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If you need to pull an equipment list for your department, you can access that information online (MIDAS ID/password required). You will need to enter the following information on the request:

• E-mail Address of Requestor
• Name of Requestor
• Name of Department
• Additional Recipient E-mail Address
• List of all Budget Codes to be Included in the Report (must have appropriate access to all budget codes)

Find the

Tangible and intangible property owned by the University which has a useful life of at least one year. Tangible assets are assigned a black and white Â鶹´«Ã½Â asset tag which is affixed to the item and are identified with a unique sequential number beginning with 73. Fixed assets include equipment purchased with State Council of Higher Education for Virginia (SCHEV) funding.

• Tangible assets have physical properties such as buildings, land, equipment and infrastructure
• Intangible assets lack physical substance such as patents, software, trademarks, and copyrights

Capitalized Assets

Assets with a unit cost of at least $5,000 at the time of purchase.

Equipment Trust Fund (ETF)

A Commonwealth of Virginia program administered by SCHEV, established to provide funds for the academic areas of state higher education institutions to purchase equipment costing at least $500. ETF assets are assigned a red and white Â鶹´«Ã½Â asset tag which is affixed to the item and are identified with a unique sequential nine-digit number beginning with 221.

• Controlled Assets: Equipment Trust Fund (ETF) assets with a unit cost of less than $5,000 at the time of purchase.
• ETF Retention Schedule - ETF purchases have specific retention requirements. This schedule provides the minimum required retention period.

Equipment Trust Fund Retention ScheduleÌýâ–º

Equipment Trust Fund Purchasing GuidelinesÌýâ–º

All tagged equipment is recorded in Banner with an assigned location and responsible budget code. The responsible budget code is the department in custody of the asset and the Budget Unit Director (BUD) assumes responsibility for the asset. When equipment is moved to a different building and/or room, or transferred to a different department, an electronic workflow in Leo Online must be utilized for the following purposes (see Intra and Interdepartmental Workflow User Guide for Changes to Equipment Location and Ownership revised March 13, 2014):

• Intradepartmental move/transfer - location change only
• Interdepartmental move/transfer - location and responsible budget unit change

User Guides for Changes to Equipment Location & OwnershipÌýâ–º

When a tagged asset is needed by an employee to accomplish University business off-campus, an Equipment Use Authorization Form, approved by the Budget Unit Director (BUD), must be submitted to General Accounting. This form serves as evidence of the location of a fixed asset in the BUD's custody that has been temporarily removed from campus. Requests to continue use of a fixed asset off-campus must be updated annually by the BUD and a new Equipment Use Authorization Form must be submitted to Generally Accounting.

When the fixed asset is returned to campus, the BUD shall certify on the Equipment Use Authorization Form that the fixed asset listed has been returned in satisfactory condition and shall sign and return it to General Accounting for documentation of the change in location and to record the update in the University's fixed asset inventory system.

Equipment Use Authorization FormÌýâ–º

For fixed assets that are no longer needed, obsolete or damaged, departments must complete the Equipment Turn-In/Work Order Request form that includes the condition of the fixed asset, and submit it to the Department of Procurement Services for approval. More information about this is contained in University Policy 3400, FIXED ASSET CONTROL.

Equipment Turn-In/Work Order Request FormÌýâ–º

In accordance with the Virginia Department of Accounts Fixed Asset Accounting and Control System, the Office of Finance has elected to conduct the physical inventory on a cyclical basis for all capitalized assets $5,000 and greater and 5% of Equipment Trust Fund (ETF) controlled assets. The Fixed Asset Physical Inventory Schedule lists inventory dates for University departments.

During the physical inventory, a Physical Inventory List and Response Form will be sent to the Budget Unit Director and Fixed Asset Coordinator(s) and must be completed per the Physical Inventory Procedures.

How to Conduct a Physical Inventory

During the physical inventory:

• Assets must be physically verified by the FAC or other department member
• The p-tag number and serial number must be verified
• Only mark assets as "found" if they have been physically verified and are a true match
• For any assets "not found"
  • Complete a Missing Asset Explanation, have it signed by the BUD, and attach to the Physical Inventory List and Response Form
  • Any updates to make and model should be noted on the Physical Inventory List and Response Form in the text box provided

Physical Inventory List and Response Forms

• Forms are divided by BUD
• The forms are locked - only the columns with yellow headings may be updated
• The forms are sorted by location - if they need to be sorted differently, contact General Accounting and a reformatted list will be provided
• The forms contain two tabs
  • Tab 1 = a full, detailed list
  • Tab 2 = a print-friendly version with selected columns removed. Headings will repeat at the top of each page and all columns will fit legibly on a legal size page
  • Departments may choose which list to use.
    • A completed full version or print version is acceptable
    • Electronic responses - the same "locked" form must be returned by the BUD, from his/her e-mail address

Missing Asset Explanation Formâ–º