Capital Assets - Responsibilities
REG 07.30.15
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
The following statement provides general information regarding the function
and responsibilities of the Capital Assets Management System (CAMS) Office.
2. General Guidelines
North Carolina General Statutes require the University to be accountable
for all property under its control. The University must also comply with the
provisions of Office of Management and Budget Circulars A-21, Revised, and
A-110 to assure proper reimbursement of federally funded research and training
projects.
2.1. Threshold Requirements
In accordance with state and federal guidelines, the current threshold for
which an inventory of fixed assets is maintained is $5,000 unless conditions
of a grant require a lower threshold or assets of less value are subject to
a high rate of theft.
Colleges/departments may need to maintain inventory records for certain assets
below the $5,000 threshold. Please contact the CAMS office for any such special
requirements.
3. CAMS Responsibilities
3.1. To be accountable for all property under its control as mandated by state
and federal regulations.
3.2. To provide internal control of capital assets, including proof of existence,
ownership, location, and proper valuation.
3.3. To provide uniform procedures for furnishing information needed for effective
analysis and control of capital expenditures.
3.4. To provide a data base of inventory information to meet equipment management/reporting
needs of the University.
4. Campus Responsibilities
Colleges/departments have an important role in the maintenance of an accurate,
up-to-date inventory system. Adherence to the following guidelines helps to
ensure that departmental inventory records are as accurate and complete as
possible.
4.1. Entering correct information on purchases through the Accounts Payable
(AP) system, Small Purchases payments (SP) (formerly Payment Authorizations),
and service unit billings (SUBs). Most of the data recorded on CAMS is taken
directly from POs, SPs, and SUBs. Correct coding by departments avoids the
need for later corrections.
4.2. Proper coding of capital asset expenditures. Equipment purchases must
be coded with a 55XXX expenditure object. Use of an object code outside
the 55XXX range increases the possibility that the asset will be omitted
from the CAMS system.
4.3. Entering correct asset location when receiving purchase on AP. Because
of the requirements to physically "tag" each addition and record
data such as building, floor, and room number, much time can be saved if
each department enters correct asset location information in the receiving
section of the AP delivery location screen. During the decision-making process,
the ultimate destination of the asset is often known; therefore, the inclusion
of this information creates no additional work for the department, but saves
considerable time and effort in asset identification by the CAMS staff.
5. Benefits of Inventory System
The CAMS system provides University colleges/departments with the following
key benefits:
5.1. Property control and accountability through a comprehensive campus-wide
inventory system.
5.2. Improved equipment utilization through control and identification of capital
assets.
5.3. Data base to meet University, state, and federal grant requirements.
5.4. Data base to meet requirements of proper risk management and provide basis
for identifying equipment for the State's Self-Insurance Program.
5.5. Basis for management to project and budget future capital replacement
requirements.
