Policies and Procedures
PHYSICAL INVENTORY UPDATES
The Capital Assets Management (CAM) office is requesting your help for the departmental conducted moveable equipment inventory scheduled for FY22. We are requesting that both department administrators and inventory contacts review the inventory contacts for accuracy.
- Institutional roles: https://hris.uiowa.edu/security/imfosec/
- For Inventory Contacts: If you believe you should not be the contact for the inventory, please advise your department administrator to designate another person.
- Note- Inventory contacts may represent multiple sub departments. It is the Inventory Contact’s responsibility to be the point of contact and coordinate with all sub departments for issues pertaining to department conducted inventory.
Please ensure changes are submitted no later than Thursday, June 30th, 2022.
Please note (for our request):
- If the inventory contact role is deleted, it is auto populated nightly with the department admin- meaning deleting the inventory contact assigns the department admin to the role of inventory contact.
- CAM staff will only make changes to the department contact based on information the department provides.
- CAM cannot update Department Administrator information, that is up to the department to handle.
Please let us know if you have any questions or concerns regarding this request. Thank you!
FY22 Inventory Timeline
- July 26, 2021 – Start of UI Campus inventory by Inventory Consultants (HCA)
- September 1, 2021 – Start of department led inventory (UI Campus & UIHC) for all “non-taggable” and off-campus capital assets
- October 15, 2021 – Department led inventory completion deadline
- March 7, 2022 – Start of UIHC inventory by HCA Inventory Consultants (HCA)
MOVEABLE EQUIPMENT LEASES
In order to be in compliance with GASB 87 as of July 1, 2021, all operating leases will be recorded as a capital asset. Effective immediately, Capital Assets Management will require custodial information to be recorded in the transaction to acquire the lease purchase. This process is similar to purchased capital equipment and software. Capital leases will now require the use of IACT 6737 on requisitions and evouchers. The use of IACT 6737 will prompt the user to complete the following required information for this asset: location, room, custodian, and other asset related information.
All questions regarding this new process should be directed to: Capital Assets Management at CAM@uiowa.edu.
DATA WAREHOUSE REPORTS
Reports are back with a different look and more comprehensive information. Check it out at https://data.uiowa.edu/item/309932101/data. If you need more detailed information, please send an email to CAM@uiowa.edu or contact LeAnn at 319-335-0103
All equipment tags that were being held due to COVID restrictions have now been sent to departments. Please be sure to fill out and return the tag sheet that came with the tag, and affix the tag to the corresponding equipment. Extensive follow-up will now begin to ensure tags have been affixed to assets.
CAPITAL ASSETS MANAGEMENT CLASSES
This course will provide participants with an overview of Capital Assets Management policies and procedures for the acquisition and on-going management of capital assets. Participants will learn about roles & responsibilities, specific business rules and processes, access to systems and available reporting tools.
- You can enroll through Self-Serv under Learning and Development and My Training, search under Course Title:
- "Capital Assets Management" for the instructor-lead class -- On hold due to COVID
- "FSC Q15: Non-cash Assets" for online class (Course ID WSCQ15)
- Feel free to contact LeAnn for individual overview as it is related to your area: email: firstname.lastname@example.org or phone: 319-335-0103