Property Management Frequently Asked Questions?
- Do replacement parts get inventoried?
- Only if they meet the capital class code threshold for the asset.
- How are warranties and extended warranties handled?
- In most cases warranties are included in the purchase price, the extended warranties that are optional should be expensed.
- What if the room number/location of an asset is unknown at the time the asset is placed into service?
- When entering the information for a new inventory item into Preliminary Fixed Assets and the exact location of the equipment is not known, please enter any information that will help to locate that item in the interim. For example, the initials of the person who will be primarily responsible for the equipment might be appropriate. Then, when the permanent location is known, please update FAMIS as soon as possible to facilitate your annual inventory certification process.
- Which items need to be inventoried?
Any item whose value is $5000 or greater AND has a useful life of greater than one year must be inventoried. This includes equipment, furniture, software, licenses (intellectual property), etc.
Also to be inventoried are items which may not meet the capitalization threshold, but have been determined by the State of Texas or by the University to be a high-risk item. These items shall be inventoried when their values exceed $500. These are called controlled items and include TVs, VCRs, cameras, and microcomputers and printers. Also controlled are ALL firearms and cash registers, regardless of value.
- What about manufactured assets--how does one determine the value?
- Manufactured assets derive their value from the combined value of the labor and the parts that were invested in the final product. Any donated equipment, services or supplies should be documented and added to the total value of the equipment. In addition, the value of labor should estimated and recorded and added to the value of the equipment. Upon completion, subject the equipment to the inventory criteria discussed above to determine whether it should be added to inventory. If so, please submit your records to Property Management.
- How long does a department have to mark equipment?
- The inventory number must be permanently affixed to an item promptly upon receipt and acceptance, but no later than 10 calendar days after receipt. According to the State Comptrollers office, the only items that must be tagged are inventory items. However, marking non-inventory items helps with the annual inventory certification process. Non-Inventory property that is on loan should be labeled as, Property of Texas A&M University or Property of State of Texas. Inventory items should have the label provided by property management affixed to the asset.
- How is missing and stolen equipment recorded on inventory?
Missing and stolen items should be reported to your department head AND Property Management with 24 hours.
Complete and sign a missing/stolen form, available on our website, and forward to property management with police report (where applicable) and any other supporting documentation.
Missing property will remain on your department's inventory for at least two years. Stolen property will be deleted immediately.
Your inventory records will identify missing inventory in a number of ways. If your annual certification lists items as missing, simply verify this status. There is no need to re-submit missing documentation to Property Management. If the property has been recovered, please notify us immediately so we can change the status in the records.
In FFX, Screen 534, which lists your department's inventory, the field "Room No." will show "MISS."
- Do computers and monitors get tagged separately, and if not, why not?
- In general, monitors are considered separate components from the CPUs. Therefore, they are generally not inventoried because they often do not meet capitalization/control criteria. If, however, a computer and monitor are purchased as a package, as often happens through Purchasing, and the separate components are not itemized on the invoice, then the system will be inventoried as a whole. (The monitor does not have to be tagged, however.)