Material Management
Our Purpose
The University Asset Management team was created in 2018 to provide foundational records of all University acquired assets as commonly characterized by their: acquisition costs, acquisition date, condition, location, delivery, maintenance and compliance records, and disposition. The recording of all these assets – if done in a timely, accurately manner, and within local, state and federal auditing requirements and accounting principles – provide intra-departmental benefits to future budgeting processes, financial reporting, and risk management.
To successfully manage this enterprise-wide process, a collaborative, coordinated effort must be made with the following groups:
- Monitoring incoming newly acquired FF&E) for appropriate acquisition documentation as they pass through Central Receiving.
- Arrange for delivery to the appropriate location.
- Ensure that all FF&E are assigned a barcode tag and location.
- Maintain and update appropriate ERP inventory-related systems to ensure that all relevant FF&E information is correct.
- Complete a rolling schedule of physical inventories so that all FF&E are inventoried at least once every three (3) years.
- Validate appropriate forms for all acquisitions, purchases, transfers, and disposals of FF&E and enter data into the FF&E inventory system.
- Work closely with the Director of Procurement Services to reconcile the FF&E inventory to the general ledger records on an annual basis.
- Perform depreciation of capital assets on a prescheduled basis.
- Prepare a year-end reconciliation of capitalized general ledger accounts to the FF&E inventory system.
- Notify the CEAM in regards to: a) incoming loaned or donated equipment before it arrives at WesternU campus or satellite location; b) receipt and verification of donated assets; c) any change in asset status (relocation, transfer, disposal, theft, etc.); and d) assets that were delivered directly to the department/college outside of Central Receiving.
- Assist the CEAM in locating assets that need to be asset tagged post-delivery/installation.
- Review college/department physical inventory results;
- Completion and processing of warranties for all assets in the department/college. Including submissions of warranty claims.
- Report any stolen, vandalized, or missing assets to the proper authorities and the Office of Risk Management.
- Initiate any requests for the Declaration of Surplus/Obsolete Property.
- Monitor the approved capital outlay budget to ensure the timely purchase of FF&E.
- Evaluate bids and quotes when required for the purchase of all FF&E.
- Ensure that all FF&E are charged to appropriate general ledger accounts.
- Prepare a year-end reconciliation of capitalized general ledger accounts to the FF&E inventory system.
- Ensure the correct commodity codes are being flagged in Elixir to create fixed assets in the Banner system.
- Ensure the correct FOAPALs are being used in Elixir to create capital assets in the Banner system.
- Exercise proper use, care, and protection of WesternU FF&E.
- Exercise proper use, care, and protection of S. Government and Contract-Owned FF&E.
- Ensure that WesternU FF&E is only used for conducting official WesternU business.
- Report any suspected fraud, theft or misuse of FF&E.
- Ensure that WesternU, U.S. Government and Contract-Owned FF&E are secured at their proper WesternU campus or satellite location and not removed to unauthorized locations.
For further information, we invite you to review the “Inventory Management Guidebook”.