Western Carolina University

Appointment:

To facilitate and assure compliance with statutory requirements and Office of the State Controller policies relative to completion of an annual fixed assets inventory, the head of each academic and administrative unit of the University must appoint a Fixed Asset Coordinator(s) (FAC). The FAC will serve as the liaison between the unit and the University’s Fixed Asset Accountant (Controller’s Office) for those items recorded in the University’s Fixed Asset System and as the liaison to Information Technology for those data processing items being tracked by Information Technology. The FAC will become the unit’s resident fixed asset expert. 

Pursuant to WCU Policy # 75, the head of each academic or administrative unit is responsible for the accountability of property purchased by, for, or gifted to their administrative unit. Accountability and unit head designation under Policy #75 is not altered by the designation of a FAC whose purpose is to facilitate accountability for each respective unit.  For purposes of designating a FAC, unit heads are defined as follows: For the academic areas, the Dean of each College shall be defined as the unit- head for their respective college. For administrative areas, the Vice-Chancellor of each division or the Chief of Staff shall be defined as a unit head for their respective division.

For the academic areas, the Dean of each College shall appoint one (1) FAC for their respective College. For administrative areas, the Vice-Chancellor or Chief of Staff shall appoint the minimal number of FAC’s required to reasonably accommodate the diversity of the organizational units within their respective division. Physical proximity of units and/or high-level organizational structure should be taken into account when appointing FAC’s. 

The FAC may be authorized by the unit head to designate a member(s) within the departments to facilitate management of the inventory for the respective unit. The FAC will report to the unit head and work closely with the department, center, program, etc... in the management and upkeep of accurate fixed asset processes, reports and in conducting the annual fixed assets inventory.
***Primary responsibility for assuring completion of the annual inventory and contact between the unit and the Fixed Asset Accountant and Information Technology shall remain with the FAC.*** 

It is recommended that the departments have internal tracking procedures for equipment not being tracked in the University’s Fixed Asset System or by Information Technology. The FAC will take the lead for departmental level inventory and tracking of this equipment. 

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Responsibilities:

The FAC’s primary role is to assist in conducting the annual fixed asset physical inventory and serve as the liaison to the Fixed Asset Accountant and to the Information Technology Asset Coordinator for the maintenance of reported fixed asset records. Complementary to this role are a number of tasks that should be routinely performed during the year. Following is a list of some of the tasks to be performed by the department with the FAC acting as facilitator. The list is not intended to be all inclusive.

Forms and Reports

1. To make sure the WCU Asset Inventory Control Form is completed when there are any updates/corrections on assets ($5,000 or greater and/or IT equipment) concerning their descriptions, serial numbers, conditions, locations, and any other pertinent information.
   
2. To notify Fixed Asset Accountant (Controller’s Office) when equipment has been received at no cost, i.e., gifted, donated, by assembly, or furnished by the government to WCU by completing the WCU Asset Inventory Control Form.  Assets built by combining parts and materials at the department level (a.k.a. fabricated assets) would be considered, “by assembly”, and the completion of this form is necessary if the asset is $5,000 or greater (excluding departmental payroll for labor and costs of parts not used in the final fabrication of the asset) and a useful life of two years or more. If the fabricated asset is IT related (applicable to above criteria), the IT Asset Coordinator (position currently held by Ed Lawson) should be contacted.
   
3. To notify the Fixed Asset Accountant (Controller’s Office) when assets are transferred to WCU from affiliated organizations (whether reimbursement is received or not) by completing the WCU Asset Inventory Control Form so proper procedures are followed.
   Note:  When completing the WCU Asset Inventory Control Form for assets with no WCU purple tag ("b" and "c"), select the "No tag" option and give detailed information of the acquired asset in the "Remarks" section provided on the form.
   
4. To notify the Fixed Asset Accountant (Controller's Office) when equipment ($5,000 or greater) is permanently changed or transferred to another department, missing, vandalized, or stolen, by completing the WCU Asset Inventory Control Form.  In case of vandalized, theft or mysterious disappearance of equipment or other items, the campus police department must be notified immediately so they can investigate and take other appropriate action.
   
5. To make sure the WCU Surplus/Disposal/Cannibalization Form (Coming Soon) (Non IT asset) is completed and the appropriate signatures received for all items taken to Surplus.  The completed form must be sent to surplus@wcu.edu or faxed to ext. 7444.  For IT assets taken to Surplus, the Surplus Computer/IT Property Pickup Request must be completed.  If the IT asset listed is $5,000 or greater in cost, an appropriate signature will be required.  A copy of the forms(s) should be retained in the department or administrative unit.  For additional information on Surplus, click on the following link Surplus Property.
   
6. To notify the Fixed Asset Accountant (Controller’s Office) if an asset is cannibalized (process of taking parts from old useless equipment and using them to repair equipment still in use) by completing the WCU Surplus/Disposal/Cannibalization Form (Non IT assets)  and receiving the appropriate signatures. Copy of the form should be retained in the department or administrative unit. The completed form must be sent to surplus@wcu.edu or faxed to ext. 7444.  Note: When all desired components have been removed from these items, the remaining part(s) must be surplused/disposed which will require inspection by the Surplus Property Coordinator (position currently held by Regina Cowan). For additional information on cannibalization of assets, click on the following link Surplus Property.
   
