INTRODUCTION

At 麻豆官网首页入口免费, each University employee has a general obligation to safeguard and make appropriate use of property owned by or accountable to the University. This obligation includes but is not limited to:

  • Notifying Financial Services of the acquisition, movement, or disposal of property.
  • Exercising reasonable care in use to prevent damage and maintain good condition.
  • Exercising reasonable security measures to prevent theft or misuse.
  • Report lost, stolen, damaged, or otherwise impaired property to appropriate parties.

Responsibility for fixed assets property management is held in Financial Services. Ultimately, the Montana University System (MUS) has title and ownership of all University property. Actual possession, use, and accountability are maintained at the department level.

Asset Works (AiM) is a centrally maintained system separate from Banner.  It is used to manage and account for the University鈥檚 investment in fixed assets (property, plant, and equipment) and intangible property (software).

PURPOSE

It is necessary for the university to safeguard and maintain a complete and accurate accounting of all fixed assets. This ensures we remain in compliance with state and federal policies and procedures, governmental accounting standards, and properly record and account for fixed assets on our financial statements.

DEFINITIONS

Fixed Assets 鈥� an asset of a relatively permanent nature with a useful life of more than one year whose identity does not change with use. The unit must be identifiable and separately accounted for.

Capital Fixed Asset 鈥� a fixed asset with a unit cost of $10,000 or more that is recorded in the financial statements. Expenditures are posted to 63xxx and 64xxx account codes.

Non-Capital Fixed Asset 鈥� a fixed asset with a unit cost between $2,500 and $10,000. While not required for financial reporting purposes, management has chosen to record these assets in Asset Works for tracking and accountability purposes.

Intangible Asset 鈥� a long-lived legal right, in the case of software, the right to use the software.

Right of Use (ROU) Asset 鈥� a contractual right to control and use a leased asset (building, land, equipment) for a lease term of more than one year where the cost of the lease exceeds $100,000. Expenditures are posted to 69xxx account codes.

Supplies and Materials 鈥� Consumable commodities purchased for inventory or immediate consumption; articles and commodities, which are consumed or materially altered when used; and software and fixed assets that do not meet the cost threshold for non-capital or capital assets. This may include operating supplies, office supplies, and small tools. Expenditures are posted to 622xx account codes. 

Asset Tag 鈥� a pre-numbered identification tag affixed to fixed assets for inventory, warranty, identification, and stewardship purposes.

CAPITAL VS NON-CAPITAL

Property is considered capital in nature and is tagged as such when it meets all the following criteria:

  • The unit cost is equal to or greater than the capitalization threshold for the specific type of asset. Included in this calculation may be freight and other costs needed to bring the asset into its intended use.
  • The unit鈥檚 estimated useful life is greater than one year.
  • The unit鈥檚 identity does not change with use.
  • It is non-consumable in nature.
  • It is identifiable and can be separately accounted for.

The property is considered non-capital in nature and is tagged as such when it meets the following criteria:

  • The unit cost is greater than $2,500 but less than the capitalization threshold for the type of asset. Included in this calculation may be freight and other costs needed to bring the assets into its intended use.
  • The unit鈥檚 estimated useful life is greater than one year.
  • The unit鈥檚 identity does not change with use.
  • It is non-consumable in nature.
  • It is identifiable and can be separately accounted for.

Property with a unit cost below $2,500 is not tagged, inventoried, or recorded in Asset Works.

Asset Works is used to record capital and non-capital property. Required accounting entries for capital property are made in the general ledger in Banner for financial statement reporting.

PURCHASING

The University follows the same purchasing policies and procedures for the purchase of fixed assets as it does for the purchase of any other goods or services.  Please visit the Business Services Purchasing and Information Technology websites to review the policies and procedures.

ASSET TAGGING

For both capital and non-capital property, a unique property number is assigned by Financial Services or Information Technology. A tag reflecting this number will be sent to the department and must be affixed to the asset in a visible location. The number assigned cannot be re-used or re-issued. The following information (when applicable and feasible) will be maintained in the fixed asset records for each property tag:

  • Tag number
  • Asset description
  • Asset type
  • Acquisition date
  • In-use date
  • Make
  • Model
  • Manufacturer
  • Serial number/VIN
  • Location (building and room number)
  • Responsible department
  • Funding source
  • Cost

Due to its structure, shape, or nature, some property may not be physically tagged. In these cases, the inventory tag will be affixed to the paperwork that is maintained in Financial Services.

