REG 07.30.11 – Capital Assets – Additions

Authority: Vice Chancellor for Finance and Administration

History: First Issued: November 1, 2001.

Additional References:
University Controllers Website

Contact Info: University Controller (919-515-3824)

1. Purpose

This statement explains the procedures for the addition of assets to the Capital Assets Management System (CAMS).

2. General Guidelines

All capital equipment, regardless of whether the items are loaned to or owned by the University, must be included on the CAMS inventory. Additions of capital assets are generated by purchase orders (PO’s), Small Purchase payments (SP’s), service unit billings (SUB’s), donations to the University (gifts-in-kind), or equipment loans from government or private sources.

3. Procedures

3.1. Normal Purchasing Channels (PO, PA, SUB, SP)

3.2. Colleges/departments authorize equipment purchases by initiating purchases through the Accounts Payable (AP) system, submitting Small Purchase payments to Accounts Payable, or generating service unit billings.

3.3. The CAMS Office is provided with copies of all PO, SP, SUB, and receiving report (RR) documents relating to equipment purchases. Equipment items which meet the $5,000 threshold requirement are identified and the documents are placed in a pending file until the assets can be physically tagged by CAMS workers.

3.4. After each item is tagged, CAMS workers record the asset’s model number, serial number, manufacturer, and building/room location. This information is used when the asset is coded onto the CAMS inventory.

3.5. Assets which have been tagged are entered on the CAMS system on a daily basis. CAMS tag number, asset description, financial accounting code, PO/SP number, actual cost, commodity code, and other relevant elements are entered. The documents used to acquire the assets (POs, receiving reports, etc.) are the primary source of information used for entering the items onto CAMS.

3.6. After coding, the backup documents used in acquiring the assets (receiving reports, PA’s, invoices, etc.) maintained as support for additions of capital assets to the University’s inventory.

3.7. The CAMS Office is responsible for record retention and ensuring that all taggable assets are identified through internal controls.

4. Remote Facilities

Certain colleges/departments within the University maintain remote facilities away from the main campus. Examples include Agricultural Research Stations and Units, Sea Grant Program Facilities, and the Department of Food Science Seafood Laboratory. Since it is not practical for the CAMS staff to physically tag assets at these remote sites, it is the responsibility of the colleges/departments to tag the assets and forward the exact locational data to the CAMS Office for entry into the system.

Under certain circumstances, it may not be practical for colleges/departments to tag their own equipment (e.g., assets shipped out-of-country). In this case, the CAMS Office may assign unique (eight-digit) tag numbers in order to maintain the assets on the system.