002: Definitions

Property Management Policy & Procedure Manual
Section 000: Introductory Material
Effective: 07/01/1996
Revised: 02/28/2012

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A

Accountable Equipment

Property acquired for a current sponsored research project and not released unconditionally to OSU.

Activate

To cause an asset item to show up on the Banner FIS fixed asset system.

ADPE

Automatic Data Processing Equipment (usually means computing equipment).

Agency-Owned

Property owned by the sponsored agency and furnished on loan for a specific research project.

Annual

Every year, as in annual supplies valuation update.

Asset (or Fixed Asset)

Tangible, non-expendable personal property that meets the following criteria:

  • Is not consumed in the normal course of business.
  • Has a unit value of $5,000* or more.
  • Has a useful life that exceeds one year.

* The unit cost limit does not apply in the following circumstances:

  • When an item is included as an attachment to an existing asset (see attachment).
  • When purchased on a grant or contract with a sponsor-mandated lower threshold.

Asset Inventory

Equipment inventory.

Asset Record

An electronic record of specific standard information maintained for each piece of equipment.

Asset Tag

A permanent identifying label or decal attached to a piece of equipment (may or may not be bar-coded).

Asset Type

A Banner code that groups similar equipment into separate categories. Each code is associated with a specific useful life for depreciation. See the Banner Code: Asset Type Code matrix on the Inventory Control website.

Attachment

Items that are an integral part of an existing capitalized asset, and necessary for the functionality or performance of that asset. Attachments must have the same title-to code as the parent asset, and must be purchased from the same funding source if title is restricted. Attachments are depreciated and disposed with the parent asset. Therefore, all attachments must be purchased and capitalized in the same fiscal year as the parent asset. The $5,000 unit does not apply to attachments.

Automatic-Pay Vendors:

Vendors paid by Accounts Payable without waiting for departmental approval.

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B

B Number

A code defining an institution within the State System of Higher Education. The Agency Number for Oregon State University is 580-300.

Biennial

Every two years, as in biennial equipment inventory.

Biennium

The two-year fiscal budgeting period used by the State of Oregon.

Book Value

The original cost of an asset. In the case of donated equipment, it is the appraised or market value at the time of the gift.

Building Number

A unique four-digit code preceded by "B" used to identify each OSU building on the space inventory. Most buildings also have a 'Code Prefix' used in conjunction with the room number to specify an asset's location in Banner. See the Banner Code: Building Code matrix on the Inventory control website.

Building Retirement

The complete demolition of a building.

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C

Cannibalize for Parts

Taking components from a piece of (usually outdated or non-functional) property for use in one or more other pieces of property (see also "salvage for parts").

Capital Asset

Capital assets are major assets that benefit more than a single fiscal period. Typical examples are land, land improvements, easements, buildings, building improvements, vehicles, machinery, equipment, works of art, historical treasures, and infrastructure.

Capital Equipment

An article of property that is not permanently attached to buildings or grounds and has an acquisition cost of $5,000 or more and a life expectancy of one year or more. Allowable acquisition costs include shipping and installation fees and all costs related to the importation of equipment from foreign countries.

Capital Expenditure Category

A group of account codes beginning with '4' used to identify expenditures for long-term assets, such as equipment, buildings, or land.

Capitalization Threshold

The minimum unit value at which an item is defined as equipment and added to the asset records (currently $5,000, except where a lower threshold is required by the research sponsor).

Capitalize

To spend funds from the capital expenditure category.

Change

Any modification to an inventory record that is currently on the OSU fixed assets inventory.

Collection

Collections of items such as antiques, artifacts, works of art, and historical treasures that meet the definition of a capital asset (value of $5,000 or more) should be recorded as capital assets. Collections are generally held for reasons other than financial gain, are protected, cared for and preserved, and are subject to an organizational policy requiring that proceeds from sales of collection items be used to acquire other items for the collection. Collections are not depreciated.

Commingling

Housing federal and non-federal property in the same location.

Component

An asset that works with another asset and in which FIS Banner can link the records to show a relationship.

Condition

The physical condition of an asset that is represented by a code.

Contract Close-Out

Completing the reporting and financial requirements of a research contract.

Contractor-Acquired

Property acquired by OSU for a sponsored research project-usually purchased with research funds.

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D

DARIC

An acronym for Defense Automation Resources Information Center (U.S. Government).

DD-1419

A Department of Defense form used to screen industrial plant equipment and NASA equipment with unit acquisition cost of $1,000 or more.

DD-1662

A Department of Defense form used for reporting value of federal property accountable to certain types of Department of Defense contracts on an annual basis.

DD-1851

A Department of Defense form used for screening Automatic Data Processing Equipment.

Delete

To remove a record from the fixed assets inventory.

Depreciate

An accounting method whereby the cost of a capital asset is apportioned over its useful life to the periods benefiting from the expenditure. OUS uses a straight-line method of depreciation, processed on a monthly basis.

Depreciation Expense

The portion of a capital asset's cost that is charged to expense each period. Please see FIS 607 Depreciation for additional information.

DIPEC

Acronym for Defense Industrial Plant Equipment Center (U.S. Government).

