Asset Management

Asset Management reviews all activity hitting the major equipment account codes, monthly.  

• Any assets meeting the capitalization threshold are capitalized by Asset Management.  Asset Management records the asset addition, depreciation, and the disposal entries.  
• Any transactions that were inadvertently coded by a department to major equipment are reclassified. The department will receive an email from Asset Management if a reclassifying entry is required.  
• Asset Management emails the department detailed information regarding the asset being captialized and a tag will be issued. 

Purchases via UND Marketplace

• Select a major equipment account code beginning with 69XXXX.
• Enter the name of the asset in the business purpose field.  
• The asset tag will be sent to the individual responsible for the department’s annual major inventory submission at the time the final invoice is paid and hits the general ledger.  If someone other than the department inventory contact should receive the tag, make a comment on the requisition.
• The custodian department is the department who is responsible for the annual inventory of that piece of equipment.  By default this will be the department that is funding the purchase, if you would like to change the custodial department please make a comment on the requisition. 
• By default the asset location is the shipping address on the requisition. If the asset will reside at a different location, make a comment on the requisition.

Traded Major Equipment

If a department trades a piece of major equipment for a new piece of equipment:

• Make a comment on the requisition of the new piece of equipment that a trade occurred. Include in the comment the major equipment tag number traded. 
  • When the new asset is capitalized by Asset Management, the old asset will be removed in a trade. No surplus form is required if this processed is followed.
  • If the department does not notify Asset Management of the trade at the time of the acquisition of the new asset, the department must submit a surplus property form to remove the traded asset.
• Please ensure the value for the traded equipment is noted on the requisition or on the invoice.

Donated Assets

If the department receives a donated piece of equipment:

• The department must work with the UND Alumni Foundation regarding the gift. 
• The UND Alumni Foundation will provide Asset Management and the department with a copy of the Gift in Kind form which includes the gifted asset information and the associated fair market value. 
• No further action is required by the department, a major asset tag will be issued.

Missing Asset Tags

If a department purchased a piece of equipment meeting the capitalization threshold, but has not received a major equipment tag for the asset:

• Ensure that the account code selected began with 69XXXX.
• The tag will be issued when the final invoice is paid and is expensed to the general ledger. This review is done monthly and tags will be issued.

Incorrect Account Codes

If the department purchased a piece of equipment that meets the capitalization threshold and a 69XXXX was not selected:

• If purchased in the current fiscal year, submit a journal voucher to move the expense to a major equipment account code.
• If purchased in a previous fiscal year, contact Asset Management UND.assetmanagement@UND.edu.
• Multiple pieces of equipment, each below the capitalization threshold, totaling over $5,000, do not constitute major equipment.

Title to Equipment

If UND does not have title to the asset, please contact Asset Management. 

When a department disposes of major equipment, they should follow the surplus property guidelines and complete a Major Equipment surplus property request. This process is handled by the Surplus Property division of UND Facilities.

Transfer of Major Equipment to a UND Department

If a department transfers a piece of major equipment to another department on campus, the department will complete an equipment transfer form.This process is handled by the Surplus Property division of UND Facilities.

When a completed item of fabricated equipment has an aggregate cost of $5,000 or more, is projected to be used in operations outside the original fabrication for more than one year, is expected to be a completed fabricated asset within two years from start date, and is considered property of UND, it can be capitalized as equipment.

• Fabrication requests must be submitted to Asset Management at least two weeks prior to the start date of the fabrication.
• A notice of completion of fabrication form must be filled out and sent to Asset Management at the completion of the fabrication.

Fabricated Equipment policy

Annual Major Equipment Inventory Procedures

Purchases via UND Marketplace

• Select an account code beginning with 55XXXX. 
• If the minor inventory is deemed by the department’s CBO or financial lead to be risky or vulnerable to loss, place a minor equipment tag on the item.
  • Examples of items to place a minor equipment tag on: laptop, microscope, special department tools, etc.
  • Examples of items where a minor equipment tag would not be placed: office chair, bookshelf, desk, calculator, headphones, modular furniture, etc.
• Departments may request minor inventory tags by contacting UND.assetmanagement@UND.edu.

Minor Equipment Guidelines

• For purposes of insurance, it is the responsibility of each department to maintain an accurate and comprehensive minor equipment inventory list to track minor equipment that the department would expect to recoup from insurance in the event of a loss.
  • The department’s internally maintained list should include department number, building name, room number, description, and replacement cost. 
    
    • The department should check with their CBO or financial lead regarding what items are deemed at risk or vulnerable to loss.
      
      • Asset Management does not request or have copies of any department maintained spreadsheets.
• Asset Management encourages counting and valuing minor equipment inventory in groups.
  • For example, a standard office in the department may have minor equipment such as a desk, chair, file cabinet, phone, etc. with a total value of $5,000. If there are other offices like this in the area, it is fair to value each office like this one as $5,000.
    
  • The department should check with their CBO or financial lead to determine if they have instituted a division dollar value threshold for tagging minor equipment. There is no campus-wide dollar value threshold for tagging minor equipment.
• Minor inventory located off‐campus permanently or primarily more than 50% of the time for seven consecutive days or more with a per unit or cumulative value greater than $2,500 (per off campus location site) should be listed with a location of “off campus” on the annual submission.
  • Ex: Martha has minor equipment at her remote work-site totaling $500. This does not need to be listed as off‐campus for insurance purposes, but the department is responsible for knowing where this minor equipment is located.
  • Ex: Matthew has minor equipment at his remote work-site totaling $2,600. This should be listed by the department as off‐campus for insurance purposes. If there are multiple
    people who meet this threshold, include in the same off‐campus grouping.

Sample minor Equipment inventory template

When a department disposes of minor equipment, they should follow the surplus property guidelines and complete a Minor Equipment surplus property requests. This process is handled by the Surplus Property division of UND Facilities.

If a department transfers a piece of minor equipment to another department on campus, the department will complete an equipment transfer form.This process is handled by the Surplus Property division of UND Facilities.

Annual Minor Equipment Inventory Procedures

Department Inventory Contact

All departments who have reported minor inventory in prior years have a department inventory contact. 

• If the minor equipment inventory contact changes for the department, please notify the CBO or financial lead in that area. 
  • If the department is unsure who the CBO or financial lead is in their area, please contact Asset Management.