|Capital Asset Management
|To maintain proper controls and define responsibilities for capital equipment removed from university premises and to comply with Indiana University Policy FIN-ACC-140 .
Initiation of the Equipment Loan/Return document is required when capital equipment is borrowed from Indiana University for more than thirty days and the equipment resides at a faculty or staff's personal residence. The loan document must be completed
the equipment is removed from the campus.
Reference the Equipment Loan/Return Document training material for additional information at: IU_KFS_Equipment_Loan.pdf .
Three events must occur before the Equipment Loan/Return document is initiated:
1) the asset must be created in KFS,
2) the IU tag must be attached to the equipment, and
3) the tag number field for the asset must be populated in KFS.
To initiate the Equipment Loan/Return document, lookup the asset to be loaned and click on the loan hyperlink. The Equipment Loan/Return document requires the following:
The borrower id is the username of the person responsible for the equipment (borrower). This will be the faculty or staff member in possession of the equipment.
Expected return date
Enter the date the asset is expected to return
The system will require the user to enter the borrower’s address (personal residence). If the equipment is not located at the borrower’s personal residence, then the second address (stored at address) should also be completed.
To renew a loan, lookup the loaned asset to be renewed and click on the renew hyperlink. Notice that the borrower ID and borrower’s address is retrieved. Verify this information is still correct and enter the new expected return date.
To return the equipment in KFS, lookup the asset and click on the return hyperlink. The loan return date is automatically populated with today’s date; however, enter the actual date the asset returned to the university, if different.
If support staff initiates the Equipment Loan/Return document, the document will route first to the fiscal officer of the asset owner’s account for approval. The document will then route to the borrower’s action list for approval even if they are not an active KFS user. Non-KFS users may view their action list without authenticating (Duo token). Since faculty may not actively check their action list, we recommend sending the borrower an email alerting them that a loan/return/renew document is in their action list and requires their attention.
Responsibilities of loaner:
Responsibilities of borrower:
University equipment is covered by the Office of Insurance, Loss Control and Claims (INLOCC) with a $1,000 deductible. This includes equipment off campus. Any concerns regarding insurance should be directed to INLOCC.
Capital equipment- must have an acquisition value of at least $5,000 and a useful life expectancy of one year or more.
Equipment- The term “equipment” includes delivery equipment, office equipment, machinery, furniture and fixtures, factory equipment and similar fixed assets.
Off Campus - An off-campus/off-site institutional location refers to any school or institution associated with Indiana University, i.e., equipment located at the Bloomington Hospital. Equipment residing at a research location affiliated with Indiana University is also considered off-campus/off site.
CSOP 5.0 Tagging Moveable Equipment
CSOP 8.0 Capitalization of Moveable Equipment
Policy FIN-ACC-140 Off-Premise Capital Equipment Control
|Organizations that purchase and maintain capital equipment.