Accounting

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The purpose of Property Accounting is to:

• Tag newly purchased capital equipment with a "Property of University of Southern Indiana" label, which includes an individual number.


• Enter capital equipment into the Fixed Asset Control System. This process includes inputting information regarding the responsible person, total cost, university account number, vendor name, building, and room number. If possible, the serial number, manufacturer name, model number, purchase order number, and/or the check voucher number are listed.


• Conduct an inventory with the department's assistance on a yearly basis.


• Perform routine spot checks throughout the year.


• Pass annual audits, including those conducted by university auditors and the State Board of Account Auditors.

Definitions used in Property Accounting:

An item is normally tagged once it has been paid for by the Accounts Payable Department. There is an asset report that the control system coordinator receives twice monthly.
If an item has been paid for and qualifies as a taggable item, the control coordinator should be contacted and a label will be made and put on the item. Contact the property accounting coordinator.

The University inventory is conducted annually and consists of the Buyer/Fixed Asset Coordinator producing reports of capital items. These reports are sent to the "responsible person," where the asset is located in each University department.
Capital assets are separated into three sections: Items valued (1) $5,000 to $7,500, (2) $7,500 to $10,000 and (3) $10,000 and greater.
Once the reports are returned to the coordinator, necessary changes are made. The changes normally consist of new locations, added items, disposed items, sold items, or items in storage. The coordinator makes necessary changes on the Fixed Asset Control System.
Results of the inventory are kept for auditors to review.

This policy is to provide a mechanism to relieve or redistribute University surplus or unusable assets . When an item no longer is wanted by a user department, the department contacts the Procurement Department for instructions regarding disposition of the item. The Procurement Office will attempt to redistribute the item within the university. Should it be determined there is not a need for the item within the university, it may be sold or traded outside the University as outlined below:

• Advertised for public auction at a time and place specified by Procurement.
• Consigned to a public auction house for sale.
• Sold by invitational bid widely circulated.

Upon the Director of Procurement's signature, release assets to public agencies or non-profit organizations. Unusable property or parts that cannot be sold for junk or disposed of as listed above, will be properly discarded by the department following Procurement instructions for disposal or by the Procurement Department. The objectives of these procedures will be:

• to assure that the university will receive the greatest possible return;
• to assure that free and open competition on sales will exist;
• to assure that the decision to sell or dispose of university assets is not the responsibility of one person.

If an item needs to be moved, stored, or disposed of, the control coordinator must be contacted. An email form in Microsoft Outlook is available for this purpose. To access this form, click on Tools, choose form, and the form labeled "Equipment Transfer/Disposal Request." Once the form is completed, received fiscal agent approval, and is sent, it will automatically go to the control coordinator. If you have any questions, please contact the coordinator.

The University will maintain fixed assets in accordance with GASB 34/35, which requires that not-for-profit organizations depreciate their fixed assets. Fixed assets are defined as items of both real property (land, buildings and improvements) and personal property (equipment) which will be recorded as assets within the plant fund section of accounts. Property having historical significance will not be depreciated.
The Business Office uses administrative software developed by SCT to track individual capital items.
To be capitalized, personal property, here after referred to as equipment, will have a useful life of more than two years and an acquisition cost of more than five thousand dollars ($5,000). See the attached schedule for equipment types and useful life. Other items, which do not meet these two tests, may be tracked but will not be capitalized. Repairs to a capital asset may also be capitalized if they extend the life of the item beyond that originally established.
Real property will be capitalized during year-end closing of the fiscal year of acquisition. Real property assets, which are classified, as buildings will be divided into four functional units each with a unique useful life. Those units are:

The employee using property away from campus or an officially officially designated work location by an employee must be approved by the college dean or department’s financial manager. This off campus use and approval thereof must be in writing or maintained electronically, and the document must remain on file with the approving authority until the property is returned in satisfactory condition.
This documentation must be available for review during an audit, and is to be reviewed for renewal at least annually by the approving authority. The Microsoft Outlook form titled “Equipment Off-Campus Transfer Request” is required for this purpose. The form is located in Microsoft Outlook by going to Tools, Forms, Choose Form, and then selecting the Equipment Off-Campus Transfer Request form.
The user will be required to send an update of the status of use per 6 month period. This will help identify if the equipment should be returned to campus.
The employee using property away from campus or an officially designated work location agrees to the following provisions, regardless whether the document they sign specifies the provisions or not:

1. The property is to be used for University purposes only and not for the employee's own or another's personal gain,
2. Such use shall not impair existing programs of the University,
3. The property will be returned in satisfactory condition, and the user assumes all liability for repair and/or replacement costs of any property not so returned (liability to be determined by the department),
4. In the event of an extended absence, the user shall make arrangements for the return of the property,
5. The University may recall the property immediately, with the expressed knowledge of the approving authority.
6. Once the equipment is returned to an on-campus location, the same Equipment Off-Campus Transfer Request form should be submitted with the new location, etc.
7. Upon notification of resignation, retirement, or termination from the University, the employee agrees to return the equipment immediately.