locations, such as in a facility deemed inaccessible due to safety reasons. See the list of inaccessible locations.
- Annually, request Asset Management approval for the department to certify all capital assets in the inaccessible location for annual inventory.
- Complete an Off-Site Certification annually for all UF property that is not located at a UF owned, leased, or used locations, as identified in the UF’s Space Tracking & Reporting System.
- Follow procedures in the Off-Site Certifications Directive to have the property user complete the certification.
- Locate missing capital assets that were not found during the first annual inventory pass.
- Join the Property Listserv. Asset Management uses this listserv to communicate with the campus community on property issues (List Archive is available).
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, 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 for capitalized property. The Asset Management Department is responsible for managing and maintaining these property records.
The Departmental Contact handles the day-to-day operations related to property.
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.
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:
- Unable or unwilling to meet annual inventory deadlines
- Lack of safe guarding and control by higher than average disposed capital assets classified as lost, stolen, or improperly disposed
- Inexperienced Property Custodian and/or Department Contact
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.
The University President has final responsibility for all capital assets that are in the 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 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.
05/01/2020: reviewed content
Asset Management: (352) 392-2556
Division of Sponsored Research: (352) 392-9174
UF Help Desk: (352) 392-HELP