Asset Management Training

Asset Management Asset Management TrainingTraining


The purpose of Asset Management The purpose of Asset Management training is to provide instruction to training is to provide instruction to Property Custodians, Business Property Custodians, Business Managers, Department Heads, and Managers, Department Heads, and other individuals handling Asset other individuals handling Asset Management on roles and Management on roles and responsibilities, policies and responsibilities, policies and procedures for inventory, tagging procedures for inventory, tagging assets, transfers, disposals, and contact assets, transfers, disposals, and contact information. information.

Asset ManagementAsset Management

Asset Management FunctionsAsset Management Functions Governmental RoleGovernmental Role Inventory ControlInventory Control Procedures Procedures Transfer of EquipmentTransfer of Equipment Contact InformationContact Information

Asset Management Asset Management FunctionsFunctions

The function of Asset Management is to tag The function of Asset Management is to tag newly acquired moveable equipment, perform a newly acquired moveable equipment, perform a physical inventory of taggable equipment each physical inventory of taggable equipment each year, maintain accurate accounting records of year, maintain accurate accounting records of capital and taggable items, and help manage capital and taggable items, and help manage the removal of Surplus and Scrap. the removal of Surplus and Scrap.

Serve as a liaison between the University, Serve as a liaison between the University, LPAA (Louisiana Property Assistance Agency), LPAA (Louisiana Property Assistance Agency), State, Federal and Private agencies regarding State, Federal and Private agencies regarding Inventory.Inventory.

Ensure University compliance with University, Ensure University compliance with University, System, State and Federal property guidelines.System, State and Federal property guidelines.

Governmental RoleGovernmental Role LSUHSC-NO is required by LA LSUHSC-NO is required by LA

State Law to accurately State Law to accurately account for all inventory.account for all inventory.

Audits are conducted by Audits are conducted by various agencies to determine various agencies to determine compliance with University, compliance with University, State, and Federal rules and State, and Federal rules and regulations. regulations.

Non-compliance with Non-compliance with University, State, and Federal University, State, and Federal rules and regulations may rules and regulations may subject the university to fines subject the university to fines and the withholding of and the withholding of governmental funding.governmental funding.

Inventory Control - Inventory Control - RequirementsRequirements

Louisiana Revised Statute 39:324 and 39:325 Louisiana Revised Statute 39:324 and 39:325 require entities to conduct an annual inventory of require entities to conduct an annual inventory of movable property and report any unlocated property movable property and report any unlocated property to the Louisiana Property Assistance Agency (LPAA).to the Louisiana Property Assistance Agency (LPAA).

Louisiana Administrative Code Title 34 Part VII Louisiana Administrative Code Title 34 Part VII Section 313 states, in part, that efforts must be Section 313 states, in part, that efforts must be made to locate all moveable property for which made to locate all moveable property for which there are no explanations available for their there are no explanations available for their disappearance. disappearance.

Each department and/or division is required to have Each department and/or division is required to have a property custodian that will serve as a liaison or a property custodian that will serve as a liaison or contact person to Asset Management. contact person to Asset Management.

Inventory Control – Inventory Control – Property CustodiansProperty Custodians

LSUHSC-NO Asset Management requires departmental LSUHSC-NO Asset Management requires departmental assistance by utilizing Departmental Property assistance by utilizing Departmental Property Custodians. Property Custodians are responsible for:Custodians. Property Custodians are responsible for: Locating all inventories and taggable equipment by Locating all inventories and taggable equipment by

conducting a thorough search for items, including conducting a thorough search for items, including those not located in the annual inventorythose not located in the annual inventory

Contacting Asset Management when an asset tag is Contacting Asset Management when an asset tag is worn or missingworn or missing

Answering questions relating to departmental Answering questions relating to departmental equipmentequipment

Reporting changes in moveable equipment locations Reporting changes in moveable equipment locations or custodian namesor custodian names

Reporting stolen items to University PoliceReporting stolen items to University Police Ensuring that all equipment is used for University Ensuring that all equipment is used for University

purposespurposes Receiving and processing Asset Management formsReceiving and processing Asset Management forms Coordinating the disposal of departmental equipment.Coordinating the disposal of departmental equipment.

Annual Inventories - Annual Inventories - ProceduresProcedures

LSU Health Sciences Center New Orleans LSU Health Sciences Center New Orleans (LSUHSC-NO) is required by LPAA and the (LSUHSC-NO) is required by LPAA and the federal government to perform a physical federal government to perform a physical inventory of all taggable assets each year. inventory of all taggable assets each year.

Asset Management conducts inventories Asset Management conducts inventories building-by-building using bar code scanners. building-by-building using bar code scanners.

