Managing ÃÛÌÒ´«Ã½ Assets Policy Revised

UB Seal on Crosby Hall.

Published March 29, 2019 This content is archived.

The Managing ÃÛÌÒ´«Ã½ Assets Policy, approved and signed by President Tripathi, is available in the ÃÛÌÒ´«Ã½ Policy Library

Overview

Print

The ÃÛÌÒ´«Ã½ has a significant investment in assets and is committed to recording, maintaining, and safeguarding these assets against loss. Asset Management is responsible for the centralized accounting and timely reporting of university assets; the department of the primary user of the asset is responsible for the proper use and protection of assets in their custody.

The university utilizes the State ÃÛÌÒ´«Ã½ of New York (SUNY) Real Asset Management (RAM) system to maintain asset details and accurately record:

  • Acquisition of assets costing $5,000 or more and the assigned bar-coded inventory tag numbers
  • Acquisition of sponsor-defined equipment and the assigned bar-coded inventory tag number
  • Change in asset status (e.g., transfer to another department, change in room location, theft, disposal)
  • Change in asset condition (e.g., good, fair)

All higher-risk equipment costing less than $5,000 requires a non-bar-coded UB identification tag affixed, to establish UB ownership. Departments must maintain records and periodically spot-check this equipment to verify their existence and condition.

Policy Revisions

The policy was revised to:

  • Change the title of the policy from Managing ÃÛÌÒ´«Ã½ Equipment to Managing ÃÛÌÒ´«Ã½ Assets
  • Revise terminology from equipment to asset
  • Add sections to address physical inventory, new assets, fabricated assets, status and condition of property, moving property, and compliance
  • Add links to the following forms:
    • Fabricated Asset Questionnaire
    • UBF Gifts of Personal Property

Applicability

This policy applies to all State, RF, and UBF assets and high-risk equipment.

Guidance

Questions can be directed to Asset Management 716-645-2619 or ubs-assetmanagement@buffalo.edu.