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Property Accounting
Property Accounting is responsible for registering all capital assets (≥$5000.00) and low value high risk trackable assets ($2500.00-$4999.99). Upon the completion of the asset registration, property accounting maintains an inventory of all UADA assets. The information contained in this tab is intended to serve as a resource for all parties responsible for UADA owned assets and accounting for said assets at the time of inventory.
If you need additional information, do not hesitate to reach out to the property accounting team at: property@uada.edu
- In Workday, asset registrations are triggered from supplier invoices. Assets are items purchased with state funds that must be tracked and maintained by the agency who purchased the property. All assets not registered are typically a result of unsubmitted invoices for payment or use of incorrect spend categories. Select the spend category for each purchase based on the spend category crosswalk provided below.
Spend Categories to Utilize for Equipment Purchases
Level 1 Equipment > = $5,000 |
Level 2 Equipment = Low Value (Expensed/Trackable) |
Level 3 Equipment = Low Value (Expensed/Trackable) |
Level 5 Expensed Items non-trackable |
---|---|---|---|
SC0541 Data Processing Equipment > = $5,000 |
SC0542 Data Processing Equipment - Low Value ($2,500 - 4,999.99) |
SC0543 Data Processing Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0062 Data Processing Supplies |
SC0545 Equipment > = $5,000 |
SC0546 Equipment - Low Value ($2,500 - 4,999.99) |
SC0547 Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0007 Other Supplies |
SC0549 Technology Equipment > = $5,000 |
SC0550 Technology Equipment - Low Value ($2,500 - 4,999.99) |
SC0551 Technology Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0007 Other Supplies |
SC0553 Instructional Equipment > = $5,000 |
SC0554 Instructional Equipment - Low Value ($2,500 - 4,999.99) |
SC0555 Instructional Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0011 Educational Materials |
SC0557 Office Equipment > = $5,000 |
SC0558 Office Equipment - Low Value ($2,500 - 4,999.99) |
SC0559 Office Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0085 Office Supplies |
SC0562 Maintenance Equipment > = $5,000 |
SC0563 Maintenance Equipment - Low Value ($2,500 - 4,999.99) |
SC0564 Maintenance Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0124 Shop & Industrial Supplies |
SC0566 Computer Equipment & Major Accessories > = $5,000 |
SC0567 Computer Equipment & Major Accessories - Low Value ($2,500 - 4,999.99) |
SC0568 Computer Equipment & Major Accessories - Low Value High Risk ($500 - 2,499.99) |
SC0422 Minor Computer Accessories |
SC0570 Medical Equipment > = $5,000 |
SC0571 Medical Equipment - Low Value ($2,500 - 4,999.99) |
SC0572 Medical Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0130 Medical Supplies |
SC0574 Furniture > = $5,000 |
SC0575 Furniture - Low Value ($2,500 - 4,999.99) |
SC0576 Furniture - Low Value High Risk ($500 - 2,499.99) |
SC0561 Minor Furniture |
SC0578 Climatic Control Equipment > = $5,000 |
SC0579 Climatic Control Equipment - Low Value ($2,500 - 4,999.99) |
SC0580 Climatic Control Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0007 Other Supplies |
SC0582 Recreational Equipment > = $5,000 |
SC0583 Recreational Equipment - Low Value ($2,500 - 4,999.99) |
SC0584 Recreational Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0007 Other Supplies |
SC0586 Photographic Equipment > = $5,000 |
SC0587 Photographic Equipment - Low Value ($2,500 - 4,999.99) |
SC0588 Photographic Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0122 Photographic Supplies |
SC0590 Engineering & Drafting Equipment > = $5,000 |
SC0591 Engineering & Drafting Equipment - Low Value ($2,500 - 4,999.99) |
SC0592 Engineering & Drafting Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0007 Other Supplies |
SC0594 Agricultural Equipment > = $5,000 |
SC0595 Agricultural Equipment - Low Value ($2,500 - 4,999.99) |
SC0596 Agricultural Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0215 Agricultural Horticultural & Wildlife Supplies |
SC0598 Industrial Equipment > = $5,000 |
SC0599 Industrial Equipment - Low Value ($2,500 - 4,999.99) |
SC0600 Industrial Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0124 Shop & Industrial Supplies |
SC0602 Research Equipment > = $5,000 |
SC0603 Research Equipment - Low Value ($2,500 - 4,999.99) |
SC0604 Research Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0007 Other Supplies |
SC0607 Lab Equipment > = $5,000 |
SC0608 Lab Equipment - Low Value ($2,500 - 4,999.99) |
SC0609 Lab Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0123 Lab Supplies |
SC0611 Communications Equipment > = $5,000 |
SC0612 Communications Equipment - Low Value ($2,500 - 4,999.99) |
SC0613 Communications Equipment - Low Value High Risk ($500 - 2,499.99) |
|
SC0620 Security Equipment > = $5,000 |
SC0621 Security Equipment - Low Value ($2,500 - 4,999.99) |
SC0622 Security Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0162 Security Supplies |
SC0624 Farm Machinery and Equipment > = $5,000 |
SC0625 Farm Machinery and Equipment - Low Value ($2,500 - 4,999.99) |
SC0626 Farm Machinery and Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0215 Agricultural Horticultural & Wildlife Supplies |
SC0628 Boat > = $5,000 |