It is possible that a piece of property does not have a tag affixed to it because either the tag has been lost or the item was not originally tagged. In this case, research can be done to determine the tag number, if any.

DONATIONS

Any gifts or donations to MSU Billings must be arranged through the MSUB Foundation, regardless of cost or value. If a department receives property meeting the criteria of either non-capital or capital property, the receiving department should notify the MSUB Foundation and Financial Services, so that the property can be tagged and added to the inventory at its estimated fair market value.

Please contact Financial Services for information regarding donations from MSU Billings to other state agencies, educational institutions, nonprofit organizations, etc. There are specific guidelines that must be followed if a department wants to transfer property outside of MSU Billings.

DISPOSITION

State statutes provide specific ways in which surplus state property must be disposed of, regardless of the method of disposition. Any disposition of an asset, whether or not it has an inventory tag, must be approved in advance. A written request or Department Surplus Form must be submitted to Financial Services, and the department must receive written approval before the property is disposed of. Under no circumstances should individual departments attempt to dispose of State property on their own.

TRADE-INS

Requests for trade-ins (regardless of cost) must be submitted in writing to Purchasing and Financial Services. The request must include the following information for the property to be traded:

  • Asset tag (if applicable)
  • Detailed description
  • Make
  • Model
  • Manufacturer
  • Serial number
  • Trade-in value (a quote can be obtained from the vendor)
  • Explanation as to why the trade-in will benefit the University and the State of Montana.

Once approval is received, the request should be attached to the requisition/purchase order and forwarded to Purchasing. Property requested to be traded in will be subject to the State鈥檚 Surplus Property & Recycling approval. State Surplus Property & Recycling may wish to sell the property at auction and, under certain guidelines, return the money to the University.

No trade-ins are allowed on vehicles.

LOST/MISSING

If it is believed that a piece of property has been lost or is missing, immediately notify University Police and Financial Services.

THEFT

If theft or illegal conversion is suspected of equipment or inventoried items, University Police must be notified immediately. University Police will forward a copy of the incident report to Financial Services, so that the Attorney General, the Legislative Audit Division, and other authorities, if required, can be notified. In addition, the item will be removed from the inventory listing.

DAMAGED/DESTROYED PROPERTY

If property is damaged or destroyed because of something other than normal wear and tear, the responsible department should notify University Police. They will forward a copy of the incident report to the Vice Chancellor for Administration and Finance and Financial Services, who will remove the item from the inventory listing. If it is determined appropriate, the property may be authorized for salvage or spare parts. The department will receive written authorization before disposition takes place.

SALVAGE/SCRAP

Certain property that is deemed to have no value may be approved for salvage or scrap. Requests to salvage or scrap property must be made in writing to Financial Services beforehand. If salvaging or scrapping the property is deemed appropriate, the department will receive written authorization before disposition takes place.

CANNIBALIZATION

Cannibalization is the dismantling of property so that serviceable parts can be removed and used in another functional piece of property. Requests for cannibalization of University property should be forwarded to Financial Services in writing with complete information regarding a description of equipment to be cannibalized (includes make, model, manufacturer, serial number, etc.) and parts to be removed. When approved, the department will receive written authorization and then the property may be dismantled, serviceable parts removed, and the remaining pieces scrapped or disposed of as described above for salvaged/scrapped property.

SALE

The University may dispose of surplus property through sales to governmental entities and the general public. Sales to the general public may be in the form of garage sales, online public surplus listing, auctions, or bid solicitation. If a department wishes to dispose of property through such a sale, a prior written request must be made to Financial Services by completing a Department Surplus Form. Financial Services will submit a work order for pick-up of property with Facility Services or Information Technology.

University employees can purchase surplus property at sales open to the general public. It is not permissible for University or other state employees to purchase the property outside of such sales.

