Transfer/Change/Delete

1. A Tangible Capital Asset transfer occurs when a Unit agrees to give a Tangible Capital Asset to another Unit including at a different University campus or a Unit transfers a Tangible Capital Asset to a new location within the Unit.

2. A Tangible Capital Asset change occurs when a Unit identifies incorrect information on the Tangible Capital Asset Property Report.

3. A Tangible Capital Asset deletion occurs when a Unit has a Tangible Capital Asset on its Tangible Capital Asset Property Report that is no longer in the care and custody of the University. Tangible Capital Assets which are lost, stolen, or returned to the granting agency are no longer in the care and custody of the University and must be identified for deletion. 

4. In all cases, a Tangible Capital Asset Transfer Change Delete Form must be completed by the Unit’s Asset Administrator. For each request, the form requires the name of the Unit, the date of the transfer, change or delete, the Permanent Tag number and the description of the Tangible Capital Asset (from the Tangible Capital Asset Property Report).

5. For a transfer or change, also complete the applicable details in the “Transfer / Change to” section  of the form. Include the revised information as it should appear on the Tangible Capital Asset Property Report. For example, if the serial number was entered incorrectly, include the correct serial number.

6. For a deletion, also complete the “Delete” section of the form which asks for the reason for deleting this Tangible Asset from the Tangible Capital Asset Property Report.

7. The form must be signed by the Unit Head and submitted to FAS. FAS ensures the necessary adjustments are entered into the Financial Management System to reflect the new information and signs and returns the form to the Unit. In the case of a transfer the form is sent to both the receiving and transferring Units.

8. In the case of Tangible Capital Assets purchased with research or grant funds, additional, specific conditions may have been imposed by the granting agency at the time the grant or funding was awarded. Adherence to these conditions is required. Contact the Research Accounting section of FAS, in these situations.

Review of Tangible Capital Asset Inventory

9. The Asset Administrator must ensure that all forms (addition and transfer/change/delete) are sent to FAS. The Asset Administrator maintains an annual record of Tangible Capital Asset Addition Forms, Tangible Capital Asset Transfer Change Delete Forms, and Declaration and Disposal of Surplus Property Forms, as well as the most recent Tangible Capital Asset Property Report received from FAS.

10. Annually, the Unit should complete a full or partial inventory count of its Tangible Capital Assets to verify the accuracy of the Tangible Capital Asset Property Report. It is the Asset Administrator’s responsibility to ensure that it is checked for accuracy, the accompanying Confirmation Sheet is signed off by the Unit Head, any changes are recorded on the appropriate form and the form is returned to FAS.

11. It is recommended that the Tangible Capital Asset Property Report be checked at various times throughout the year especially if there have been many transactions. As well, the Asset Administrator periodically should review financial accounts for purchases that may cost more than the Tangible Capital Asset Threshold, to ensure the records are accurate and complete.

12. Annually, FAS prepares the Tangible Capital Asset Property Report and Confirmation Sheets for distribution to all Units. Units are expected to review this report to ensure it accurately reflects the changes that were requested by the Unit since the last report was reviewed. The Unit’s requests should be found in the records the Unit maintains for all Tangible Capital Asset actions (addition, transfer/change/delete and surplus) submitted throughout the year. 

13. Upon receipt of the Confirmation Sheet and the Tangible Capital Asset Addition Forms, Tangible Capital Asset Transfer Change Delete Forms, and Declaration and Disposal of Surplus Property Forms, if applicable, FAS adjusts the Tangible Capital Asset Module for any corrections or updates.