A presentation by. Queen s University Financial Services

Transcription

1 A presentation by Queen s University Financial Services 1

2 Alternative formats for this presentation can be found on the Financial Services website. Website: Financial Services Training page Phone:

3 Tracking Moveable Assets Training for Asset Tracking Administrators 3

4 Topics Part 1 Tracking Moveable Assets Policy Overview Part 2 Role of the Asset Tracking Administrator Department (ATAD) Part 3 Role of the Asset Tracking Administrator Faculty (ATAF) Part 4 Role of the Asset Tracking Coordinator Financial Services (ATC) 4

5 Part 1 Tracking Moveable Assets Policy Overview 5

6 The Policy The Policy on Tracking Moveable Assets applies to all departments and organizational units within Queen s University. 6

7 The Benefits Demonstrate effective stewardship over research or other university moveable assets that have been financed with public funds; Ensure compliance with funding agency requirements related to the tracking or safekeeping of assets purchased with externally granted research funds; Assist in detecting the misappropriation and/or theft of moveable assets; Support a system of documentation for insurance purposes; and Enable the university to better manage the lifecycle of moveable assets. 7

8 Who is involved? Asset Tracking Administrator Department (ATAD) Asset Tracking Administrator Faculty (ATAF) Asset Tracking Coordinator (ATC) Financial Services 8

9 Moveable Assets Defined A Moveable Asset is defined as: An article of portable, tangible property (i.e., having physical existence), regardless of costs and useful life. This includes furniture or equipment that is not affixed to any part of a room or building. It also includes those pieces of furniture or equipment that are attached to a room or building, but (1) are not permanently affixed, (2) can be removed without costly or extensive alterations or repairs to the building to make the space usable for other purposes, and (3) can be used after removal. 9

10 What Assets Need to be Tracked? Any Moveable Asset with an Acquisition Cost of >= $10,000 CAD acquired after May 1 st, 2015; Any Moveable Asset with an Acquisition Cost of >= $100,000 CAD acquired after May 1st, 2013; Any Moveable Asset that is deemed by a department to be of historical or cultural significance. This criterion is to be applied to each single item purchased and not intended to capture aggregate costs in excess of $10,000 for invoices with multiple items or volumes of equipment/furniture. 10

11 What Minimum Details Must be Tracked? For assets >= $10,000 CAD, minimum details that must be tracked include: Asset name, description, model #, serial #, Manufacturer name & vendor, Location where asset is assigned, How the asset was purchased, i.e. P-Card, Purchase Order (PO), Date of purchase & date received or acquired, Acquisition cost & allocated to the appropriate Account ID(s), Name & contact information of the person associated with the asset, Scan or copy of packing slip & other relevant docs including warranty info. 11

12 How are Assets Tracked? Assets are tracked using an asset tracking tool. A centrally-provided asset tracking tool has been developed for use and can be found on the Tracking Moveable Assets page. 12

13 How are Assets Tracked? (Continued) Business units using an existing departmental asset tracking tool can continue to do so as long as you: Provide all required data fields; and Submit an Asset Tracking Annual Confirmation Template to the ATC. Business units using the centrally-provided asset tracking tool will: Enter assets when purchased; Receive Quarterly reviews from the ATC; and Submit an Asset Tracking Annual Confirmation Template to the ATC. Regardless of which asset tracking tool is used, departments must ensure that the purchase of moveable assets is recorded in the appropriate accounts (Account IDs 612XXX and 614XXX). Business units should monitor these accounts on a regular basis in order to facilitate Quarterly reconciliation. 13

14 Part 2 Role of the Asset Tracking Administrator Department (ATAD) 14

15 Role of the Asset Tracking Administrator Department (ATAD) To submit an asset for tracking using the centrally provided asset tracking tool: Once your department has purchased an asset with an acquisition cost of >= $10,000 CAD, the department s Asset Tracking Administrator (ATAD) will submit the information via the Submit an Asset for Tracking form. 15

16 Role of the Asset Tracking Administrator Department (ATAD) (2) To access the form, log in using your Queen s NetID and password. Note fields with a star (*) beside them are mandatory fields. Hover text (notes) are available for each field providing additional instructions for entering data. When you are done, click the submit button (once) at the bottom. The form will feed into the central asset tracking system where it will be monitored by the Asset Tracking Administrator Faculty (ATAF). If you require access or have questions regarding the online form, contact the Asset Tracking Coordinator (ATC) Financial Services at asset.tracking@queensu.ca. 16

17 Role of the Asset Tracking Administrator Department (ATAD) (3) The ATAD is responsible for performing Quarterly reconciliations. At the end of each Quarter (Jan, Apr, Jul, Oct) the ATC will the Quarterly Departmental Asset Listing Report to the ATAD (and cc the ATAF). Before the end of the new Quarter (Feb, May, Aug, Nov) the ATAD will ensure that each moveable asset purchased in the previous Quarter and recorded in the General Ledger (accounts 612XXX and 614XXX) is included in the Quarterly Departmental Asset Listing Report. If edits are required, the ATAD will contact the ATAF for assistance with updating the asset information in the Asset Tracking Tool system. 17

18 Part 3 Role of the Asset Tracking Administrator Faculty (ATAF) 18

19 Role of the Asset Tracking Administrator Faculty (ATAF) The Asset Tracking Coordinator (ATC) in Financial Services will send a consolidated departmental list of Moveable Assets as of January 31 st to the ATAF. By February 15th of each year, the Asset Training Administrator (ATAF) for the Faculty or Shared Service Business Office will be responsible to validate this list by reconciling it to PeopleSoft Finance and return it with any edits to the ATC at asset.tracking@queensu.ca. For Faculty or Shared Business Offices who are using their own asset tracking tool, an Asset Tracking Annual Confirmation Template is provided on the Financial Services Forms page. The template must be completed by February 15 th of each year and ed to the ATC at asset.tracking@queensu.ca. 19

20 Part 4 Role of the Asset Tracking Coordinator (ATC) Financial Services 20

21 Role of the Asset Tracking Coordinator (ATC) Financial Services Financial Services is responsible for administering the asset tracking policy and associated procedures as well as for the monitoring and oversight of assets. The Asset Tracking Coordinator (ATC) in Financial Services is responsible for: Sending Quarterly reports to ATADs and ATAFs listing departmental assets in the 1 st week of Feb, May, Aug and Nov; and Assisting ATADs and ATAFs with: Resolving discrepancies in the annual reports, Training requirements; and Respond to any additional questions. 21

22 Additional Resources Asset Tracking Administrator (ATC) Financial Services Tracking Moveable Assets website resources Financial Services Forms page Financial Services Procedures page Tracking Moveable Assets link University Secretariat Policy page Finance link 22

23 How may we help you today? Contact us: Tel: Fax: Website: Financial Services Location: Financial Services 207 Stuart Street, 3 rd Floor, Rideau Building Hours: Monday Friday Open 8:00 am 4:00 pm 23

24 To learn more or to review additional Training Resources and Video Tutorials visit the Financial Services Training page 24