Asset Management will replace worn or Asset Management will replace worn or missing equipment tagsmissing equipment tags

Upon completion of inventories, departments Upon completion of inventories, departments receive a “Missing” report of property that receive a “Missing” report of property that was not found. was not found.

Annual Inventories – Annual Inventories – Procedures Cont.Procedures Cont.

Departmental Action ItemsDepartmental Action Items Departmental personnel and/or property Departmental personnel and/or property

custodians should complete the “Missing” custodians should complete the “Missing” reports.reports.

Departments should respond within the Departments should respond within the time limit specified by Asset Management. time limit specified by Asset Management. Property custodians are responsible for:Property custodians are responsible for:

Physically locating assets that are “missing” Physically locating assets that are “missing” and confirm with Asset Management whether and confirm with Asset Management whether asset(s) have been found.asset(s) have been found.

Correcting any other discrepancies for the Correcting any other discrepancies for the asset(s) on the “Missing” report. asset(s) on the “Missing” report.

Asset Acquisition - Asset Acquisition - ProceduresProcedures

Items of Property to be Inventoried – L.A.C. Title 34 Part VII Items of Property to be Inventoried – L.A.C. Title 34 Part VII Section 307A. – All items of moveable property having an Section 307A. – All items of moveable property having an “original” acquisition cost, when first purchased by the state of “original” acquisition cost, when first purchased by the state of Louisiana, of $1,000 or more, all gifts and other property Louisiana, of $1,000 or more, all gifts and other property having a fair market value of $1,000 or more, and all weapons having a fair market value of $1,000 or more, and all weapons and electronic media assets, regardless of cost, with the and electronic media assets, regardless of cost, with the exception of items specifically excluded in Section 307E, must exception of items specifically excluded in Section 307E, must be placed on statewide inventory system. be placed on statewide inventory system.

The University’s capitilization policy includes all moveable The University’s capitilization policy includes all moveable property items with an acquisition cost of $5,000 or more and property items with an acquisition cost of $5,000 or more and an estimated useful life greater than one year. an estimated useful life greater than one year.

Assets that are valued at a cost less than $5,000 will need to be Assets that are valued at a cost less than $5,000 will need to be coded differently than capital equipment (moveable equipment coded differently than capital equipment (moveable equipment $5,000 & above).$5,000 & above).

Asset Acquisition – Procedures Asset Acquisition – Procedures Cont.Cont.

How this impacts your purchases -How this impacts your purchases - If an item is valued at less than $5,000 this is If an item is valued at less than $5,000 this is

considered a considered a taggabletaggable asset/supply asset/supply and and should be coded using the range of “540100 should be coded using the range of “540100 through 540126”.through 540126”.

If an item is valued at $5,000 or more this is If an item is valued at $5,000 or more this is considered a considered a capitalcapital asset asset and must be coded and must be coded using the range of “570000 through 579699”. using the range of “570000 through 579699”.

Asset Acquisition – Asset Acquisition – Procedures Cont.Procedures Cont.

The below is a visual representation of the The below is a visual representation of the coding that needs to be adhered to when coding that needs to be adhered to when completing purchase documentation and completing purchase documentation and ensuring correct coding of assets.ensuring correct coding of assets.

0 $1,000 $5,000

Non Taggable Supplies

Taggable Assets/ Supplies

Taggable Capital Assets

540100 - 540126

570000 - 579699

Tagging Assets - Tagging Assets - ProceduresProcedures

All moveable assets must be tagged All moveable assets must be tagged within 60 days from the date of receipt.within 60 days from the date of receipt.

The property custodian or designee The property custodian or designee should call Asset Management upon should call Asset Management upon receipt of equipment that meets the receipt of equipment that meets the criteria of a taggable asset.criteria of a taggable asset.

An Inventory Specialist will come to the An Inventory Specialist will come to the department and tag the equipment.department and tag the equipment.

Scrap Equipment - Scrap Equipment - ProceduresProcedures

1. Contact Safety department if toxic materials are present. These will need to be removed (e.g. radioactive material, chemical agents).

2. Contact IT department if scrapping electronic media related equipment i.e. hard drives, software. All data must be erased (sanitized) prior to inspection by Asset Management. Following sanitization, a certificate of data sanitization should be completed and a sanitization sticker placed on equipment.

3. Trash, debris, and the like must be removed from furniture, refrigerators, etc.

Scrap Equipment – Scrap Equipment – Procedures Cont.Procedures Cont.

