Asset Management

Assets are identified by Asset Management at the time of payment. Once a payment voucher is generated, the information is accumulated and pushed to Asset Management every two weeks in the form of a tagging list.

 Every two weeks, the following occurs:

• Prioritization based on voucher date and Project ID.
• Examination of priority and age of vouchers.
• Examination of individual invoices and vouchers.
• Contacting and scheduling an appointment with the departmental AM Coordinator to:
  • Verify cost
  • Gather location, serial number, description, custodian and responsible person
  • Affix the tag on the asset
• Entry of data in the Asset Management Module to generate the asset record.
• Corrections are made in account coding. 

It is the department’s responsibility to use the correct account code at the time of purchase.  When in doubt, contact the Asset Management Team. 

Purchases charged to non-55XXX series accounts in error or paid by PCard will not be on the Asset Management Tagging list. Contact the Asset Management Team if you have received an asset, but have not been contacted for tagging in 30 days; it could mean the purchase was incorrectly coded.  

The AM Coordinator is responsible for:

1. Updating Asset Information Asset information records are updated in the Asset Basic Information page and are the responsibility of the AM Coordinator. These updates include:

• Updating Condition/Home-Use Status
• Updating Responsible Person
• Updating In Use/Not In Use Status
• Updating Asset Location
• Attaching a Photo of the Asset (optional)

2. Updating Assets by Submitting an Asset Change Request  Certain asset changes require the submission of supporting documentation to the Asset Management Team.  The AM Coordinator is also responsible for keeping the asset attributes up to date and submitting an Asset Change Request for the following:

• Update License Plate
• Update Serial Number
• Update Model Number
• Update Asset Description
• Unavailable NCSU Location Code
• Offsite Non-NCSU Location Code
• External Loan Contract Number
• Request Replacement Asset Tag

3. Certification of the Annual Physical Inventory is the responsibility of the AM Coordinator.  An annual physical inventory is required by the State of North Carolina and by the university per REG 07.30.12-Capital Assets-Annual Equipment Inventory

4. Disposal of Assets 

• As is required by both State and NC State Disposal of University Property regulations, all property, capital or non-capital, acquired by an NC State University department must be disposed of through NC State University Surplus.  Information is available on the  NC State Procurement and Business Services Website. 

• Asset disposals that occur through improper methods such as lost, stolen, cannibalized, destroyed, or traded-in, should be handled with a Disposal Request. The Disposal Requests are processed by the AM Coordinator and routed to the Asset Management Team in the University Controller’s Office. This process allows for the retirement of the asset in the Asset Management Module but is not considered an accepted standard method.

A physical inventory of equipment is taken to verify that equipment recorded in the Capital Assets Management System can be physically located and is recorded properly as to location and existence. The physical inventory is important to maintain accurate records and to identify equipment that is misplaced, lost, or damaged. 

Asset Management

Provides coordination and reporting of the overall NC State Annual Physical Inventory. This includes: 

• Generating, Distributing and Coordinating the Annual Physical Inventory
• Training
• Review the submitted inventories and substantiate documentation
• Final Inventory Approval
• Select Inventories to spot check the accuracy of the physical examination
• Evaluate and Report Missing Equipment

AM Administrator – Asset Assignment

Required departmental role for the assignment of the AM Coordinator to individual departmental inventory certifications.

AM Coordinator Campus – Assigned Inventory

Responsible for

• tracking departmental assets
• updating asset information per  the Asset Management System as changes occur 
• certifying the department’s Annual Physical Inventory
• investigate assets purchased which have not been tagged within 60 days
• locating assets selected for examination by the Central Office or Auditors through the Spot Checking Process

** The AM Coordinator Role requires training prior to submitting a System Access Request. This is the role to certify inventory and Surplus Assets. Register for FIN-101: Asset Management and Surplus Training. Contact your Business Officer after completion to prepare the System Access Request.

AM Approver – Campus AM Inventory Approval

Responsible for thorough review and approval of individual departmental inventory certifications for compliance with the Annual Physical Inventory Guidelines and Policies. 

• NC State Policies, Rules, & Regulations
• Disposal of University Property
• UNC System Office Capital Asset Standards

• Asset Management Manual
• Surplus Property Manual
• Asset Inventory Manual
• Guidelines for Capitalization of Sponsored Project Equipment & Equipment Fabrications
• Property Tracking and Disposition Manual