Frequently Asked Property Questions - Acquisitions

1.Can my department receive donated property?

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

3. How does Property Accounting Services identify an asset?

4. Can I use my FSU Purchasing Card (P-Card) to purchase an asset?

5. Is software (licenses) ever required to be tagged as an asset?

1.Can my department receive donated property?

Property can only be donated to the University by going through a Direct Support Organization (DSO). Prior to accepting an item, the departmental Property Manager should send a memorandum to Property Accounting Services (PAS) and to the appropriate DSO. Items in support of grant projects should have the memo sent to Sponsored Research Accounting Services. The department should coordinate with these organizations before they accept the donation.

After the DSO accepts the donation, it sends an approval memorandum containing the description, cost or fair market value, the Department ID and Fund Code to PAS. This information is needed to post the new asset to the University department’s inventory. PAS will provide the department with property documentation and an inventory bar code to place on the asset.

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

An item fabricated or constructed by or for the University should be added to the University’s inventory if the completed cost is over $1,000 and the life expectancy is greater than one year.

The final cost includes, but is not limited to, the cost of freight, labor, component parts, and installation. Do not include replacement parts, repairs, or service contracts in the final cost.

The department should provide Property Accounting Services with a description, accumulated cost, Department ID and Fund Code for the new asset.

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3. How does Property Accounting Services identify an asset?

Property Accounting Services (PAS) assigns a 12 digit tag number to assets. This tag number will generally begin with 4920 00. A matching Property Identification Form and bar code decal (tag) is created by the Acquisitions section of PAS and then sent to the Property Custodian. If the Property Identification Form and tag are not received in a timely manner by the department, the Property Custodian should contact PAS.

The Property Custodian will affix the tag to the appropriate asset upon receipt. If the decal cannot be affixed directly onto the asset then the tag should be placed on the container of the property or, if the asset has no container, on the asset’s documentation.

If the asset does not have a container or documentation PAS should be notified and a special tag number will be created using a prefix of 4920 09 to signify that a tag could not be affixed to the item. Assets without an affixed barcode will not be scanned for inventory each year, but they must be certified using an Inventory Certification Form (IC 852). Each department should create and maintain its own system for recording and tracking these “09” assets.

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4. Can I use my FSU Purchasing Card (P-Card) to purchase an asset?

Yes. However, the President or Dean/Director and Property Accounting Services (PAS) must approve all assets purchased with the P-Card with a cost equal to or greater than $1,000 and a life expectancy greater than one year. After purchasing the asset, you should send a copy of the approval letter and the invoice/receipt indicating the description, quantity, and cost of asset(s) purchased to PAS. The department should provide PAS with the Department ID and Fund Code related to the asset(s).

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5. Is software (licenses) ever required to be tagged as an asset?

Software license fees will be considered an asset if the total dollar amount of the fee divided by the number of units served (users or personal computers) is greater than $1,000.00, and the license covers more than one year. The tag should be placed on the software container or, if the software has no container, on the software documentation.

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Are there other questions that need to be answered here? If so, let us know.