SC0629 Boat - Low Value ($2,500 - 4,999.99) |
SC0630 Boat - Low Value High Risk ($500 - 2,499.99) |
SC0007 Other Supplies |
SC0632 Band and Musical Equipment > = $5,000 |
SC0633 Band and Musical Equipment - Low Value ($2,500 - 4,999.99) |
SC0634 Band and Musical Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0011 Educational Materials |
SC0636 Food Service and Concession Equipment > = $5,000 |
SC0637 Food Service and Concession Equipment - Low Value ($2,500 - 4,999.99) |
SC0638 Food Service and Concession Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0126 Kitchen Supplies |
SC0645 Art > = $5,000 |
SC0646 Art - Low Value ($0 - 4,999.99) |
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SC0653 Tools > = $5,000 |
SC0654 Tools - Low Value ($2,500 - 4,999.99) |
SC0655 Tools - Low Value High Risk ($500 - 2,499.99) |
SC0124 Shop & Industrial Supplies |
SC0657 Fixed Equipment > = $5,000 |
SC0658 Fixed Equipment - Low Value ($2,500 - 4,999.99) |
SC0659 Fixed Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0007 Other Supplies |
SC0661 Janitorial Equipment > = $5,000 |
SC0662 Janitorial Equipment - Low Value ($2,500 - 4,999.99) |
SC0663 Janitorial Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0091 Janitorial Supplies |
SC0665 Lawn Equipment > = $5,000 |
SC0666 Lawn Equipment - Low Value ($2,500 - 4,999.99) |
SC0667 Lawn Equipment - Low Value High Risk ($500 - 2,499.99) |
SC0127 Grounds & Building Maintenance Supplies |
SC0669 Materials Handling Equipment > = $5,000 |
SC0670 Materials Handling Equipment - Low Value ($2,500 - 4,999.99) |
SC0671 Materials Handling Equipment- Low Value High Risk ($500 - 2,499.99) |
SC0271 Material Handling Supplies |
SC0540 Vehicles > = $5,000 |
To ensure adequate control of capital equipment is maintained, annual physical inventories are required. The Division has established this policy to ensure that the inventory of equipment does not result in audit exceptions. The Division expects each unit to actively participate and complete its inventory process in a manner that demonstrates accountability for Division property. The Division Property Accounting Office is responsible for maintaining accurate inventories of Capital Equipment, Low Value Equipment, and real property.
Asset Class |
Threshold |
---|---|
Land |
Capitalize All |
Land Improvements |
$5,000 |
Buildings/Building Improvements |
$100,000 |
Equipment |
$5,000 |
Equipment – Low Value |
$2,500 – 4,999.99 |
Equipment – Low Value High Risk |
$500 – 2,499.99 |
Capital Leases |
$5,000 |
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Scanning Inventory
The Division Property Accounting Office will determine and notify the Business Asset Trackers of the system for scanning and forward login information with asset lists. Asset Tiger Inventory System is the current system for inventory scanning via mobile application. Instruction with a video on how to use can be found at Asset Tiger | AAES Business Office (uada.edu)
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Rescheduling Inventory
When circumstances arise that make it unfeasible for a unit to perform its inventory by the scheduled time, the unit should contact the Property Accounting Office to reschedule as soon as possible.
-
Non-Scanned Equipment
All unscanned inventory items will be available for viewing on Asset Tiger. The unit then has two (2) weeks to research and justify the items on the list. If the unit has not resolved its non-scanned equipment within those two weeks and has not made any contact with Division Property Accounting for assistance with the process, the unit may face a penalty of $500.00. The unit can request an extension if more than two weeks are needed to resolve the inventory issue. If the extended deadline is not met, the unit may face a penalty of $500.00. This penalty may be paid from departmental funds.
When property on record cannot be located, the business asset tracker shall update the property record to indicate that the items have been determined to be missing, cannibalized without permission, or discarded without permission the UADA form located under Property Accounting on the UADA Business Office webpage. UADA-Lost-Stolen-Missing Form
After all records have been updated, Division Property Accounting will send a final confirmation letter to each unit head with the unit’s final list of improperly disposed equipment. The unit chair shall sign and return the letter to Division Property Accounting. The signed letter certifies that the unit has investigated the case and is presenting the facts to Division Property Accounting. The letter states that in accordance with the Arkansas Financial Management Guide, Title 19 – Public Finance Chapter 4 – State Accounting and Budgetary Procedures Subchapter 15, the appointed individual has proceeded in the following manner:
- Obtain the full identification of the missing property and last recorded location
from Property Accounting, (which is provided on the Non-Scanned Equipment List).
- Check the last recorded location and adjacent areas. An interview should be conducted
with all individuals assigned to the area where the missing property was last located
according to the property records.
- Conduct a search of property disposal and transfer documents to see if the property
could have been turned in to the Surplus Warehouse, Marketing and Redistribution or
transferred to another agency.
