unit logo
  1. Home
  2. Knowledge Base
  3. Asset Management
  4. Asset Relocations, Transfers, and Dispositions
  5. Relocating Capital Assets and Attractive Property

Relocating Capital Assets and Attractive Property

Directive Statement

This directive establishes the proper methods of relocating capital assets and attractive property.  Departments are responsible updating location information on these assets.

Reason for Directive

We must identify and track property to minimize risk due to theft or loss, meet regulatory compliance standards, maximize property usage, and support UF’s sustainability efforts.

Who must comply?

The Property Custodian and Department Contact are responsible for maintaining and accounting for capital assets and attractive property.

Procedures

  1. Enter the new location information in myAssets
  2. Complete an Off-Site Certification in myAssets before the equipment is removed from campus, if a department is relocating an asset to an off-site location
  3. Submit a Foreign Travel or Shipping Request through myAssets for any asset that will be transported outside the United States prior to travel
  4. Consult Environmental Health and Safety before moving an asset that contains hazardous materials
  5. Take adequate care to prevent damage of an asset by properly packing and covering of asset when moving the asset
  6. Take safety precautions when moving assets to prevent physical damage to the building or to the employees moving the asset
  7. If the asset is being assigned to a different reporting unit a transfer will also need to be completed in myAssets using the Transferring Ownership of Assets directive

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 for capitalized property.  The Asset Management Department is responsible for managing and maintaining these property records.

Departmental Contact

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

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.

Last Reviewed

05/01/2020: reviewed content

Resources

Off-Site Certification

Foreign Travel or Shipping Request

Toolkits

UF HR Toolkit – Asset Management

Contacts

Asset Management: (352) 392-2556

Still have a question?

View our FAQs