Asset Management

Division of Budget & Finance

Frequently Asked Questions

  

Equipment Tagging

 

Which equipment needs to be tagged?

1. Capitalized equipment - non-consumable items with a net cost of $5,000 or greater and a useful life of more than one year.

2. Fabricated/constructed capital equipment expected to cost $5,000 or greater and with a useful life of at least one year or more must be declared in advanced to the Asset Management Office through a fabrication request so that an Asset ID number is established and referenced for all future qualified expenditures.  Upon putting the fabricated/constructed asset into service, the asset's responsible person must notify their Department Property Administrator and the Asset Management Office so that the asset can be tagged, and the accumulated value moved from the Constructions in Progress - Equipment (CIP-Equip) account into a Capital Equipment account and begin depreciation.

 

Inventory Management

 

What shows up on our inventory?

All capitalized equipment, purchased by, constructed by or transferred to the department with an original cost over $5,000. Assets that are lost, stolen, sold or junked will be taken off the inventory as soon as the Asset Management Office receives a signed Property Disposal Form.

 

What does the X after the UW inventory number on our inventory mean?

 

The equipment with an X number on a departmental inventory was not physically tagged by the Asset Management Office, therefore it does not have an inventory sticker on it.  Nevertheless, an inventory number was assigned to the equipment and it was entered into asset management system with the assigned number.