Hartnell College. November 13, Duff & Phelps Fixed Asset Inventory Services

Transcription

1 Hartnell College November 13, 2018 Duff & Phelps Fixed Asset Inventory Services

2 Engagement Scope

3 Engagement Scope We will conduct an inventory of all fixed assets classified as machinery and equipment with a unit historical cost $5,000 and greater at the College s facilities. The project will include the following phases: 1) Project Planning 2) Inventory 3) Reconciliation 4) Reporting 3

4 Inventory Process

5 Project Planning We will begin this service with a review of data provided by you and discussions with the College management for the purpose of developing a clear, mutual understanding of the following elements, which will serve as the foundation for our project plan. The procedures and methods that we will follow during the course of the work to ensure reliable results include the following: Work schedule Duff & Phelps Project Team College s Project Team Districtwide Communication Access Method Additional information [floor plans, department lists, asset lists (electronic), and cost information] Department Heads Accounting Policies A list of remote asset holders The tagging protocol and type of tag 5

6 Inventory Process The inventory schedule will typically take place during normal business hours. The inventory will be based on floor plans provided by the College. As each area is inventoried, they will be marked off. After the initial inventory, the College will need to provide us assistance in getting access to locked or secure areas. All areas within the facility will be accessed at some point before the inventory is completed. Duff & Phelps employs a thorough quality review process, which includes the following steps: 1) On a daily basis, each individual performs a review of the same day s inventory; discrepancies are addressed the following day by revisiting the areas in question 2) The project manager, on several occasions, performs sample testing of locations 3) A final walk through of the entire facility is conducted to assure no mobile equipment was missed during the initial inspection 6

7 Sample Asset Tags Plastic/Polyester 7

8 Asset Tagging and Data Elements Duff & Phelps will affix a tag to those assets inventoried and not currently barcoded. The tags will be placed on assets so that they can be readily scanned with bar code scanners in the future. The following information, as available, will be recorded for all assets identified during the inventory: Data Property Designation Building Location Floor Room Asset Tag Number Asset Category Estimated Year of Acquisition Description Quantity Manufacturer Model Serial Number Inventory date Source The College's site/campus name The College s building where asset will be inventoried Floor or level where asset will be inventoried Room where asset will be inventoried Tag to be affixed and/or recorded by Duff & Phelps Category of asset inventoried Estimated by Duff & Phelps to assist with reconciliation and costing Description of the asset If applicable Manufacturer of the asset Specific type of asset designated by manufacturer Unique number designated by manufacturer Date the asset was inventoried 8

9 Duff & Phelps Custom Inventory Program - IRIS 9

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11 Deliverables

12 Deliverables Fixed Asset Accounting Summary Report - The standard Fixed Asset Accounting Summary Report displays description of fields being summarized, historical cost, accumulated depreciation, net book value, annual depreciation, projected provision, by account. Fixed Asset Accounting Ledger Report - The Fixed Asset Accounting Ledger Report will include all capital assets and the related historical cost, accumulated depreciation, and current depreciation data for financial reporting purposes. This information will be sorted and reported upon by account. This report will also include assets below the College s capitalization threshold, as supplied by the College. Inventory List - The Inventory list will include all fixed assets inventoried in accordance with the College s $5,000 property management and control threshold. This information will be sorted and reported upon by location. Supporting documentation concerning the data, reasoning and analyses will be retained in our work file. 12