At year-end, Capital Asset Management creates a snapshot of all the university’s assets. This snapshot reflects the status and location of capital assets as of June 30, which is used for financial reporting purposes and for federal and state audits. It is imperative that the asset status and location is accurate in the snapshot. Complete the below checklist to ensure the capital asset information for your organization is as accurate as possible.
- If capital equipment has moved to a new location, has the location been updated in KFS?
- If capital equipment has been sent to surplus, was an Asset Transfer document completed?
- If capital equipment is no longer in service or has left the university, has this been recorded in KFS with an Asset Retirement document?
- For newer assets, is the in-service status accurate? If applicable, UCO Capital Asset Office will be contacting individuals regarding the in-service status of the asset. Please respond to these inquiries in a timely manner.
Please inform your capital asset representative of known asset location changes, transfers or retirements so these can be recorded in KFS. If you have questions or need assistance, please contact capasset@iu.edu.