Asset Management and Inventory

The Asset Management team is responsible identifying and accounting for all of the University's capitalized assets and small value equipment according to the rules and regulations of the University System of Georgia (USG) and the Department of Administrative Services (DOAS). We ensure that purchases, dispositions and transfers are made in accordance with university requirements, applicable state and federal laws, and any other statutory guidelines.

Our asset management responsibilities also involve inventory control, which includes overseeing a centralized perpetual inventory system that complies with state law; providing reporting for insurance purposes; and maintaining internal control of assets. We ensure that all non-consumable and non-expendable equipment having a life expectancy of three or more years, and an item acquisition greater than or equal to $3,000 in cost is properly tagged and recorded. We are also responsible for coordinating a periodic physical equipment inventory on a yearly basis with Department Inventory Custodians.

The Role of Asset Management

Accounting standards and federal regulations require the University to identify and control the location, use, and status of capital equipment. The Reporting and Compliance, Asset Management team, is responsible for recording and maintaining records of all capital assets purchased through the University's procurement system. If you have any questions regarding asset management or your role, please email assetman@kennesaw.edu.

Asset Definition

Capital assets are defined as tangible items that have an acquisition cost of at least $5,000 and have an estimated life of at least two years. Small Value Property is defined as all tangible items that have an acquisition cost between $3,000.00 - $4,999.99.

Tagging Assets

All small value property asset (total cost between $3,000.00 and $4,999.99) and all capital assets (total cost of $5,000 or more) are to be tagged when received. The asset tag number, serial number and location should be entered when “receiving” the asset into PeopleSoft. New small value property assets are to be identified by a yellow tag, and all new capital assets are identified with a white tag. Please contact your Department’s Inventory Custodian, Business Manager or the Asset Management Accountant at assetman@kennesaw.edu to report any assets that have not been tagged.

Asset Account Codes

If the purchase is for an item that is classified as an SVP (cost including delivery and set-up is between $3,000 and $4,999.99) please use the following account codes:

  • 743200 - general equipment
  • 743230 - computer equipment
  • 744200 - IT equipment (NOT computers)

If the purchase is for an item that is classified as an Asset (cost including delivery and set-up is equal to or greater than $5,000) please use the following account codes:

  • 843100 - general equipment
  • 843300 - computer purchases
  • 843320 - computer hardware
  • 843390 - other IT purchases
  • 841100 - vehicles 

Responsibility of Faculty & Staff

Faculty & Staff should note that anything purchased from a University cost center is the property of the University and must be returned to the University should the item no longer be used for the purpose for which it was purchased, or the faculty or staff member leaves the University.

Procedures

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