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E

Equipment

Generally, tangible personal property with a unit value of $5,000 or more, a life expectancy of more than one year, that is not consumed in the course of operation (unless a more restrictive definition is required by the research sponsor who furnishes the funds for equipment purchase). See also Capital Asset definition.

Equipment Record

An electronic record of specific standard information maintained for each piece of equipment.

Equipment Share Program

An OSU program identifying equipment that is not fully utilized and making it available for sharing with other OSU researchers or departments.

Executed Agreement

An agreement approved by the enabling authority, such as the university Contract Administrator.

Expendable Asset

An asset with a useful life of more than one year that does not meet the threshold for a capital asset ($5,000). Such assets are considered to be supplies.

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F

Fabrication

Building property from parts or from scratch.

FADE form

Fixed Assets Data Entry form, used for initiating "new" and "change" transactions in the fixed asset inventory file.

FASOM

The Financial Administration Standard Operating Manual (OSSHE).

Federally Accountable

Something acquired on a federal contract and still assigned to that contract by the sponsor.

Federal Excess

Federal property no longer needed by the owning agency.

Federal Surplus

Federal property no longer needed by any federal agency.

First Pass Scan

A room-to-room scan of every OSU asset label encountered (see also "initial scan").

Fiscal Year

The 12-month sequence used for accounting purposes. The State of Oregon fiscal year is July through June.

Fixed Asset

A piece of equipment that should be recorded on the fixed asset inventory.

Fixed Assets Data Entry form

A form used to approve and record new fixed asset records or changes to existing fixed asset records. Used when the change is NOT accomplished with an equipment (40101) expenditure on a Banner FIS invoice. Also referred to as the "FADE form."

Fixed Assets Transfer form

A form used to approve and record transfers of assets between responsible orgs, and/or between physical locations.

FOAPAL

Acronym for the accounting distribution code fields in the BANNER FIS system. These fields are Fund / Organization / Account / Program / Activity / Location.

Funding Source

Where the money for a project or piece of equipment came from.

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G

Gain/Loss

Upon disposal, each asset will produce a gain or loss, depending on whether the proceeds from the disposal are greater (gain) or less than (loss) the Net Book Value of the asset.

Gift

Something bestowed voluntarily and without expectation of any tangible compensation.

Government-Furnished Property (GFP)

Property furnished (loaned) by the federal government for use on a specific sponsored research project.

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H

Historic Property

Three-dimensional objects including furnishings, art objects and items of personal property which have historic significance. This designation does not include paper, electronic or other media that are classified as public records.

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I

Indirect Cost

The administrative and overhead costs associated with a sponsored research project and not charged as direct costs to the contract or grant fund.

Infrastructure

Long-lived capital assets such as streets, bridges, culverts, water distribution piping, etc., that are a part of a network of assets that can have a service potential for an extended period and that are normally stationary.

Initial Scan

Room-to-room scan of every OSU asset label encountered (see also first- pass scan).

Inventory Number

A unique asset number assigned to each asset or piece of equipment on the inventory.

Inventory Record

An electronic record of specific standard information maintained for each piece of equipment.

Investment in Plant

A Banner FIS account used with a particular fund behind the scenes to record value increases and decreases to fixed assets.

IOTB

Improvement Other Than Building.

IPE

Industrial plant equipment.

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J

K

L

Lease

An agreement for the right to use property for a specified period at a specified cost. Title remains with the lessor. At no time does the lessee build equity in the property.

Lease/Purchase

An agreement for the right to use property for a specified period at a specified cost. During the term of the lease, the lessee builds equity at a specified rate so that, at the end of the lease period, the lessee has the option of purchasing the property at a specified amount. Title to the property remains with the lessor until the lessee exercises the option to purchase.

Loaned Equipment

Property provided by an outside party for use by the institution for sponsored project or research-related activities; title to the property does not pass to the university.

Location Code

The Banner FIS code from the chart of accounts that identifies building and room number.

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M

Manual Inventory

A physical inventory conducted without bar-code scanners.

Master Copy

The copy of the inventory report to be signed by department head and returned to Property Management.

Minor Equipment

Property meeting the equipment definition except that it has a unit value of less than $5,000. See also "non-capital equipment."

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NASA 1018

National Aeronautics and Space Administration form used for reporting value of NASA-owned property in various categories annually.

Negative Report

Reporting that we have no records that meet the information characteristics requested (e.g., reporting to the Department of Defense that we have no agency-owned property accountable to a particular contract).

Net Book Value

The original cost of an asset less accumulated depreciation.

Non-Capital Asset

An asset that does not meet all the criteria for a capital asset, also called minor equipment. See also "expendable asset".

Non-Capital Equipment

Same as non-capital asset.

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O

OMB

Acronym for Office of Management and Budgets (U.S. Government).

ONR

Acronym for Office of Naval Research (U.S. Government).

Organized Storeroom

A segregated and controlled storeroom for supplies distributed outside the department; annual expenditures of $150,000 or value at any time of $50,000.

O-Tag

Origination tag. A unique identifier for the temporary master record created in Banner for an asset. This record is either converted to a permanent asset record or is attached to a permanent record.

