Print/Copy Mail Services Vice President FA |
|
|
Personal Property Use On Campus Faculty and staff members who keep items of personal equipment at the University should label those items to indicate personal ownership. Unless there is a written agreement approved by the Business Office, personal equipment is used at the owner’s risk. See Borrowing from Non-UO Entities section for steps on establishing written agreements. The University of Oregon, as an agency of the State of Oregon, is self-insured under provisions of ORS 30.260 through 30.300 for all liabilities, including personal injury and property damage. The Office of Business Affairs is responsible for obtaining any additional insurance coverage, as needed. For more information about the types of coverage and claims process, see the Insurance Coverage web page or contact the Risk Management Coordinator in the Office of Business Affairs. If you experience a loss, in addition to filing a claim, the home department will need to remove the item from inventory, see Stolen or Missing Equipment section for specifics related to updating inventory records. All self-sustaining proprietary funds - Service Departments (09xxxx funds) and Auxiliary Enterprises (1xxxxx funds) - are required to accumulate reserves for the purpose of funding the replacement of depreciable equipment if the capital value of assets owned by the department exceeds $150,000. Service Departments and Auxiliary Enterprises with assets valued at less than $150,000 have the option of establishing a reserve. Service Departments and Auxiliary Enterprises will determine the appropriate level of reserves based on a Capital Asset Management Plan that is prepared and updated annually. This plan will be based on a minimum five-year planning horizon and will estimate the funding needed for anticipated purchases of replacement equipment over the five years. See Internal Management Directive (IMD) 6.350, updated July 2003. Funding Equipment Reserves The Equipment Reserve fund must be evaluated annually and funded according to the equipment replacement needs identified in the Capital Asset Management Plan. To fund the reserves, transfer the needed amount from the Operating fund to the Equipment Reserve fund using the General Ledger account codes as follows: Transfer from Operations to Equipment Reserve to Fund Reserve Dr Department Operations fund F0002 $x,xxx.xx Cr Equipment Reserve fund E0002 $x,xxx.xx The balance in the Equipment Reserve fund at fiscal year-end should be adequate to meet the needs of replacing equipment as detailed in the department's five-year plan. The Business Affairs Office is responsible for monitoring reserves and working with proprietary fund departments to ensure adequate reserves. The plan must be submitted to Business Affairs annually and retained for audit purposes. Call 346-1115 with questions or for help with Equipment Reserve issues. Purchasing from Equipment Reserves Equipment is purchased from the department's operating fund, not the reserve fund. If reserve money is to be used for a replacement purchase, it must be transferred from the Equipment Reserve fund to Operations using new General Ledger account codes as follows: Transfer from Equipment Reserve to Operations to Purchase Replacement Eqt Dr Equipment Reserve fund F0001 $x,xxx.xx Cr Department Operations fund E0001 $x,xxx.xx There are a few specific issues that pertain to UO property in the form of a vehicle. Generally, the processes outlined in the Obtain, Maintain, and Disposal of equipment sections apply. The following are exceptions to the rule that pertain to vehicles: When a vehicle is purchased the title to the vehicle should be routed to and maintained by Property Control for safekeeping.
All departments are responsible for ensuring that University property is properly stored and secured when it is not in use by a University employee. See High Risk Equipment. |