Creighton University

Accounting Procedures

PROCEDURE TITLE:

Fixed Asset Tagging

PROCEDURE NUMBER:

FAPR 01

RELATED POLICY STATEMENT(S):

FAPL 01, FAPL 02

DATE ISSUED: 

July 1, 1993

DATE REVISED:

February 3, 2012

OVERVIEW

All equipment, furniture and fixtures with a unit acquisition cost of $5,000 or more are required to be tagged with a University identification number (barcode), in accordance with FAPL01.  This procedure provides guidance to the departments for completing the tagging activity.

REQUIRED FORM(S)

Asset Locator Form (ALF)

PROCESSING STEPS

The departmental contact designated by the administrator/director will receive an ALF and fixed asset tags from the Property Accounting clerk in the Controller?s Office whenever taggable assets are acquired.  The departmental contact should use this form to locate the item, apply the tag and update the form with all applicable information, including the serial number of the asset.

Since the departments are responsible for the control and safeguarding of assets purchased for their use, it is imperative that extra effort be spent to track down and tag each asset.  If an asset is not found for tagging, include a written justification for the missing item on the ALF.
 
The updated ALF should be completed and returned within one week of receipt to the Property Accounting Clerk in the Controller's Office.  Any unused inventory tags that were initially furnished by the Controller's Office should be returned with the ALF with an explanation.
 
The Property Accounting Clerk in the Controller's Office should be notified if a department purchases equipment with a cost of $5,000 or more, but does not receive notification about tagging the equipment within two months.  If the asset was purchased as part of a Construction in Progress (CIP) plant fund, the asset tag will be included with the next regularly scheduled asset locator form distribution.  If notification has been received that the CIP fund is complete and tags have not been received, contact the Property Accounting Clerk in the Controller?s Office.

 

TAGGING LOCATIONS

Place tags so they are easily visible when the asset is observed.  Exceptions are furniture items and small technical equipment.  Once a tag is placed, do not move it.  Consistency in tagging equipment is important to allow for efficient scanning of the assets and to reduce the number of reconciling items once an area has been inventoried.  Questions regarding placement of tags or tagging should be directed to the Property Clerk in the Controller?s Office. Examples of good tagging locations are listed below:

COMPUTERS

-Computers, laptops and printers are generally not tagged because the cost is generally less than $5,000.  However, they may be tagged if part of a CIP (Construction in Progress) purchase.

OFFICE FURNITURE

-Desk - tag inside knee space.
 
-Tables - tag under the top.

-File cabinets - tag on the front.  If space is not available, tag inside the top drawer.

-Copy machine - tag on front or side.  Look for the serial number and place the tag nearby.

-Upholstered furniture - tag underneath or on the back of leg.

-Chair - tag on base near floor.

EQUIPMENT

-DVD, TV or other electronics - tag on front.

-Cameras - tag on bottom or where space allows.

-Lab and medical equipment - tag on the front or side.

-Autoclaved or small medical equipment - tag on case if practical.  Note this on the asset locator form.

-Microscope - tag on the front.

ITEMS NOT ABLE TO BE TAGGED

It may be impractical to tag certain equipment such as solar panels, flatware, some software or small computer equipment.  If this is the case, the departmental contact should keep a binder with information about these assets.  Copy the ALF and place the tag on the copy of the ALF and put the copy in the binder.  On the ALF that is returned to the Property Accounting Clerk, note that the item was not able to be tagged and the tag is located in a binder in the department.  The department will need to provide the binder with the tag when the assets are inventoried or audited.