OUS

Acronym for Oregon University System. Formerly OSSHE.

Ownership Code

The code on an asset record indicates whether the asset is owned by OUS, the federal government, an employee or another person or agency.

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P

PDR

Acronym for Property Disposition Request, used to request approval to remove an asset from the inventory.

Personally Owned Equipment

Equipment owned by a university employee or other private party from whom the university employee has received proper and valid authorization for use.

Personal Property

Property that is not real property (meaning real estate): movable or fixed equipment, minor equipment, supplies, etc.

Physical Inventory

A periodic inspection of everything in an inventory that includes a review of the condition - for equipment/fixed assets, physical inventory includes reconciling to the asset records.

PI

Principal investigator.

Pick-up Request

Worksheet filled out to request that property be picked up by the Surplus Property Office for disposal.

Principal Investigator (PI)

The primary person under whose name a grant or contract is awarded; the person responsible for the research and the appropriate management of award funds.

Property Control System Analysis

A biennial audit of OSU's property management system conducted by the office of Naval Research.

Property Disposition Request (PDR)

A state form used to request approval to remove an asset from the inventory.

Purge

To remove from the asset inventory items that no longer meet the equipment definition.

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R

Real Property

Land and permanently affixed buildings and improvements.

Release Date

The date on which a sponsoring organization releases its interest in equipment acquired for a research project to OSU; in effect, the date they transfer equipment title to OSU.

Responsible Org or Organization

The departmental organization code used to identify what department and/or sub-group within a department is accountable for an asset.

Retired

Deleted from the property control system.

Room Number

The four-digit room number plus alpha room suffix, if any.

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S

Salvaging for Parts

Taking components from a piece of (usually outdated or non-functional) property for use in one or more other pieces of property (see also "cannibalize").

Scanners

Bar-code reading devices used to record inventory numbers and room locations for the biennial asset inventory.

Screening

To see if property is available from another source before purchasing it.

Software

The entire set of programs, procedures, and related documentation associated with a system, particularly a computer system. The Oregon Executive Department ruled in 1992 that software purchases should be considered a license, not a tangible asset. Software is only inventoried if the actual source code is purchased, and the value is above the asset threshold of $5,000. The only exception is software purchased for auxiliary or service departments, although the amortization schedule for these 'licenses' should be two to five years (depending on the expected useful life) instead of the standard five years.

SPD

Surplus Property Declaration and Pick-Up Request form used to transmit property to Surplus Property Office for disposal.

Sponsored Project

A research project funded by a sponsor outside of OSU.

Sponsoring Agency

The organization, usually a federal agency, that has supplied funds for sponsored research.

Sponsoring Organization

An organization supplying funds to OSU for a sponsored research project.

State Price Agreements

Contracts with vendors for merchandise utilized by OSU and other state agencies that include discounted prices.

STOP (Security Tracking of Office Property) Tag

Stop tags are tamper-proof security plates with a barcode and indelible tattoo. The tags are pre-printed with information that ownership of the property is permanently monitored, and explains that a police traceable tattoo is beneath the plate. Once applied to a piece of property it takes approximately 800 lbs of pressure to remove the tag. If the tag is successfully removed, it leaves a 'tattoo' on the asset with the words 'Stolen Property' and a telephone number. In the event of a loss, the police can easily identify recovered property and return it to its rightful owner. These tags are ideal for equipment that cannot be cabled down, or may be in a location that cannot be adequately secured. Laptops, projectors and small or easily portable property are excellent candidates for STOP Tags.

The STOP tag program is being coordinated by the Department of Public Safety. Tags are available at a minimal cost and Public Safety staff will apply the tags. Please call (541) 737-3010 for more information. See the STOP THEFT - Campus Security program (pdf format) for additional information.

Straight-Line Depreciation

A method that allocates an equal amount of an asset's net cost to each period of its useful life. Useful life, by asset category type, has been determined by the State of Oregon.

Sub-Account

A 2-digit code that may be recorded in the Banner Fixed Asset record to break down a department's inventory into smaller sub-groups. The code is recorded under the "make" field in the asset record. Also referred to as "PI Code".

Supplies

Expendable property, non-capital assets, and other minor equipment not meeting the capitalization threshold.

Surplus Property

Property not needed by a department within the University. Surplus property includes all excess items and materials other than items that would be typically disposed of in a wastebasket, such as scrap paper, consumed pencils and pens, etc.

Surplus Property Pickup Request

A form used to list equipment and supplies no longer needed by a department. The Surplus Office reviews this form and schedules an appointment for removal.

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T

Tag

A permanent identifying label or decal attached to a piece of equipment

Title

Legal ownership of property

Title-To Code

FIS Banner fixed asset field that identifies who has title to an asset, and whether OSU insures the asset-see also "ownership code."

Trade-in

Providing a vendor with a piece of used property in return for a credit on the purchase of a piece of new property.

Transfer

The act of changing what department or organization is responsible for an asset.

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U

Un-Scanned items

Assets not scanned with the bar-code scanner during the physical inventory.

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W

Write-up

An equipment inventory entry to increase the value of a particular asset to its market value at the time of acquisition.

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