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FSU / Controller's Office / Property Accounting / Frequently Asked Property Questions - General Info
Frequently Asked Property Questions - General Info
1.What services are provided by Property Accounting Services?
3. What is the Property Survey Board?
4. What is the difference between major and minor accountable property?
5. What is a Direct Support Organization (DSO)?
6. What is a capitalized asset?
7. Do I need to attend property training classes?
8. Who is authorized to sign the Property Accounting forms?
9. Can I use Property Accounting Forms for assets purchased using grant money?
1. What services are provided by Property Accounting Services?
Property Accounting Services is responsible for the oversight and administration of all University fixed assets (e.g. those assets with a cost greater than $1,000). This department strives to ensure that all University property is properly accounted for and safeguarded.
2. How are departmental Property Managers, Property Custodians and Inventory Takers selected, and what are their roles?
This information is needed promptly in order to schedule inventory training classes and to determine the dates for taking the physical inventory counts.
A Property Manager is responsible for authorizing any transfer or disposal of their department’s assets.
The Property Custodian is responsible for the identification and tagging of University property and maintaining the department’s property records.
The Inventory Taker is responsible for maintaining asset-related internal controls and performing the annual physical inventory of departmental property. This person should not be the Property Manager or Property Custodian.
3. What is the Property Survey Board?
The Property Survey Board is a team of faculty and staff members appointed by the Provost that examines and makes recommendations on the approval or disapproval of disposition requests of major accountable property (as submitted by University departments using an AR 212 Accountability Release Form).
4. What is the difference between major and minor accountable property?
Major accountable property (OCO) is tangible personal property of a non-consumable nature with an acquisition cost equal to or greater than $1,000 and an expected life of greater than one year. Major accountable property acquired by purchase, donation, fabrication, transfer or loan must be recorded and inventoried annually. The cost of freight, installation and parts related to the acquisition and installation of property should be included as part of the total cost of the new asset. The cost of replacement parts, repairs, and service contracts should not be added to the cost of an asset.
Minor Accountable Property includes non-consumable tangible personal property with a useful life less than one year and/or an acquisition cost of less than $1,000. Although tagging and annual inventory of minor accountable property is not required, departments are still held accountable for such items.
5. What is a Direct Support Organization (DSO)?
A Direct Support Organization (FSU Foundation, Seminole Boosters, The Research Foundation, etc.) is a separately incorporated organization that operates exclusively to provide the University with supplemental resources.
6. What is a capitalized asset?
University capital assets generally consist of land, buildings, infrastructure and other improvements, furniture and equipment, library resources, works of art and historical treasures, and construction in progress. Additions, improvements, and other outlays in excess of $1,000 that significantly extend the useful life of an asset are also capitalized. Other costs incurred for repairs and maintenance are expensed as incurred.
Capital assets are recorded at cost at the date of acquisition or at estimated fair value on the date received, in the case of gifts and purchases of State surplus property.
The University has a capitalization threshold of $1,000 for all tangible personal property and $100,000 for buildings and other improvements.
7. Do I need to attend property training classes?
All department Property Managers, Property Custodians, and Inventory Takers should attend training classes each year to become familiar with new changes in the inventory system (queries, reporting criteria, etc.).
Property Managers and Property Custodians must attend AM1000 Beginning Asset Management. This class is optional for Inventory Takers.
The Inventory Taker must attend AM1500 Intermediate Asset Management. This is optional for Property Managers and Property Custodians. Assigned departmental property representatives are encouraged to attend both classes. Additional information about these classes may be found on the Property Accounting website.
8. Who is authorized to sign the Property Accounting forms?
Only individuals listed in OMNI on the Authorized Signature List for their department can sign Property Accounting forms. Authorized signers for a department can be located in OMNI by following this navigation: OMNI Financials > Set Up Financials/Supply Chain > Common Definitions > Design ChartFields > Define Values > ChartField Values > Department.
9. Can I use Property Accounting Forms for assets purchased using grant money?
Yes. The property forms can be used for all FSU funds. Property forms related to contract or grant funds must first be approved by Sponsored Research Accounting Services (SRAS). If SRAS approves the form then it will be forwarded to Property Accounting Services for processing.
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