Asset Inventory Operations
The University maintains an asset control program, as required by the state, to identify, monitor, and track fixed and small and attractive assets. The program is managed by the Asset Inventory Operations (AIO) Office within Central Services in partnership with Accounting Services.
Fixed Assets
All fixed Assets (or capital items) including equipment and/or similar objects, which have an individual value of $5,000 or greater are identified, tagged, and placed within the campus’s inventory. Capitalized assets are included within the University’s financial statement and reported to the state annually.
Required account codes for purchases are the following:
| Capital/Fixed Asset Items | Acct Code | Account Code Description | Account Code to use if below cost range |
|---|---|---|---|
|
If unit cost* is $5000 or greater:
|
E412 | Capital F/A - Computer Equip >=$5K | If below $5000, use code E407 |
| All other equipment with a unit cost* of $5000 or greater | E414 | Capital F/A - Other Equipment >=$5K | If below $5000, use code E404 |
| Furniture when the item unit cost* is $5000 or greater | E415 | Capital F/A - Furnishings >=$5K | If below $5000, use code E405 |
* The unit cost is the cost of an individual item including ancillary costs such as sales tax, shipping, installation, warranties, etc.
Small and Attractive (S&A) Assets
The other items included in the asset control program are designated as “Small and Attractive” (S&A) which have a value between $1,000 to $4,999 and are deemed particularly attractive and vulnerable to loss. S&A assets are not capitalized in the University’s financial statements; however, these S&A assets are required to be tagged, inventoried, tracked internally by the custodial department. A risk assessment is conducted on a regular basis to review what is considered a S&A asset.
The following items are currently considered Small and Attractive assets by the University and are required to be tagged. In order to ensure an effective tagging and inventory process, these assets must be coded as shown below during the purchasing process:
| Small & attractive item | Acct code | Account code description | Account code to use if below cost range |
|---|---|---|---|
|
If unit cost* is between $1000 and $4999:
|
E408 | Inventory / Small & Attractive Other | If below $1000, use code E404. If above $4999, see Fixed / Capital Assets above. |
|
If unit cost* is between $1000 - $4999:
|
E409 | Inventory / Small & Attractive Comp/IT | If below $1000, use account code E407. If above $4999, see Fixed / Capital Assets above. |
|
If unit cost* is under $4999:
|
E408 | Inventory / Small & Attractive Other | If above $4999, see Fixed / Capital Assets above. |
* The unit cost is the cost of an individual item including ancillary costs such as sales tax, shipping, installation, warranties, etc.
Asset Inventory FAQs
- Capital assets with a unit cost (including ancillary costs) of $5,000 or greater and
- Small and attractive (S&A) assets
Tangible items with a value between $1,000 - $4,999 that do not meet the state's capitalization criteria but are considered by the University to be particularly attractive and vulnerable to loss, thus subject to special property control. These assets include, but are not limited to, laptops, tablets, projectors, cameras, and firearms within the above dollar range.
All firearms and accessories are required to be tagged regardless of cost. The University conducts risk assessments periodically to consider new purchases that are more regularly purchased and changes in technology.
Laptops can more easily be concealed, such as in a briefcase, it would be more difficult to hide and walk out of a building with a PC.
Contact Accounting Services if you have questions about whether an item is considered a S&A asset.
Use the account codes outlined above or download this printable code guide.
A tag is a sticker produced by the University that is adhered to the tangible item and includes a bar code for tracking purposes.
Once the asset has been received and invoiced, Accounting Services will issue a tag and send it to the department via intercampus mail.
Tags are sent out on a monthly basis. You should expect receive the tag between 2 – 6 weeks of the equipment being received and invoiced.
Please contact Accounting Services if you do not receive your tag within this period of time.
When tagging laptops and tablets, please attach the tag to the upper right corner of the device.
An Asset Tracking Log template is available on the website to track assets that are inventoried. Although not required, a department may use this same document to track other property given to employees. This is advisable to ensure the property is collected prior to an employee leaving the University. These items could be identified on the log as “non-inventory” items.
While employees are working from home, Accounting Services is providing the option of having new equipment tags mailed directly to the employees’ home address for tagging. The Asset Control Custodian should keep track of the location of university assets by using and updating the Asset Tracking Log, or by other tracking means.
Please contact Daryl.Larkin@wwu.edu in Asset Inventory Control.
Mandatory Biennial Inventory of Assets
Only the fixed/capital assets and S&A assets are included in the biennial inventory. Every two years, each department that has such assets will be contacted by Asset Inventory Operations (AIO) Office to verify the existence of those assets listed under their org code. Please refer to standards and procedures below regarding the inventory process.
Asset Control Custodian Required for each Department
Financial Managers are required to designate an Asset Control Custodian (ACC) who will be responsible to manage and track inventory under their org codes and work with the Asset Inventory Operations office during their biennial inventory process. See Section 4 of the Managing and Safeguarding University Assets Policy (POL-U5346.01).
Policy, Standards, and Procedures
All employees are to follow the policy, standards, and procedures for managing and safeguarding University Assets.
Policy Update: The Managing and Safeguarding University Assets policy was revised on June 10, 2020.
Have questions about Asset Inventory Control?
Contact:
Daryl Larkin
Asset Inventory Control
360-650-3576