Fixed Assets and Equipment Information
Fixed Assets, located at Greenville Centre, is a unit within Financial Services. Fixed Assets identifies, tracks, manages and reports University capitalized assets. Tracking activities include tagging newly-acquired equipment, conducting annual physical inventory, performing the Spot check audit and maintaining a property database via Banner. This office also disposes of Surplus assets in accordance with State rules and regulations.
UNC- Business Process Standards require all universities within the UNC System to follow system wide Capital Asset Standards.
The purpose of tracking fixed assets is for financial accounting, preventive maintenance, and internal control including theft deterrence.
Fixed Assets Thresholds
- Equipment with a purchase (or donation/gift) cost of $5,000 or more (any funds, including Grants) including shipping, legal fees and installation with a useful life of 2 or more years.
- EDP equipment (computers or laptops) with a purchase cost of $2,500 to $4999, is tagged and tracked but not capitalized.
- All grants $3,000-$4,999 are tagged and tracked but not capitalized.
When purchased equipment meets these thresholds, Fixed Assets will notify the department contact via e-mail to schedule a tagging appointment after the invoice is paid. The organization that the equipment will be assigned to and the location of the equipment will be verified at this time.
Annual Equipment Inventory
The University is required by the state to take an annual equipment inventory. Each department is accountable for their inventory and are responsible for verifying and reporting any changes or corrections to Fixed Assets.
Departmental Physical Inventory Verification FYYF139 report and Missing Inventory FYRF135 are updated and posted in E-print on October 1st of each year. Departmental Inventory Control staff will need Fixed Assets Inquiry access in Banner to pull the two reports. Fixed Assets requests that Physical and Missing Inventories are verified at the same time. Both reports are due back to the Fixed Assets’ Office by December 1st. All updates must be made in writing directly on the printed report(s) according to the Physical Inventory Verification Guidelines (Word).
Departmental Inventory Report(s) will not be considered certified without the department head’s signature.
- Any equipment that cannot be located by a department will be moved to the department’s missing inventory report if no documentation is provided (No Exceptions). Equipment will remain on the missing inventory report for 1 inventory cycle.
- Departments will need to provide an explanation of why equipment cannot be located or provide proof of the disposition of the equipment. The following are examples of acceptable documented proof: a copy of the disposal request, copy of police report for stolen property, transfer form etc.
- Each year Fixed Assets will need an estimated number of years equipment will be used before replacement. This information is crucial in order for the University to remain in compliance with State guidelines.
Please note that the University Business Manual states that the administrative head is responsible for the custody and proper care of capital equipment within his/her unit. Also, note that each organizations inventory is subject to audit by State and Internal Audit at any given time. Forms needed to maintain accurate records to keep Fixed Assets apprised of any equipment changes can be found on the Fixed Assets’ Home Page. Please utilize these forms to support the accurate tracking of University equipment.
Missing Equipment
Management is responsible for implementing procedures for maintaining control over and the safeguarding of assets. Equipment is considered missing when a department reports having equipment on the prior year physical inventory verification report, but can no longer locate the equipment. If there is no documentation for the equipment being surplused or stolen, the equipment is considered missing. The equipment will be placed on the Missing Inventory Report Listing for one inventory cycle. It is requested that each department with missing inventory confirm their listing annually using the FYRF135 Report. The department at that time will have a chance to change the status of the equipment if the item(s) has been located. Fixed assets will verify the location during annual Spot Checks.
Missing inventory reports are subject to audit. The department should make every effort to locate the equipment or the proper paperwork documenting the disposition of the equipment prior to marking an item as missing. Any item marked as missing inventory requires a brief, reasonable explanation by the department as to why the equipment cannot be found.
Equipment Status Changes
Relocated Equipment – within ECU
Fixed Asset equipment may be moved from one location to another within a department. Notify Fixed Assets via ECU Equipment Change in Status Form (PDF) to update the location of the Fixed Asset.
Keep in mind, no equipment can be transferred or given to another State Agency (or anyone else) without authorization.