7. To notify the Fixed Asset Accountant prior to disposing of an asset by completing the WCU Surplus/Disposal/Cannibalization Form (Non IT asset) and receiving the appropriate signatures. The  completed form must be sent to surplus@wcu.edu or faxed to ext. 7444.  A copy of the form should be retained in the department or administrative unit.  Note: Prior approval by the Surplus Property Coordinator (position currently held by Regina Cowan) is required before the asset is disposed.  For additional information on disposal of assets, click on the following link Surplus Property.
   
8. To notify the Fixed Asset Accountant (Controller’s Office) of removal of assets off campus, in compliance with University Policy 75, by completing the Permission to Remove University Assets from Campus Form (PDF).
   
9. Any missing assets ($5,000 or greater) are to be investigated and reasons for them missing documented. This is to be submitted using the WCU Asset Inventory Control Form. (When selecting the lost/missing bullet on the form, additional information will appear and the appropriate fields should be completed.)
   Note: When an asset is marked "missing" on the form, the Missing Equipment Report will be generated by the Fixed Asset Accountant (Controller's Office) and sent to the department head for signature.  If the asset remains missing for an additional 60 days, an updated Missing Equipment Report will be sent to the appropriate Dean and/or Vice Chancellor.
   
10. To notify the Surplus Property Manager (position currently held by Regina Cowan) before equipment is replaced through trade-in if monies are exchanged and/or different type received so proper procedures are followed. All assets involved in trade-ins must be preapproved by the State Surplus Property Office in Raleigh.  Once the Surplus Property Manager receives approval from Raleigh,  if the cost of the assets is $5000 or greater, the department involved in the trade-in must notify the Fixed Asset Accountant (Controller's Office) by completing the Equipment Return Form so the asset exiting campus can be removed from the Fixed Asset System (if applicable).  Since the Equipment Return Form requires the department/administrative head's signature, the form must be printed, completed, signed by the appropriate individual, and sent to the Fixed Asset Accountant (Controller's Office). A copy should be retained in the department or administrative unit.   All WCU tags on the asset(s) must be removed prior to exiting campus.  Purple and red tags are given to the Fixed Asset Accountant (Controller's Office - currently Dale Cox) and green tags are given to the IT Asset Coordinator (currently Ed Lawson).  When the new/updated asset returns to campus, the Fixed Asset Accountant and/or IT Asset Coordinator must be contacted so new WCU tag(s) can be issued, affixed to the asset, and records updated.  Finally, if an asset is taken off campus for repair and there is a remote possibility it will not return, the same procedures listed above would apply.  If the repaired asset or a replacement is returned, contact the Fixed Asset Accountant (Controller's Office) and the IT Asset Coordinator (currently Ed Lawson) so new WCU tags can be issued and records updated.
    
11. To notify the Surplus Property Manager (position currently held by Regina Cowan) before equipment is transferred outside the University to another university or state agency.  Once the Surplus Property Manager receives approval from Raleigh, the department involved in the transfer of equipment must notify the Fixed Asset Accountant (Controller's Office) by completing the Equipment Return Form so the asset exiting campus can be removed from the Fixed Asset System (if applicable).  Since the Equipment Return Form requires the department/administrative head's signature, the form must be printed, completed, signed by the appropriate individual, and sent to the Fixed Asset Accountant (Controller's Office). A copy should be retained in the department or administrative unit.   All WCU tags on asset(s) must be removed. Purple and red tags are given to the Fixed Asset Accountant (Controller's Office - currently Dale Cox) and green tags are given to the IT Asset Coordinator (currently Ed Lawson).
    
12. To notify the Fixed Asset Accountant (Controller'sOffice) of assets ($5,000 or greater and/or IT related returned to vendor due to insufficient funds in the department's budget by completing the Equipment Retrun Form.  (Refer to "k" for proper procedures).
    
13. To realize assets purchased with federal funds (grants) cannot be sold, transferred, or disposed without consulting WCU's Office of Contract and Grants. (Nancy Wike @ ext. 2498)
    
14. To notify the Fixed Asset Accountant (Controller's Office) of assets $5,000 or greater to be tagged (i.e. purchase, trade-in, repair, etc...) and asset tags needing replacing or becoming dislodged.
    
15. To assure completion and submission of the annual departmental inventory in a timely manner to the Fixed Asset Accountant (Controller’s Office). When completing this inventory, the assets are to be visually verified and marked accordingly in the Y/N column, additional asset corrections/updates noted in the comment column, and the appropriate signatures listed, and dated.
    Note: Two signatures are required - individual performing inventory and the department/administrative head. Equipment in poor condition (not working properly and needing major repair or reconditioning), obsolete, or damaged should not be considered for extension of its useful life (unless repaired or reconditioned), but sent to surplus by completing the correct surplus form (refer to "e").  A copy of the inventory should be kept within the department for future references.
    
16. All forms are to be properly completed, signed, and dated.  Besure to retain a copy in the respective department of all forms submitted.
    
17. To notify the Fixed Asset Accountant (Controller's Office) when departmental tracking asset tags are to be ordered (if department chooses to track their assets).
    
18. Prior to separation of a university employee, management may want to consider the employee's supervisor taking inventory all assets associated with the employee to very the existence of those assets.
    
    ***It is of the utmost importance the Fixed Asset Accountant be notified immediately when any of the above changes take place so the university equipment inventory can be updated promptly and accurately maintained.***

Questions and comments concerning fixed assets are to be directed to the Fixed Asset Accountant:
Dale Cox
828-227-2583
311B HFR
dalecox@email.wcu.edu