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Controller's Office

Frequently Asked Questions - Asset Management

General

 

1. What is the difference between capital and expendable property?


2. What is my department’s responsibility for university-owned property?


3. Who is currently listed as the Property Manager, Property Custodian and Inventory Taker for my department and what responsibilities do these employees have?


4. Does my department have any responsibilities for property that costs less than $5,000?


5. How are assets identified and tagged?


6. What property training is available and is it required?


7. I'd like to take an item off campus, do I need to obtain permission to do so?


8. What is the Property Survey Board?


9. Can I use the Controller's Office forms for assets purchased using grant money?

Acquisitions

 

1. Should improvements made to an existing capital asset be coded as a capital expenditure (76xxxx)?


2. If an asset is fabricated by FSU, does it need to be included in inventory?


3. Is a software license ever recorded as a capital asset?


4. Can my department receive donated property?


5. Can I use my FSU Purchasing Card (P-Card) to purchase a capital asset?

Attractive/Sensitive Property

 

1. What is attractive/sensitive property?


2. Is OMNI available for tracking attractive/sensitive property?


3. What information can be entered into OMNI related to attractive/sensitive property?


4. Can attractive/sensitive property that has been tagged be inventoried with the same scanners used to inventory capital departmental assets (i.e. those with a cost of $5,000 or more)?


5. Is it possible to look up information on attractive/sensitive property in OMNI?

Dispositions

 

1. How do I properly dispose of departmental property that cost less than $5,000 (i.e. expendable property)?


2. How do I properly dispose of departmental property that cost $5,000 or more (i.e. capital property)?


3. Can I trade a property item no longer needed for another asset?


4. What additional steps are required when disposing of a device with a hard drive (e.g. PC, laptop, copier, smart phone, etc.)?


5. Can my department donate items directly to another university, individual, city, state, or county agency?


6. What is the difference between cannibalized and scrapped / junked assets?


7. What is the difference between a missing asset and a stolen asset?

Inventory

 

1. Why does my department have to do a physical inventory every year?


2. How do I know when I am required to do my department's inventory?


3. What is involved in performing my department's physical inventory?


4. What do I do if I locate an asset, but I am unable to scan it?


5. What do I do if I cannot find an asset?

Vehicle

 

1. What does my department need to do when purchasing a vehicle?


2. How does my department dispose of a vehicle?