Transferring Ownership – within ECU
Occasionally a department may have an item that is tagged by Fixed Assets that they would like to transfer ownership of, or responsibility for, the item to another department. Ownership can only be changed if it is agreed upon by both departments. The department transferring ownership in conjunction with the department accepting ownership should complete the ECU Equipment Change in Status Form (PDF). The completed form must be submitted to Fixed Assets by clicking the Submit Icon on the ECS form. Always keep a copy file for audit purposes. If any information is needed to complete the form, please contact Fixed Assets.
Note: It is the responsibility of the transferring organization to ensure that the form is complete and submitted to Fixed Assets.
Equipment Used for Trade-In
When equipment is requested to be used as a trade-in, a requisition should be transmitted to Materials Management via PORT for the new equipment along with a description of the item(s) that are being used as a trade-in. In addition, a ECU Equipment Change in Status Form (PDF) must be completed. This form, along with the Vendor quote should be submitted to the Fixed Assets Office. The trade-in must be approved by NCSSPA. Fixed Assets will communicate with requestor and a purchasing specialist in Materials Management to confirm that approval has been granted and appropriate documentation has been obtained for the trade-in. The purchase order cannot be processed until the approval is obtained.
Any state owned equipment may be used as a trade in. At no time will state owned property be given, donated or used as a trade-in without going through Fixed Assets office.
Note: This property cannot be removed from the University campus until prior approval is received from NCSSPA and Materials Management issues a purchase order.
Equipment – taken off campus
Permission for removal of University-owned property may be granted only for University business and not for personal use. Any time faculty or staff members take University-owned property off campus a ECU Equipment Change in Status Form (PDF) should be completed with the appropriate Department Head’s signature granting permission for this property to be moved to an off-campus location. The ECS indicates the period of time the property is to be off campus, a justification, ECU tag number if appropriate, and the description of the specific items involved. If this property is to be off campus for over a week, this form must be sent to the Fixed Assets Office for tracking.
Departments who are taking several pieces of equipment off-campus for use in field projects, may attach a list to the ECU Equipment Change in Status Form (PDF) and state “Per Attached”.
Home Use of Electronica Data Processor (EDP)
The same process can be utilized for equipment (example: laptop, tablet, etc.) checked out to faculty/staff on an annual basis using the ECU Equipment Change in Status Form (PDF).
Note: Departmental Heads are responsible for reporting any misuse of State property to the State Bureau of Investigation according to GS_114-15.1 and GS14-91 for Embezzlement. In addition, if the Department Chair is requesting to take State Property off campus, the next in authority would sign the Equipment Tracking Form granting permission.
This form is required for all equipment, not just a fixed asset item(s).
Export Controls
In the event your department needs to send equipment outside of the United States, please contact the Office of Research Integrity and Compliance (ORIC) for review and approval. ORIC
Stolen Equipment
If equipment is stolen, the proper authorities (Local Police, ECU Police, Vidant Security) are to be notified so that a police/security report can be completed. ECU Police and Vidant Security forward copies of police/security reports involving University owned equipment to the University Attorney’s Office. An SBI report is generated and forwarded to the University Internal Auditors and to the Fixed Assets Office via the ECU Equipment Change in Status Form (PDF) for updating the University Inventory System. The employee discovering the theft must report the theft to his/her supervisor. State guidelines require the supervisor notify the head of the department immediately.
If ECU property is stolen while off campus, the appropriate Police Department should be notified and a police report filed. The University Attorney’s Office, Fixed Assets Office, the employee’s supervisor, and Department Head should also be notified of the situation. This should take place for all University property regardless of cost.
If missing or stolen capital or non-capital equipment contains sensitive data, such as personal identifying information, contact is also made with the responsible oversight office over the investigation and reporting of loss of sensitive data (i.e. legal Office, ITCS, and Internal Auditors.)
Cannibalized Equipment
If equipment becomes irreparable, but certain parts or components can be used to maintain other similar pieces of equipment, the irreparable item can be cannibalized. A ECU Equipment Change in Status Form (PDF) must be completed and forwarded to the Fixed Assets Office. Once the completed form is received, any Fixed Asset will be disposed of at that time.
Computers cannot be cannibalized.
