Welcome to Inventory Control
Inventory Control is responsible for tagging and conducting an annual inventory of over 11,000 pieces of capital equipment on six campuses and various other locations. Accurate records regarding the location of 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.
This area of the Accounting Office is also responsible for the capitalization and tracking of all other fixed assets including land, buildings, nonstructural or infrastructure and construction-in-progress.
Policy and Procedures
- General Information
- Equipment Count
- Equipment Tagging
- Financed Equipment Purchases
- Equipment on Loan from Fed. Government
- Equipment Purchased on Fed. Funds
- Equipment Insurance
- Transfer/Sale/Purchase Equipment
- Loss or Damage to Equipment
- CAM Procedures
- Gifts of Property to the University
- Capitalization Thresholds
Consumable Supplies Inventory
FREQUENTLY ASKED QUESTIONS
1. What kind of equipment is recorded in the KFS Capital Asset Management (CAM) module?
Both capital equipment and controllable property are recorded in the KFS 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)
System of Several Items: The University may create a system of several items to make one tagged piece of equipment. An example is purchasing a computer along with a monitor, keyboard and additional memory.
Artwork exception: All artwork assets, 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 equipment: Office Equipment, such as computers and copiers, furnishings, scientific apparatus, machinery, library volumes, artwork, motor vehicles, boats, livestock.
- Controllable Property is also recorded in the KFS CAM module. For more information on Controllable Property, please see information on Controllable Property at http://accountingoffice.uconn.edu/inventorycontrol
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?
Central Stores, specifically Surplus Management, administers the University Surplus Program. Per Public Act 91-256, the University of Connecticut has the authority to dispose of surplus, unused and/or unserviceable equipment and supplies. Proper disposal of University property is required pursuant to Section 4a-77a of the General Statutes.
Surplus Management determines if items sent to surplus will be reused or recycled to the University. Information regarding the University Surplus Program may also be found here: https://surplus.ubs.uconn.edu/. To reach Surplus, call 860-486-3094.
4. How can I transfer ownership of equipment between departments?
Any movement of equipment to a different department should be documented by submitting Asset Transfer eDoc in KFS. Click here.
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 or a piece of equipment needs to be moved from one room to another within our department. How can I fix this?
Any movement of equipment should be documented by using the Group Dept Audit (Cycle Controllable Property) function in Asset Panda. For Asset Panda information and instructions, please visit https://accountingoffice.uconn.edu/inventory-control/.
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) eDoc. 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) eDoc 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.pdf, 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..pdf) 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.
11. Does Controllable Property have to be confirmed annually?
Yes, Inventory Control will send out an email to faculty and staff listing the Controllable Property assigned to them for confirmation. The file will be created, and email delivered if the Last Inventory Date has not been updated within each year (greater than 365 days).
Inventory Control / Capitalization Staff
John J. Budds Building
343 Mansfield Road Unit 1074
Storrs Mansfield, CT 06269-1074
For general questions/information - InventoryControl@uconn.edu
Annette Pavone, CPA
Accounting Manager, Lead Accountant
Location: Budds Bldg, Room 217B
Administrative Program Manager II
Location: Budds Bldg, Room 217
Administrative Program Support II
Location: Budds Bldg, Room 217
Administrative Program Support III
Location: Budds Bldg, Room 217
Financial Assistant II
Location: Budds Bldg, Room 217