Departments can retain proceeds from the sale of their property only when the following criteria are met:

  • An individual item is sold for $500 or more, and
  • It can be determined that the item was not purchased from the State General Operating Fund or federal funds. If the funding source cannot be identified for certain, proceeds will be returned to the General Fund.

TRANSFERS 鈥� ACROSS CAMPUS AND ACROSS STATE AGENCIES

If a department wants to transfer a piece of equipment, whether non-capital or capital, Financial Services and the receiving department must be notified in writing beforehand so that the inventory records can be updated to reflect the new department and the new location of the property. The notification must include:

  • Asset tag number (if applicable)
  • Description of the asset (includes make, model, manufacturer)
  • Serial number/VIN
  • Previous location (building, room, and responsible department)
  • New location (building, room, and responsible department)
  • Signatures of both the originating department head and the receiving department head.

For on campus transfers, please complete the Fixed Asset Transfer Form.

Transfers can be made between state agencies when it is determined that such a transfer is in the best interest of the State. Prior written approval for such transfers must be obtained from Financial Services.

SOFTWARE

If a department wishes to dispose of software, they must complete a Department Surplus Form. The department will then receive approval from Financial Services and instructions on what to do with the software.

GRANT AND CONTRACTS PURCHASED OR FURNISHED ASSETS

Grants and contracts often furnish property to the University to fulfil certain grant and contract requirements. This property can only be used on the grant and contract it is intended for unless otherwise stated. Accurate records need to be maintained by the department as to the use, location, and maintenance of the equipment.

Please notify Financial Services when grant and contract equipment has been received. Financial Services will then tag the equipment if it meets the requirements of a capital or non-capital asset and report the equipment purchased to the Grants Accounting Manager.

Never trade, cannibalize, transfer, or otherwise dispose of property purchased with grant or contract funds without prior written approval from Financial Services and the Grants Accounting Manager. Contact Financial Services for procedures to dispose of inoperable or unwanted property.

ACCOUNTABILITY

University property and equipment may be used only in the performance of university duties. University property and equipment should not be loaned out for personal use.

Title and ownership of all University property are with the Montana University System. Possession, use, and accountability are maintained on the departmental level.

Within each department, college, or functional unit at the University, there is a property manager. The property manager is either the fund controller for the property or the dean or director of the department. The property manager is responsible for:

  • Ensuring proper use and maintenance of property under their supervision.
  • Promptly reporting any property loss, misuse, or conditions requiring repair or which create a hazardous working condition.
  • Assigning property within their area of responsibility
  • Tagging of property within their area of responsibility.
  • Inventory of property.

OFF CAMPUS USE

In situations where it is necessary to take state-owned property off campus, a signed memo by the supervisor, dean, director, or department chair granting authorization must be kept on file in the department, with a copy forwarded to Financial Services. The memo should include the following information:

  • Asset tag (if applicable)
  • Asset description (including make, model, manufacturer)
  • Serial number
  • Off-campus location (address)
  • Name of person responsible
  • Length of time expected to be off campus

Financial Services should be notified in writing by the supervisor, dean, director, or department chair when the equipment is returned to campus.

INVENTORY

Capital assets (those costing $10,000 or more) will be inventoried in even numbered fiscal years (FY26, FY28, etc.). Financial Service will reach out to department deans and directors to schedule a time to locate the items listed for their department and work with them to account for any discrepancies. The completed inventory listing will be used by Financial Services to update the inventory records.

Non-capital assets (those costing between $2,500 - $10,000) will be inventoried in odd numbered fiscal years (FY27, FY29, etc.). Financial Services will provide departments with an inventory listing, and they will be required to locate the items and account for any discrepancies. The completed inventory lists must be returned to Financial Services so that inventory records can be updated.

It is important that if an asset, whether capital or non-capital, is permanently removed from a department, written notification is submitted to Financial Services so that the location on the inventory records can be updated to reflect the new location and responsible party.

LOCATION OF RECORDS

All fixed asset records are maintained in Financial Services in McMullen Hall Room 309. Departments may contact Financial Services if they need information regarding fixed asset records.