Warranty Return/Replace
If an equipment item(s) assigned an ECU tag# becomes defective while under warranty and the item is replaced by the vendor/manufacturer, the Fixed Assets’ Office will need to be notified via the ECU Equipment Change in Status Form (PDF). Provide the following information for the equipment that was replaced: ECU tag #, item description, and the serial number. Attach any Return Merchandise Authorization (RMA) forms from the supplier to the ECS form. Fixed Assets will provide the new/replacement equipment with a duplicate ECU tag and update the inventory record in Banner. If you have any questions please contact Fixed Assets at 252-328-9931.
Gifts / Donations / Transfers to ECU
- REMEMBER: All gift(s) to the University must be recorded in the Gift Records Office. Please contact them at 328-9571.
- Forward the following information to the Fixed Assets Office along with a completed ECU Equipment Change in Status Form (PDF):
- Vehicles – Certificate of origin, bill of sales, letter of donation, odometer reading, and damage disclosure.
- If donor will have title completed, we will need the following:
- Title made to:
East Carolina University
c/o Fixed Assets Office, MS 203
1000 East 5th Street
Greenville, NC 27858-4353 - Letter of donation
- Title made to:
- If donor will have title completed, we will need the following:
- Equipment – The ECS form will provide Fixed Assets with the needed information to initiate the tagging process.
- Vehicles – Certificate of origin, bill of sales, letter of donation, odometer reading, and damage disclosure.
Surplus of Equipment and Other Departmental Items
All equipment and supplies purchased with University funds (any source) is the property of East Carolina University and the State of NC until the appropriate approvals and disposition processes are followed. Under no circumstances should State property be simply thrown away, given away, traded in, or taken home. Fixed Assets and the Surplus Property Department are responsible for the disposition or transfer of all surplus property in accordance with State policies and procedures. Departments that have excess property or items that are no longer of any use must surplus those items. Items can only be surplused via the ECU Property Equipment Tracking System (PETS).
If the item(s) being surplused has a Fixed Assets’ tag number, this number must be entered in the Asset # field on the Surplus Pickup Request in PETS. The full 9-digit number must be entered (6-digit ECU tag # plus three zeros ‘000’ at the end). When items are received by Surplus Property that reference an ECU Tag #, departmental Fixed Assets’ inventory records will be updated by transferring the asset to Surplus.
Equipment Cost Applied Transfer – outside ECU
Transfer of state-owned equipment within the State:
The transfer of any state-owned equipment to another North Carolina state-supported institution or agency requires prior approval from the NC State Surplus Property Office. The user requesting approval to transfer equipment should contact the Fixed Assets Office. Fixed Assets will request the appropriate NCSSPA approval. To obtain such approval, a detailed letter of justification must be submitted to the Fixed Assets Office. This letter must be supported by approvals from the department head, the dean, the Grants Office and the Office of Sponsored Programs (if the equipment was originally purchased in whole or in part with Contract or Grant funds). State institutions or agencies shall not transfer any personal property owned by the State without written authorization by NCSSPA. Property being transferred is sold at Acquisition value to the State Agency.
- Under no circumstances can state owned equipment be donated, or given to another entity.
- State owned equipment cannot be transferred out of the country.
Transfer of state-owned equipment outside the University System:
State-owned equipment cannot be transferred to a non-profit institution outside the University of North Carolina system, without prior approval from the NCSSPA. To obtain such approval, a detailed letter of justification must be submitted to the Fixed Assets Office. This letter must be supported by approvals from the department head, the dean, the Grants Office and the Office of Sponsored Programs (if the equipment was originally purchased in whole or in part with Contract or Grant funds). Except for equipment originally purchased with Federal funds, reimbursement will be required from the receiving institution or organization at Acquisition value. Please allow 30 to 60 days for processing of out-of-state transfers.
Grants
- Equipment purchases with Federal dollars cannot be sold or transferred without approval by the Grants & Contracts Office.
- Grant equipment is tagged and tracked in the Fixed Assets system. This equipment is not capitalized as university property unless the detail of the grant gives the university ownership. This information is obtained from the Grant’s office once the piece of equipment is paid for. If this equipment will be the property of the university, it is capitalized at this time.
