Are all inventory items listed in the Asset database?

The FITC Asset database maintained by Accounting Services is primarily used to track inventory items with an original purchase price of $5,000 or more as well as construction projects with an original budget of $100,000 or more.

Departmental equipment coordinators are responsible for maintaining a separate listing of equipment items considered “highly vulnerable” to theft. This listing should include desirable items such as computers, digital projectors, cameras, recorders, software, power tools, weapons, etc. Information that should be tracked on this listing includes: equipment description, acquisition date, make, model, serial number and any other unique identifying information to assist University Police in case of theft. 


What happens if I don't perform my property accounting responsibilities?

As noted above failure to follow University policies regarding property accounting has an impact on your department as well as the University community.

Department equipment coordinators, as well as their immediate supervisors, will be contacted by Accounting Services when situations arise that fail to follow appropriate policies & procedures. Additional follow up may include executive administration. Therefore, department equipment coordinators that fail to follow University policies & procedures may face performance evaluation issues.

As noted above, our office is more than willing to provide assistance and training to anyone who requests it. Failure to comply with policies and procedures due to lack of training is not an acceptable excuse. 

What if I purchase something with KUEA or KUCR funds - are those items placed on inventory?

Equipment or construction projects funded solely with KUEA funds are typically transferred to KU by KUEA. Departments that receive an “equipment transfer” from KUEA will be sent an informational request form from Accounting Services. Since the information that KU receives from KUEA regarding equipment transfers is extremely limited, we are reliant upon departments to provide detailed information including but not limited to model, manufacturer, serial number, location. Departmental equipment coordinators are responsible for completing this form and returning it immediately to Accounting Services so that the item can be added to the University’s central asset system.

Equipment or construction projects funded solely with KUCR funds are typically considered KUCR property and will be tracked on KUCR’s asset system.

Equipment or construction projects funded with a combination of State, KUEA and/or KUCR funds are considered state property and will be tracked by Accounting Services. 

What's property management and why is it important?

Property management is the process of safeguarding University property through the use of internal controls such as accurate record keeping, physical inventory checks, and communication between department equipment coordinators and central property accounting.

Property management is important as it has multiple impacts on the University.

First - All Board of Regent’s universities are required to adhere to KBOR and State of Kansas policies pertaining to acquisition, use and disposition of fixed assets ». Failure to follow these policies is not an option.

Second – Poor property management has a financial impact for the University. Departments that fail to protect and track their equipment often incur additional costs to replace poorly maintained or lost equipment. Additionally the University’s central property records are just one of many items used to calculate the University’s Facilities and Administrative Cost Reimbursement Overhead rate (F&A rate) that is negotiated with the Department of Health & Human Services (DHHS). The F&A rate is the reimbursement that the University receives from sponsored projects for use of its facilities & administration resources, and inaccurate property records can cause a reduction in this rate. This reimbursement provides the majority of annual operating funds for the Kansas Center for Research (KUCR) as well as funding for our research centers, departments and individual investigators. Therefore any potential reduction in the University’s F&A rate impacts the entire University community not just the department responsible for the property. 

One of 34 U.S. public institutions in the prestigious Association of American Universities
44 nationally ranked graduate programs.
—U.S. News & World Report
Top 50 nationwide for size of library collection.
5th nationwide for service to veterans —"Best for Vets: Colleges," Military Times
KU Today