- Establish whether the property involved may have been temporarily loaned to other
activities. If so, the activities identified should be searched to locate the missing
property.
- If the above actions fail to locate the missing property, all areas occupied by the
unit should be searched beginning with the activities most likely to have a use for
the property.
- If at any time during the investigation it is suspected that a theft has occurred,
the matter should immediately be brought to the attention of the department head.
If after notification the department head also suspects theft, the appropriate law
enforcement official(s) should be contacted for investigation and further action as
warranted. (See the section below captioned “Stolen Equipment”)
- If at any time during the investigation process the missing property is located, the
proper location shall be recorded Workday.
- At the conclusion of the investigation the appointed investigator shall re-run the Missing Assets in Asset Tiger. Notations should be made on all the remaining items on the list and sent to Property Accounting.
If the Assistant Vice President for Finance and Administration is satisfied that the remaining missing property cannot be located after the investigation report, a “Credit for State Property” Form (P3-19-4-1503) along with copies of the investigation report and the police report in the case of stolen property shall be prepared and submitted to the Arkansas Department of Finance and Administration-Office of Accounting for approval. Upon receipt of an approved “Credit for State Property” Form, P3-19-4-1503, the Division may remove the missing property from the capital asset records. This approval becomes part of the documentation to be used on the audit of the Division's property records by the Division of Legislative Audit. The Assistant Vice President for Finance and Administration shall take any action he/she considers appropriate to prevent recurrence.
UADA Property Transfer Form complete and return to property@uada.edu
UADA Lost, Stolen, or Missing Equipment Form complete and return to property@uada.edu along with a copy of the police report.
UADA Asset Surplus List (SDF) complete and return to property@uada.edu
- Specific written permission MUST be obtained from Property Accounting prior to any discarding, cannibalizing, or trading-in of equipment.
- All UADA assets (tagged or untagged) must go through the surplus process!
UADA Certificate of Property Disposal (CPD) List complete and return to property@uada.edu
Please note the following: Enter the desired disposal type (metal bin, large item scrap, or e-cycle) in the last column.
UADA Building Razing Form complete and return to property@uada.edu
UADA Cannibalization Form complete and return to property@uada.edu
UADA Trade-In Request Form complete and return to property@uada.edu
- Do all assets have to go through surplus with the State of AR M&R?
- Answer: Yes, every asset with or without a tag must go through the state surplus process.
- Answer: Yes, every asset with or without a tag must go through the state surplus process.
- Do I handle federal and state surplus the same way?
- Answer: No, federal surplus items are handled differently. Please reach out to Danya
Curtis, Property Accounting Manager, if you have federal assets that you wish to surplus.
- Answer: No, federal surplus items are handled differently. Please reach out to Danya
Curtis, Property Accounting Manager, if you have federal assets that you wish to surplus.
- Which spend category do I use to register an asset?
- Answer: The spend category used should correspond to the value of the asset.
- Example: If you pay $922.00 for a computer, the spend category utilized should be
SC0568 Computer Equipment & Major Accessories - Low Value High Risk ($500 - 2,499.99).
- Example: If you pay $922.00 for a computer, the spend category utilized should be
SC0568 Computer Equipment & Major Accessories - Low Value High Risk ($500 - 2,499.99).
- Answer: The spend category used should correspond to the value of the asset.
- Is there ever a time I should utilize a spend category with the language “collective
value?”
- Answer: No, you should not utilize the “collective value” spend categories. They are
in the process of being disabled to remove the temptation to improperly use them.
- Answer: No, you should not utilize the “collective value” spend categories. They are
in the process of being disabled to remove the temptation to improperly use them.
- May I manually audit assets in Asset Tiger?
- Answer: Yes, when it is not an option to scan the asset tag, you may manually audit
the asset. It is however preferred that you utilize the mobile scanning option for
as many assets as possible. If you manually enter too many assets, it will be required
for a property accounting employee to perform an in-person audit of your assets.
- Answer: Yes, when it is not an option to scan the asset tag, you may manually audit
the asset. It is however preferred that you utilize the mobile scanning option for
as many assets as possible. If you manually enter too many assets, it will be required
for a property accounting employee to perform an in-person audit of your assets.
- What triggers asset registrations in Workday?
- Answer: All asset registrations are now triggered off of supplier invoices. The only
exception are p-card purchases. P-card purchases require manual registrations triggered
by property accounting.
- Answer: All asset registrations are now triggered off of supplier invoices. The only
exception are p-card purchases. P-card purchases require manual registrations triggered
by property accounting.
- What do I do if an asset is not registered in Workday?
- Answer: Reach out to property accounting and we will assist in getting the asset registered
as well as research how it fell through the cracks of the registration process to
keep it from reoccurring.
- Answer: Reach out to property accounting and we will assist in getting the asset registered
as well as research how it fell through the cracks of the registration process to
keep it from reoccurring.
- Do all computers have to be registered and tagged?
- Answer: Yes, all computers regardless of cost must be registered in Workday and tagged for inventory tracking purposes. Computers are considered low value assets that are easily pilferable (stolen).
- Asset Tiger Tools
- Workshop Presentation
- CPD & SDF PowerPoint