- Principal Investigators requesting equipment to be transferred must be approved by the Office of Grants & Contracts. If the grant is closed, the equipment can be transferred at Acquisition value to the transferring PI’s non-profit institution. A request to purchase by Cost Applied Transfer will be submitted to North Carolina State Surplus Property Agency (NCSSPA) by the Fixed Assets office for approval.
- If the Grant is open, Grants and Contracts will send a release for the equipment which allows Fixed Assets to dispose of it.
- PI’s transferring equipment from another Agency into ECU must complete an ECU Equipment Change in Status Form (PDF). Fixed Assets will tag the equipment with an ECU property tag according to the equipment(s) assessed value.
Vehicles, Boats and Trailers
License plates and registration for university-owned vehicles, boats, trailers, etc. (not Motor Fleet) are obtained through the Fixed Assets’ Office. Fixed Assets maintains the monthly-updated University-Owned Vehicles List.
All documentation must be the original.
Vehicles
The following information is needed to obtain license plates and registration: Certificate of origin, Sales Invoice with PO number on it, Damage Disclosure Statement and Odometer Disclosure Statement. The ECU Automotive Shop Supervisor will need all paperwork and vehicle to initiate the process.
The Name of Purchaser on the back of the Certificate of Origin for a Vehicle should state:
East Carolina University
c/o Fixed Assets Office, MS 203
1000 East 5th Street
Greenville NC 27858-4353
Trailers
The following information is needed to obtain license plate and registration: Certificate of Origin and the Sales Invoice.
The Name of Purchaser on the back of the Certificate of Origin for a Vehicle should state:
East Carolina University
c/o Fixed Assets Office, MS 203
1000 East 5th Street
Greenville NC 27858-4353
If the purchased item is under the Fixed Assets threshold, forward applicable paperwork to Lynn Couturier at MS#203.
Boats
For boat registration with NC Wildlife Resources Commission will require a bill of sale, Certificate of Origin for a Vessel, and a rubbing of the hull number. If USCG documented please include certificate of documentation.
The Name of Purchaser on the back of the Certificate of Origin for a Vessel should state:
East Carolina University
c/o Fixed Assets Office, MS 203
1000 East 5th Street
Greenville NC 27858-4353
For more information contact Lynn Couturier at 328-9931 or couturierl@ecu.edu
Spot Checks
Fixed Assets will perform a spring audit based on the departmental Fall Annual Inventory results; this is referred to as a Spot Check. The data used for this audit is a random, risk based program. Due to randomization, not all organizations will have inventory selected. All information will be communicated to the Division Heads. The results of all spot check inspections are forwarded to the appropriate Vice Chancellor and the Office of Internal Audit for their records. Any areas of concern will be followed up with additional review by the internal auditors during their annual checks.
Departmental Internal Inventory Tracking Guidelines
Each Department Head is responsible for safeguarding all assets purchased by his or her department regardless of cost or funding source. This includes the tracking and security of all goods under a department’s control.
Tangible items should be tracked internally by each department. This includes equipment and portable electronic devices. Examples include, but are not limited to the following:
Equipment: “Equipment” is defined as an asset that is not consumable or expendable; it is movable, even though sometimes it is attached to other objects or buildings. Equipment may fall into one of these categories:
- Furniture – desks, cabinets, chairs, tables, and bookcases
- Office – calculators, fax machines, telephones, and shredders
- Electronic Data Processing (EDP) – computers, printers, and scanners
- Educational – scientific, medical, laboratory and classroom, as well as recording studio and audiovisual
- Other – athletic equipment, lawn mowers, etc.
Portable Electronic Devices: Portable Electronic Devices, tablets, voice recorders; laptop computers; digital cameras; projectors and other items especially susceptible to theft.
Fixed Assets recommends that departments review and update their internal inventory tracking logs annually when Fixed Assets disseminates inventory verification checklists.
Department Heads are responsible for ensuring University resources such as voice recorders, and laptops are returned upon an employee’s separation from the University
NOTE: It is recommended that a physical inventory of capitalized assets and inventoried items be taken each time there is a change at a management or supervisory level that has responsibility for the assets. The out-going and in-coming supervisor/manager should sign the physical inventory reports. The signatures indicate they both know where the assets are located and that the count is accurate. It is kept on file in accordance with internal policies.
References
UNC Business Process Standards 2019
Office of the State Controller