Movable equipment is first inventoried when received by the department. Close to receipt, the equipment should be tagged with a University-assigned tag in collaboration with the department and Financial & Cost Accounting Services. FCAS will issue the tag (either an RFID-enabled tag or another tag type, depending on the equipment specifics) for the department to affix per the tagging procedure. FCAS will catalog the equipment in PeopleSoft’s Asset Management, as well as other systems.
Financial & Cost Accounting Services will establish, conduct and coordinate the equipment inventory to comply with federal regulations, at least once every two years. Equipment tagged with RFID technology greatly reduces the burden on academic administrators and faculty by cutting the amount of time and effort required to perform the inventory, eliminating the need to touch the equipment while performing the inventory, and maintaining better tracking and more accurate inventory records.
Which department do I notify to tag a movable equipment item in my department?FCAS oversees the University asset management database and is responsible for working with departments to apply a unique asset tag on each movable equipment item. All movable equipment items should have a visible asset tag unless agreed to by FCAS. Email
costacct@uvm.edu to schedule a movable equipment item to be tagged.
What are the departmental responsibilities of assigned movable equipment?
See the Movable Equipment Policy.
Are all assets tagged with RFID-enabled tags?
No, there are some items (such as vehicles, animal cages, magnetic equipment, etc.) that don’t lend themselves to RFID tagging. These assets will still need to be tracked within the accounting system and potentially assigned an old-type tag.
Is equipment in off-campus locations tagged?
- Assets that are exposed to the elements (e.g. farm equipment) are not tagged with RFID tags. These assets still need to be tracked within the accounting system and will be assigned a non-RFID, metal tag for inventory purposes.
- Assets that are in the general Burlington area are tagged, even in sites such as the Medical Center, Colchester Research facility or Technology Park.
- Assets that are temporarily off site should be tagged when they are returned to UVM campus.
What about physically flexible assets (such as tents)? Will they be tagged?
If it is possible to affix a tag on a sturdy surface, such as a support beam to a tent, or a storage case, a tag may be assigned by FCAS and affixed.
If this is not possible, a virtual tag ID will be assigned by FCAS. The department will need to work with FCAS to confirm assets specifics, the location and condition of the asset.
When is the movable equipment inventory performed?
Movable equipment inventory is conducted via RFID scanning by FCAS. The plan is to conduct inventory on a rolling basis over two years. A schedule and the process are being planned now and will be communicated at a later time.
In what system will equipment inventory results be tracked and available?
FCAS is working to determine how best to update asset records moving forward in PeopleSoft and other systems.
Will my department be assigned an RFID scanner to take inventory?
No, Financial & Cost Accounting Services will be conducting the physical inventory. If there are spaces or pieces of equipment that need special handing, notify us to work out how the inventory will be conducted.
If an asset is sent out for repair, should the tag be left on the asset?
Notify FCAS for how to handle this situation.
I have equipment that is obsolete or outdated. Does this require ongoing inventorying?
Federal guidelines require the equipment must be tracked if it is in service even if the item has outlived its normal useful life.
If the item is being cannibalized or being used for a different purpose than what it was originally intended, refer to the Surplus Property and Movable Equipment policy and work with Financial & Cost Accounting Services on how to update the asset record.
How will underlying asset records be updated moving forward?
FCAS is working to determine how best to update asset records moving forward in PeopleSoft and other systems.
If there are lab or space moves, how will inventory be updated?
Notify Financial & Cost Accounting Services with details.
Do I need to do anything with movable equipment as part of the Space Inventory process?
No. If you notice movable equipment inconsistencies in your movable equipment report, please notify FCAS while submitting your space inventory.
If you need to dispose of a piece of equipment, you should do so as usual. Contact the Recycling & Zero Waste Program to request pick-up of surplus items. Recycling Program personnel will remove surplus property. After removal of the item, Recycling Program personnel will forward the original form and Asset Tag to the Controller’s Office to update the underlying asset records.