Departments at the UO have the authority to obtain needed equipment and supplies, but also have the responsibility to maintain and track those assets. This includes routine maintenance, tracking asset locations, identifying and securing high risk equipment, loaning equipment, use of equipment off campus, and periodic physical inventory reviews. This section documents the processes departments should perform to ensure that inventory records are kept up to date.

Each building and room on campus has been assigned a unique location code. When a fixed asset is purchased and subsequently entered into the fixed asset inventory system, it is assigned a six–digit location code (first two digits identify the building, last four digits identify the room number). To view available location codes use BANNER form FTVLOCN.  The purpose of this code is to identify assets in a specific location for physical inventory counts, to establish insurance coverage needs by building, and to identify lost or destroyed items in a major disaster. Each department is responsible for updating asset location codes accurately and in a timely manner.

When an asset is moved to a new location, the home department is responsible for completing an Asset Maintenance Form. The inventory number, the specifics of the change, and an explanation of the reason for the change should be documented on the form. The completed form should be routed to the Property Control Manager, who will update the inventory records as appropriate.

Note: The UO has received audit comments in the past for inadequate fixed asset inventory record maintenance. To avoid future comments, please complete and route the maintenance form to Property Control in a timely manner.

OUS requires the University to perform biennial physical inventory reviews. However, good business practices suggest that reviewing inventory records every two years is not adequate. Therefore, the Business Office requires departments to perform annual physical inventory counts.

During the month of October, the Business Office prepares and distributes inventory reports to all departments. Each department is responsible for performing a physical inventory review of all items, and noting any changes in asset status on the list. The completed lists are then signed by the Department Head and routed to the Property Control Manager. The Property Control Manager will update the location codes where noted, however, items on the list that are no longer in the department’s possession (lost, stolen, disposed, etc.), must be removed from the list using the appropriate forms.

If you want to obtain a list of current fixed assets in your inventory, there is a Banner form (FWIFLST) available that will list this information by organization code. See the BANNER Guide FIS Forms page for specifics.

In cooperation with the Quality Assurance Team (QUACS), the Business Affairs Accounting Department will perform periodic physical inventory reviews of fixed assets. The purpose of these reviews is to ensure that inventory records are up-to-date and accurate, and that obsolete/damaged items are removed from inventory properly and timely. Maintaining accurate records is important, because property insurance coverage is based on the value of fixed assets in the inventory system.

Loaning To Non-UO Entities

Occasionally the need arises to loan property to other institutions or state agencies. As long as the use of the property is consistent with the goals and missions of the University, and the property is not needed on campus, the property may be loaned. Each department is responsible for determining when property is available to be loaned. Prior to loaning property, the Equipment Loan Agreement Form must be completed, with a signature from the Business Office Contracts Manager. A copy of the completed form should be routed to Property Control. Property Control will update the inventory records as appropriate. If compensation is requested for the loan of the equipment, there is a field available for the department to indicate the amount desired.

When assets are loaned to other UO entities/departments, an Asset Maintenance Form should be completed and signed by each department (if the equipment item was acquired as a result of a grant or contract, contact ORSA prior to any loan action. Include a note in the comment field that indicates which department is borrowing the asset and the date it is to be returned. The completed form is routed to the Property Control Manager. Note: When loaning a component, the home department will need to physically detach the component from the parent asset prior to loaning the item.

Use Of Equipment By Employee When Not On Campus

Requests to use University equipment at off-campus sites by University personnel or students, for research or administrative use, requires a written loan agreement between the borrower and the owning department. The department is responsible for completing a Property Receipt Form, "the agreement". This agreement should include the name, address, phone number and social security number of the borrower, the inventory number and description of the equipment, the temporary location of the equipment, and the date the equipment will leave campus and return.

The borrower must agree to use, maintain and protect the equipment the same as similar department and/or personal equipment (see High Risk Equipment). Finally, the Department head must approve the agreement, and forward a copy to the Property Control Manager.

Note: Institution equipment is intended for use by the institution and is not for personal use by faculty, staff or students at any time. FASOM 08.03 C1c

There are instances when equipment is purchased, and later additional attachments/components are added. The information you will need when adding attachments/components is contained in the Obtaining Equipment, Attachments/Components section.

NOTE: It is important to note that all attachments/components to capitalized equipment, regardless of the value, must be capitalized themselves. Otherwise, the item cannot be attached to the parent asset record in the fixed asset system.

Equipment No Longer In Use

Equipment that is no longer in use or needed has outlived its usefulness and is considered surplus property. See the Surplus Property section for specifics on disposing of surplus property.