Capital Assets - Additions
REG 07.30.11
Financial Reporting and Accounts Receivables
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Authority: Vice Chancellor for Finance and Business
History: First Issued: November 1, 2001.
Additional References: University Controllers Website
Contact Info: University Controller (919-515-3824)
1. Purpose
This statement explains the procedures for the addition of assets to the
Capital Assets Management System (CAMS).
2. General Guidelines
All capital equipment, regardless of whether the items are loaned to or
owned by the University, must be included on the CAMS inventory. Additions
of capital assets are generated by purchase orders (PO's), Small Purchase
payments (SP's), service unit billings (SUB's), donations to the University
(gifts-in-kind), or equipment loans from government or private sources.
3. Procedures
3.1. Normal Purchasing Channels (PO, PA, SUB, SP)
3.2. Colleges/departments authorize equipment purchases by initiating purchases
through the Accounts Payable (AP) system, submitting Small Purchase payments
to Accounts Payable, or generating service unit billings.
3.3. The CAMS Office is provided with copies of all PO, SP, SUB, and receiving
report (RR) documents relating to equipment purchases. Equipment items which
meet the $5,000 threshold requirement are identified and the documents are
placed in a pending file until the assets can be physically tagged by CAMS
workers.
3.4. After each item is tagged, CAMS workers record the asset's model number,
serial number, manufacturer, and building/room location. This information
is used when the asset is coded onto the CAMS inventory.
3.5. Assets which have been tagged are entered on the CAMS system on a daily
basis. CAMS tag number, asset description, financial accounting code, PO/SP
number, actual cost, commodity code, and other relevant elements are entered.
The documents used to acquire the assets (POs, receiving reports, etc.)
are the primary source of information used for entering the items onto CAMS.
3.6. After coding, the backup documents used in acquiring the assets (receiving
reports, PA's, invoices, etc.) maintained as support for additions of capital
assets to the University's inventory.
3.7. The CAMS Office is responsible for record retention and ensuring that
all taggable assets are identified through internal controls.
4. Remote Facilities
Certain colleges/departments within the University maintain remote facilities
away from the main campus. Examples include Agricultural Research Stations
and Units, Sea Grant Program Facilities, and the Department of Food Science
Seafood Laboratory. Since it is not practical for the CAMS staff to physically
tag assets at these remote sites, it is the responsibility of the colleges/departments
to tag the assets and forward the exact locational data to the CAMS Office
for entry into the system.
Under certain circumstances, it may not be practical for colleges/departments
to tag their own equipment (e.g., assets shipped out-of-country). In this
case, the CAMS Office may assign unique (eight-digit) tag numbers in order
to maintain the assets on the system.
