Departments \ Property Accounting \ About

Property Accounting:

The University of Miami follows standardized policies with respect to the acquisition, capitalization, management and disposition of equipment for financial statement purposes, compliance with government/sponsor requirements, and to support indirect cost recovery.

Definition for Capitalization of Movable Equipment

  1. The unit cost of each item is $2,500 or more
  2. It has a useful life of more than one year - see "Equipment Capitalization" policy.

Non-Capital Expenditures

  1. Expenditures for repairs, maintenance or replacement of component parts which do not extend the unit’s original life or significantly enhance its net value
  2.  Expenditures incurred in demolishing or dismantling equipment including those expenditures related to the replacement of units or systems

Duties and Responsibilities of Property Accounting

  1. Maintain University of Miami’s official capitalized equipment records to reflect addition of new equipment, modifications to equipment, changes in location, custodianship, and disposal
  2. Administer and assist equipment management activities of custodial departments, including recording and reviewing for correctness the results of periodic physical inventories, modifying equipment records, and assisting in deleting and retiring equipment as directed by custodial departments
  3. Provide guidance to departments to facilitate maintenance of equipment inventory
  4. Conduct reviews and/or audits of the capital equipment inventory as considered necessary
  5. Oversee procedures for recycling or disposing of movable assets to insure that adequate supporting records are kept to document a sale, trade-in or other disposition

Custodial Department’s Responsibilities
  
Each department is directly responsible for the control, use and security of movable equipment in its possession.  In accordance with this responsibility, each department is to have a Property Administrator to facilitate processes and communication.  The Department’s Property Administrator or designee and others who are directly involved in equipment purchasing and inventories should be familiar with University policies and procedures.

The Department’s Property Administrator should be a business manager or staff assistant who reports directly to the department head. Responsibilities of the Department’s Property Administrator include:

  1. Complete annual certification of capital equipment inventory - Policy "B053 – Annual Equipment Verification and Approval Submission Equipment Web System Instructions"(to be updated)
  2. Reinforce University policies and procedures within the department
  3. Assist Property Accounting in locating and tagging of new equipment
  4. Throughout the year, record the movement and disposal of equipment in UMAPPS and complete disposal on the forms provided by Property Accounting, and advise Property Accounting regarding such changes Policy "B043 – Permanent Changes of Equipment Within the University"(to be updated) - see "Sale, Disposition of Equipment" policy.

All sales of equipment need to be coordinated through Property Surplus. See "Deletion of Equipment from University Assets" policy.
Top