Welcome to Plant Funds/Inventory!

The Plant Funds section of the Accounting Office performs the accounting function for all of the University’s fixed assets and debt. This includes accounting for the construction projects (Project Accounting), accounting for the bonds and long-term debt that the University has, and the capitalization and inventory of all fixed assets including land, buildings, nonstructural or infrastructure components, equipment and construction-in-progress. All of the areas within Plant Funds have an important role in the preparation of the University’s financial statements, as does the entire Accounting Office. On the 2005 financial statements, the net value of Property and Equipment (after depreciation) was over $1.5 billion dollars, which translates into about 58% of the University’s total assets.

Project Accounting has recently expanded, as the finance area of the University has assumed a larger role in construction accounting. Capital projects include new construction, renovations and deferred maintenance. Projects are funded using UCONN 2000 and 21st Century UCONN funding, other State bonds, departmental funding and outside funding including donations. Plant Accounting works closely with Architectural and Engineering (A&E) Services and Capital Projects and Contract Procurement (CPCA). In fact, two of our accountants spend most of their time at the A&E building. We also work closely with Academic Renovations and Facilities Operations because of their role in renovations and deferred maintenance.

The University’s Bond and other Long-Term Debt Accounting includes recording the liabilities and costs of issuance, as well as making the debt payments, funding the payments and funding debt reserves.

The area of Plant Funds that most of the University community is familiar with is Inventory Control. Inventory Control is responsible for tagging and conducting an annual inventory of over 56,000 pieces of equipment on six campuses and various other locations. This is the University’s single largest asset with a value net of depreciation of $190 million at June 30, 2005. Accurate records regarding the location if equipment is vital for Cost Recovery calculations, with regards to accountability with the State of Connecticut Property Control Manual, and for proper valuation on the financial statements. Because taggable equipment is also generally easily moveable, it is special challenge to complete this task. We are always seeking departmental participation to fill out our forms and review the lists we send to you. There are many initiatives underway in Inventory Control designed to make the task easier for everyone involved. We will be increasingly utilizing this website to make contact with the University community in this regard. So please visit us often.