Equipment Management Best Practices for Federal Grantees
11
Equipment Management Best Practices to Meet the Grant Requirements Jackie Luo, CEO,E-ISG Asset Intelligence June 23, 2015
-
Upload
jackie-luo -
Category
Government & Nonprofit
-
view
43 -
download
0
Transcript of Equipment Management Best Practices for Federal Grantees
Equipment Management Best Practices to Meet the Grant
Requirements
Jackie Luo, CEO,E-ISG Asset Intelligence
June 23, 2015
Equipment Management – Why It Matters? Know what you have, where they are – reduce costs You are required by CFR (Code of Federal
Regulations)
Guidelines
“A control system must be developed to ensure adequate
safeguards to prevent loss, damage, or theft of the property.
Any loss, damage, or theft must be investigated.” –
§200.313 Equipment Management of 2 CFR 200, Uniform Guidance
(Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards)
A Story of Missing Equipment -- $50M Shelby County Schools missing $48.4 million in equipment;
more than 54,000 items gone, including cars – Dec. 2003
Requirements Record the purchase of the equipment and supplies
Record the use of the equipment and supplies
Inventory Reports
Record the disposal of the equipment and supplies
Insurance Coverage
Source: UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT
REQUIREMENTS FOR FEDERAL AWARD, Dec’15
_
Challenges in Meeting Requirements
People Process
Technology
Best Practices Designate a senior executive as an owner of the equipment management
process.
Evaluate their system for managing assets, both fixed and consumable assets, to see if it is sufficient to support their equipment management process.
Set up routine inventory audit plans – who will conduct these audits and what methodologies to use for these audits.
10 Signs – You Need Help…
1. Microsoft Excel sheets or Microsoft Access database are used to keep track of equipment
2. The Accounting Department spent many hours to reconcile – every month
3. No periodic inventory audit checks
4. It is a struggle to provide accurate information to the insurance providers
5. There is no dedicated owner of the equipment management function
6. The organization believes that its fixed asset management software will be enough
7. The organization only tracks all items with >$5000 in purchase value, while not tracking the other items.
8. The organization doesn’t have the business process and procedures in place.
9. The organization hasn’t conducted a training to its staff on the equipment management business process and procedures in more than 6 months.
10. The organization has just failed the most recent financial audit on inventory control.
A Note about Technology Cloud services
Allow sufficient time and focus to plan and implement technology
People
Project team
timeline
Identify Stakeholders
Finance
Facility
IT
Challenges Unique to School Systems Equipment Management – not top focus, hard to get attention from the top
It will change soon
Budget challenge
Select cost efficient solutions
Resources for Implementation
Plan and execute
