University of Connecticut University of UC Title Fallback Connecticut

Inventory Control – FAQs

Frequently Asked Questions

1. What kind of equipment is recorded in the KFS Capital Asset Management (CAM) module?

Capital equipment is recorded in the KFS CAM module if it meets the following criteria:

    • It is tangible, non expendable personal property
    • The acquisition cost is $5,000 or greater (See Artwork exception)
    • It has an anticipated life of one year or more
    • It is permanently attached equipment over $100,000 (as of July 1, 2015)
    • Controllable Property is also recorded in the KFS CAM module. For more information on Controllable Property, please see Controllable Property Resources at

System of Several Items: The University may create a system of several items to make one tagged piece of equipment. An examples is purchasing a computer along with a monitor, keyboard and additional memory.

Artwork exception: All artwork, though not affixed with a permanent tag, are assigned an asset number in the Fixed Asset system, regardless of cost. This exception exists because artwork generally appreciates in value rather than depreciates.

Examples of equipmentOffice Equipment, such as computers and copiers, furnishings, scientific apparatus, machinery, library volumes, artwork, motor vehicles, boats, livestock.

2. What do I do if a piece of equipment is stolen or damaged?

If equipment is lost or stolen, please refer to the procedures outlined in Loss or Damage to Equipment

3. What do I do with old equipment that is no longer in use?

Pursuant to Public Act 91-256, the University may transfer or dispose of surplus, unused or unserviceable equipment. The Director of Purchasing, through the Central Stores Division, has procedures to accomplish this. In general, a department notifies the Director of Central Stores when it determines it has items to be surplused, items that are not being used, or items that are unserviceable. The Director of Central Stores inspects the items and determines the disposition. Central Stores has several options to handle this. Central Stores can try to find other departments at the University to use the equipment; can transfer the equipment to other state agencies; can donate the equipment to municipalities and non-profit organizations; can trade in the equipment; can sell the equipment; or can discard it.

Equipment to be discarded or returned to Central Stores as surplus should be submitted using the Asset Transfer e-doc in the Kuali Financial System. The Asset Transfer e-doc will route to Central Stores for approval and pick up. When the disposition of the assets have been determined, an Asset Transfer or Retirement of Asset will be processed accordingly by Central Stores.

4. A piece of equipment needs to be moved from one room to another within our department. Do we need to file a form?

Any movement of equipment, whether within a department or to a different department, should be documented by submitting Asset Location Global or Asset Transfer e-doc respectively. Even if the assistance of Central Stores is not needed to move the equipment, Inventory Control must be notified of the equipment’s relocation in order to maintain accurate inventory records.

5. How can I look up data on a piece of equipment in my department?

In the Kuali Financial System, asset detail may be accessed by using the Asset Lookup or Asset Payment screen.

6. Are there any KFDM standard reports for equipment?

The following reports are available in the Capital Assets folder in Standard Financial Reports:

Inventory: This report provides a list of capital equipment that can be filtered by Asset Owner Organization, Building Name, Room Number, or Asset Type.

Equipment on Loan: This report provides a list of all equipment loans by Asset Owner Organization, and can be filtered to include All, Current, or Outstanding loans.

Controllable Property: This report provides a list of all Controllable Property Assets in an Asset Owner Organization.

7. A piece of our department’s equipment is listed on asset detail screen as being in the wrong room. How can I fix this?

Changes to room number can be made in the Asset Location Global e-doc.

8. What is the procedure for accepting donations of equipment or artwork?

The Board of Trustees realizes the importance of voluntary charitable support from many sources, such as corporations, companies, and individual donors. In order to insure continued benefit from this generosity and meet requirements established by the IRS, it is important that the following procedures and guidelines are followed. The appearance of donor documents vary considerably; however, the procedure for processing donations is consistent.

Step 1: Determine whether the proposed gift should be accepted by the University. The University may accept a gift if the value of the gift is greater than its attendant costs, including exposure to financial, legal and other risks.

Step 2: The Department acknowledges the gift in writing to the donor.

Step 3: Report the gift on Add Asset (Global) edoc in KFS: A department receiving a gift reports the gift to the Inventory Control Office on an Add Asset (Global) e-doc. The department lists the donor’s name and address, a model or serial number, building and room number where the equipment is located, and an appraised value. If the gift is artwork, the department lists the name of the artist and title of painting or sculpture. The Add Asset (Global) e-doc is also used when accepting items donated through the UConn Foundation.

Step 4: Determine whether IRS Form #8283 is requested by the donor: A Non-cash Charitable Contribution, IRS Form #8283, will be prepared if requested by the individual donor. The information regarding the donated property must be provided or completed by the donor, providing a concise description of the donated property, together with the physical condition and an appraised fair market value. (Click here for IRS instructions for Form 8283.) The appraiser must be qualified to make appraisals of the type of property being valued and perform appraisals for the public on a regular basis. A copy of the appraisal, along with the appraisers signed declaration on Form 8283, must be received. The selection of the appraiser is the responsibility of the donor, along with the payment for this service. Note: IRS Form 8283 applies to individual income tax deductions and not to corporations. Donations of products made by the corporation are business expenses of the corporation.

9. Does my department need to purchase insurance on its equipment?

In general, University property is covered by insurance provided by the State Insurance Purchasing Board. University property includes buildings and contents of buildings, personal property of employees, equipment owned by other organizations, University-owned property located off a campus, and motor vehicles. The types and amount of insurance coverage are determined by the State Insurance Purchasing Board using the valuation of all real and personal property summarized on the Fixed Assets/Property Inventory Report/GAAP Reporting Form CO-59. The Accounting Office completes this form annually, as of June 30, and submits it to the State Comptroller. The information in this report is based upon the information in the KFS CAM module.

Insurance claims are rarely paid because of the high deductible of the State. Separate insurance on computers can be reasonably purchased. Contact the Office of the Vice Chancellor for Business and Administration for information on the computer insurance.

10. A new piece of capital equipment has been delivered to our department, but has not yet been tagged. How can I get a tag put on it so that it may be distributed?

Under the current system, Inventory Control affixes tags to new equipment once it receives notice of payment. It is likely, however, that departments will actually receive the equipment prior to the payment being processed. In order to expedite distribution of equipment, we request that departments contact Inventory Control as soon as the equipment is received. The Inventory Control Office will send someone to your department to tag the new equipment.