It depends on what object code was used to make the purchase. Specific detailes related to this process can be found on the Equipment Acquisition - Capital Projects page.
Frequently Asked Questions
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The University has established disposal procedures for all property (equipment, material, supplies). Contact EIO (Equipment Inventory Office) for assistance in determining whether or not an item is eligible for sale or donation. EIO can be contacted at firstname.lastname@example.org, or (206) 543-4663. Once EIO has determined the equipment is eligible for sale or donation, it will be the University's Surplus Property Office that does the negotiation with the potential buyer. Additional information about the disposal of equipment can be found at Equipment Disposals.
You schedule your transportation and pick ups through the Surplus Property Office. (The Equipment Inventory Office is responsible only for processing the forms and removing the items from your inventory.)
Equipment Inventory, Box 351121. You should retain a copy for your records as well.
No, all items are to be forwarded to the Surplus Property Office for disposal.
No, as described by WAC 236-48-198, surplus property available for disposal under the provisions of RCW 43.19.1919 shall not be sold to state elected officials, officers or employees, except at public sale. Public sales are held through the Surplus Property Office.
Please see the procedure under Equipment Lost/Stolen.
Please see the procedure under Defective Equipment--Return to Vendor.
The revenue source code tells the funding source of an expenditure. If it is 01 through 60, then the expenditure was federally funded. If it's 00 or 61 through 99, then the expenditure was state funded (this includes start up funds and anything not federal/agency).
You will need to complete two training programs: 1) General Inventory Procedures, and 2) OASIS Training. You will also need an access permission form signed by your manager.
No. All of our training is now online. Visit our Training page for specifics.
Yes. It is required that you pass with a score of 80% before you will be set up for the OASIS training.
Intangible Assets (GASB 51)
The University is subject to accounting standards developed by the Governmental Accounting Standards Board. In June 2007 the board issued standard number 51, Accounting and Financial Reporting for Intangible Assets that is effective as of July 1, 2009. Failure to comply with the accounting standard could result in a unfavorable audit opinion by auditors. This would adversely impact the University's reputation with legislators, grantors, donors and creditors.
Intangible assets are capital assets that have the following characteristics:
Lack physical substance
They are not financial instruments such as: cash, investments and receivables
Initial useful life greater than 1 year
Examples: easements, water rights, patents, trademarks, computer software (not the transmission media, just the programming)
In discussions with the State Office of Financial Management and auditors it was determined that $1 million was the appropriate capitalization threshold for these assets. This balances the benefit of tracking the assets with the cost of tracking the assets. For example, to arrive at the cost of software generated by University personnel it would be necessary for employees to track the time spent in development of an approved project. Costs incurred prior to project approval and for program implementation would have to be expensed. Departments would be required to keep detailed records of project activity to support the asset balances that would be subject to audit.
The inclusion of this software item in your recharge rate is
University Depreciation - The University has a $2,000 capitalization threshold and therefore depreciates all equipment over $2,000. The University
Physical inventories of University-owned equipment must be completed by University departments every two years and are distributed during the first week in May. The listings are sent to the departmental inventory contacts, as listed with EIO (Equipment Inventory Office). Physical inventories of Federal-owned and Agency-owned equipment must be taken annually. Audits of the physical inventories taken by departments are performed annually by various state, federal, private, and internal auditors. Additional inventory information can be found at Physical Inventories or by contacting EIO at email@example.com or (206) 543-4663
Yes. EIO offers training sessions during the University titled inventory cycle (usually one in May and on in July, depending on interest). Federal and Agency titled physical inventory training is offered on an as needed basis.
Keep a copy for three years. This allows you to check the last inventory if you encounter problems while completing the current year's physical inventory. Equipment Inventory maintains a copy of your inventory for six years
When this occurs, transfer all information from your working copy (or copies) to the original inventory. Keep the working copies in your department files for at least two years - until after the next inventory is done - and keep a list of names for the assistants with the working copies. The person who coordinates the effort and compiles all the data - usually the inventory contact - can sign each page of the original inventory.
Yes. A physical inventory of Agency and Federal equipment is required yearly by federal regulations. Physical inventories of University equipment are required every two years ('biennially') by state regulation.