Decaling and Maintaining Capital Assets
This directive establishes the proper methods of identifying, decaling, and maintaining capital assets. The Board of Governors and UF directive defines which items are required to be tracked as capital assets and accounted for in an annual inventory. Placing decals on capital items allows Asset Management to manage and track these assets.
Reason for Directive
The Board of Governors and UF directive defines which items are required to be tracked as capital assets. Please review the Acquiring Capital Assets Directive for the criteria on capitalizing University of Florida assets.
Who must comply?
All University of Florida departments. It is the Property Custodian’s responsibility to identify and safeguard all capital assets owned by their departments. The Property Custodian will identify Departmental Contacts who will be delegated daily tasks.
For information on identifying and purchasing capital assets, please review the Acquiring Capital Assets Directive.
Decal the Capital Asset
When the voucher is issued, Asset Management will place the decal or send it to the department for placement. Decals are to be placed within 30 days of payment.
- 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 (below is an example of a capital asset decal)
- Where available, the decal will be placed on the front of the item for easy scanning
- 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 picture of the item will be uploaded in the property record in myAssets
- In addition, a decal book will be maintained containing the decal and any supporting documentation that will assist in locating the equipment
- Once a decal has been placed on the equipment, it must not be removed without notifying Asset Management
- If the department knows that the equipment will be used off-site, (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-Site Certification in myAssets before the equipment is removed from campus
Maintain and Safeguard the Capital Asset
To properly maintain, safeguard, and care for capital assets, the department must:
- Lock equipment (including attractive items) in secured locations and lock doors when rooms are not in use
- Perform adequate maintenance and upkeep of equipment
- Train staff on procedures for properly handling equipment (i.e. moving, transferring and cannibalizing equipment)
- Not let equipment sit idle for extended periods of time
- Store equipment in environmentally suitable locations to prevent corrosion, contamination, and damage of sensitive parts
Repair or Rehabilitate Government Owned Equipment
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.
Maintain Subcontractor Controlled Equipment
Government property in possession of subcontractors should be maintained in accordance with the requirements stated in the Federal Property Management Directive.
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.
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.
The Departmental Contact handles the day-to-day operations related to property.
Government Owned/Furnished Property
For the purpose of this directive, government owned/furnished property refers to federally owned furniture and equipment, which has been made available to the University for use on a particular contract, grant, or through a specific program, the title to which has remained with the federal government.
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 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.
11/30/2020: reviewed content
Asset Management: (352) 392-2556