The University of Connecticut Inventory Control unit is required to take an annual physical count of capital equipment. This is required by Section 4-36 of the General Statutes of the State of Connecticut.
Effective July 1, 2015, equipment is categorized as either Capital or Controllable Property.
Capital Equipment: Capital equipment is defined as tangible, non-expendable, personal property having an anticipated life of one year or more with a unit acquisition cost of $5,000 or greater. Equipment is capitalized and depreciated on the University’s financial statements. Capital equipment includes, but is not limited to, furnishings, scientific apparatus, machinery, library volumes, artwork, motor vehicles, and boats.
Field representatives in the Inventory Control unit of the Accounting Office affix bar-coded inventory tags to newly acquired capital equipment. Inventory Control is responsible for the annual physical inventory (count) of the equipment and manages the equipment inventory data in the Capital Asset Management (CAM) module in the Kuali Financial System (KFS).
Improvements/Additions to Existing Capital Equipment: When capital equipment is enhanced to add additional functionality or to extend the useful life, the cost of the enhancement will be added to the existing capital equipment. Please note the tag number on the requisition or the PCDO document. The object code used to purchase the improvement/addition should be the appropriate capital equipment object code.
Attached Equipment: Capital equipment that is permanently attached to a building, where removing it would cause permanent damage to the building, is considered Attached Equipment. Attached equipment purchases should be coded to 8270 if $100,000 or more, and 8325 if under $100,000.
Controllable Property: Controllable Property assets have a cost under $5,000 and include: ALL computers (desktops, laptops, iPads, and Notebooks), cellular phones, and may also include other types of equipment deemed by the department to be controllable such as audiovisual equipment, televisions, projectors, communication equipment, data processing equipment, computer peripherals, scanners, and cameras.
Controllable Property Assets are created by Inventory Control based on purchases using object code 8306 in KFS. Controllable Property tags will be sent to departments when Purchase Orders and ProCard records are created. The department is responsible for affixing the tags to the equipment.
It is the responsibility of the individual departments to maintain their Controllable Property asset listing. This includes performing a physical inventory of Controllable Property at least once annually. Once the assets have been entered into KFS, a list of your department’s Controllable Property assets may be obtained using the WebFocus Standard Report “Controllable Property.” This standard report can be found at: Standard Financial Reports ~ Standard Reports ~ Capital Assets ~ Controllable Property.
Departmental Contacts for Inventory (DCIs) are staff members designated by the Dean, Director or Department Head of each department to assist with Inventory Control functions. DCI’s have been set up with the CAM Processor Role in KFS. CAM Processors have the ability to initiate CAM e-docs such as Equipment Loan/Return, Asset Transfer, Asset (Edit), and Asset Global (Add) for both capital and controllable property equipment.
Asset Look-up and Asset Payment in KFS allow KFS users to look up asset information. These lookup screens may be used to obtain the following information: tag number, asset description, manufacturer, model number, serial number, purchase order number, vendor, building, room, department, last inventory date, create date, total cost, useful life, and remaining life.