Business Affairs, Fixed Assets

1. Mail (1) a current asset inventory listing, (2) an 'Assets Not Scanned' Report, and (3) the Fixed Asset Condition Code Update to the department.

Business Affairs, Fixed Assets & Department Rep.

1. Physically verify the existence of each asset on the asset inventory listing and that the asset's bar code tag is affixed.
2. Complete and submit to Business Affairs, Fixed Assets the "Assets Not Scanned " report. On the form, note all the located assets as "found" in the blank field to the right of each asset. Exceptions such as items on loan, missing, etc. should be explained in the blank field to the right of each asset with appropriate documentation supporting the explanation. Submit the Assets Not Scanned Report to Business Affairs, Fixed Assets with supporting documentation that may include the following:
   • Copy of a loan agreement
   • Print out of email confirming location of asset and responsible parties
   • Copy of surplus pick up request for items sent to surplus
   • Property Disposition Request form for items cannibalized or salvaged
   • Property Disposition Request form for missing items
   • Fixed Asset Transfer form for items transferred to another department
     
     Note: See PRO 903: Reporting & Inventories for necessary actions regarding missing federal property
3. Complete and submit a Fixed Asset Condition Code Update form to Business Affairs, Fixed Assets (received in step #1 above). This form lists the department's assets in numerical order including basic information from the inventory record.
   
   1. Complete the two sections on the right side of the form. The first section lists the various condition codes that may apply - A1, A2, A3, A4, A6 A7 and ML. The description of these keys is at the top of the form:
      • A1 – Excellent
      • A2 – Good
      • A3 – Fair
      • A4 – Poor
      • A6 – Useable
      • A7 – Non-functional
      • ML – Missing/Lost
   2. Circle the code that most closely describes the current condition of the asset.
   3. Note the "date of last use" to the right of the Condition Code in the 2nd section. This can be an approximate date if the asset is used irregularly.
4. The Dean, Department Head or Director of the unit should review both the Reconciliation form and the Fixed Asset Condition Update form. Sign and date each form on the line provided on each form. Submit both forms together to Business Affairs, Fixed Assets within the date requested by Business Affaris, Fixed Assets. This finalizes the physical inventory process for the department.

Business Affairs, Fixed Assets 

1. Process paper work upon receipt and updates asset records as necessary.