2014 NPMA Spring Seminar Value Through Professional Asset Management

Uncovering your Assets

Becky SaylorsManager, Fixed Assets and

Equipment Inventory Services

Virginia Tech

2014 NPMA Spring Seminar Value Through Professional Asset Management

What is Equipment at Virginia Tech?

Original cost $2,000 or more and expected useful life greater than one year • Exceptions to $2,000 rule:

Special funding (Schev)

Computers

Software

Leased items

Transportation equipment

Weapons

2014 NPMA Spring Seminar Value Through Professional Asset Management

Types of Equipment

83,000+ moveable equipment items • Personal computers, centrifuges, microscopes,

projectors, oscilloscopes, farm tractors, lasers, sensors, kitchen equipment, etc.

Capital and Controlled – 83,000+ items costing over $501 million

Capital only – 58,000 items costing $469 million

2014 NPMA Spring Seminar Value Through Professional Asset Management

Breakout of Equipment - Dollars

17%

33%

12%

15%

2%

7%

2%2% 4%

7%

By Amount

Personal ComputerScientific EquipmentComputing EquipmentInstructional EquipmentMedical EquipmentVehiclesAgricultural EquipmentOffice EquipmentTelecomm EquipmentOther Equipment

2014 NPMA Spring Seminar Value Through Professional Asset Management

Breakout of Equipment - Items

52%

14%

7%

12%

2% 2%

1%2%

4%5%

By Count

Personal ComputerScientific EquipmentComputing EquipmentInstructional EquipmentMedical EquipmentVehiclesAgricultural EquipmentOffice EquipmentTelecomm EquipmentOther Equipment

2014 NPMA Spring Seminar Value Through Professional Asset Management

Locations

Over 1,300 buildings on and off campus

Main campus in Blacksburg, VA 12 Agriculture Experiment Research Stations Extension offices in most counties and cities in

VA Campus in NOVA Around the world

Over 28,000 building/room location combinations

2014 NPMA Spring Seminar Value Through Professional Asset Management

Ongoing Departmental Training

Department Head required to designate a coordinator to attend training

Coordinators help locate new equipment and assist in the inventory process

Training provided on: • Policies and Procedures• Use and updating information in Fixed Asset System

(Banner)• Running departmental and missing inventory reports

2014 NPMA Spring Seminar Value Through Professional Asset Management

Why is Initial Tagging so Important?

Proper stewardship of public funds

Maximize recoveries for Facilities and Administrative Cost (indirect costs)

Federal and State requirements

Verification for financial statements (large investment)

Basis for future equipment inventories

2014 NPMA Spring Seminar Value Through Professional Asset Management

Where to look for equipment

Decentralized environment – no central receiving

Normal procurement purchases Donations Sponsors Fabrications Transfers In

2014 NPMA Spring Seminar Value Through Professional Asset Management

Tagging New Equipment

Let us know when a new asset arrives Maintain new purchases in a central location until

tagged Physically place barcode on equipment, collect

manufacturer, model and serial number Assign custodian for moveable equipment Record building and room located Untagged report by department (especially important at

year-end)

2014 NPMA Spring Seminar Value Through Professional Asset Management

Departmental Inventories

Department Head ultimately responsible for all equipment assigned to department

Complete physical inventory performed every 2 years for each department

Successful inventory accounts for minimum of 95% of items and dollars for each department

Timely and adequate follow up is expected with completion of the inventory process within 60 days

2014 NPMA Spring Seminar Value Through Professional Asset Management

Departmental Inventories

Provide listing to department for review prior to starting the inventory

Coordinate labs and problems areas with knowledgeable people

Equipment located at home

Department head certifies final results of the inventory

2014 NPMA Spring Seminar Value Through Professional Asset Management

Management Reporting

Monthly • Coordinator receives departmental change

report • Controller receives a status report for all

inventories

Quarterly• Controller receives status report for all inventories by

Senior Management area• Senior Management receives status report for all their

departments

2014 NPMA Spring Seminar Value Through Professional Asset Management

Management Reporting

Annually

• Budget Office receives status report for all departmental inventories

Incentives for reaching inventory goals

2014 NPMA Spring Seminar Value Through Professional Asset Management

Thank You

Becky Saylors

Virginia Tech

Manager of Fixed Assets and Equipment Inventory Services

540-231-6049

saylorsb@vt.edu