4.4. Send a request via email to NO Send a request via email to NO Inventory in Asset Management with Inventory in Asset Management with the following information:the following information:

a.a. Tag number aka “Asset number”, if Tag number aka “Asset number”, if applicable and availableapplicable and available

b.b. Brief description of the equipment Brief description of the equipment

c.c. Quantity, locationQuantity, location

5.5. Option of Completing a “Option of Completing a “Notice of Notice of Change in Moveable Equipment” Change in Moveable Equipment” form form in lieu of an email requestin lieu of an email request

Surplus Equipment – Surplus Equipment – ProceduresProcedures

1.1. Ensure that the selected equipment is of no Ensure that the selected equipment is of no use to another department.use to another department.

2.2. Contact Safety department if toxic materials Contact Safety department if toxic materials are present. These will need to be removed are present. These will need to be removed (e.g. radioactive material, chemical agents.)(e.g. radioactive material, chemical agents.)

3.3. Contact IT department if sending electronic Contact IT department if sending electronic media related equipment to surplus (e.g. hard media related equipment to surplus (e.g. hard drives, software). All data must be erased drives, software). All data must be erased (sanitized) prior to inspection by Asset (sanitized) prior to inspection by Asset Management. Following sanitization, a Management. Following sanitization, a certificate of data sanitization should be certificate of data sanitization should be completed and a sanitization sticker placed on completed and a sanitization sticker placed on equipment.equipment.

4.4. Trash, debris, and the like must be removed Trash, debris, and the like must be removed from furniture, refrigerators, etc.from furniture, refrigerators, etc.

Surplus Equipment – Surplus Equipment – Procedures Cont.Procedures Cont.

4.4. Any idle or surplus equipment not being used by the Any idle or surplus equipment not being used by the Department must be reported to Asset Management. Department must be reported to Asset Management.

5.5. Once it’s determined that an item should indeed be Once it’s determined that an item should indeed be sent to surplus and the above action items have been sent to surplus and the above action items have been completed (if applicable) the below steps follow.completed (if applicable) the below steps follow.

6.6. Send a request via email to NO Inventory in Asset Send a request via email to NO Inventory in Asset Management with the following:Management with the following:

a.a. Tag number aka “Asset number”Tag number aka “Asset number”

b.b. Brief description of the equipment.Brief description of the equipment.

c.c. Quantity, locationQuantity, location

6.6. Option of Completing a “Option of Completing a “Notice of Change in Moveable Notice of Change in Moveable Equipment” Equipment” form in lieu of an email request.form in lieu of an email request.

Equipment Disposal – Asset Equipment Disposal – Asset Management - ProceduresManagement - Procedures

Upon receipt of Scrap and/or Surplus requests, Upon receipt of Scrap and/or Surplus requests, Asset Management will perform the following:Asset Management will perform the following:

1.1. Inspect items for safety, condition, and reference Inspect items for safety, condition, and reference information. A sticker for scrap or surplus may be information. A sticker for scrap or surplus may be placed on the item(s).placed on the item(s).

2.2. Initiate LPAA paperwork transfer.Initiate LPAA paperwork transfer.

3.3. Direct the Department to create a work order for Direct the Department to create a work order for Physical Plant and/or contact an outside contractor Physical Plant and/or contact an outside contractor to coordinate the transfer of items from the to coordinate the transfer of items from the department to an interim pick-up area and/or department to an interim pick-up area and/or disposal.disposal.

4.4. Final pick-up occurs upon approval from LPAA.Final pick-up occurs upon approval from LPAA.

Donated Assets - Donated Assets - ProceduresProcedures DefinitionDefinition

All equipment donated to LSU Health Sciences Center All equipment donated to LSU Health Sciences Center New Orleans (LSUHSC-NO) must be recorded for New Orleans (LSUHSC-NO) must be recorded for financial statement purposes.financial statement purposes.

If the value of an item is $1,000 or greater then it is If the value of an item is $1,000 or greater then it is tagged and recorded on the Movable Property tagged and recorded on the Movable Property Inventory. Inventory.

Action ItemsAction Items Contact Asset Management immediately upon receipt. Contact Asset Management immediately upon receipt.

Notification should include the following via email or Notification should include the following via email or memo:memo:

Verbiage documenting the receipt and Verbiage documenting the receipt and acceptance of the donation.acceptance of the donation.

A valuation review of the donated equipment A valuation review of the donated equipment must be attached.must be attached.

Applicable portions completed by the donor of the Applicable portions completed by the donor of the form Certification of Donation or Contribution of form Certification of Donation or Contribution of Property of a Sophisticated & Technological Property of a Sophisticated & Technological Nature.Nature.

Donated Assets – Donated Assets – Procedures Cont.Procedures Cont.

Methods of Valuation (case by case)Methods of Valuation (case by case) the net value of the equipment as stated by the the net value of the equipment as stated by the

donor (for new equipment).donor (for new equipment). a quotation obtained by Purchasing (for donated a quotation obtained by Purchasing (for donated

equipment commonly sold through wholesalers).equipment commonly sold through wholesalers). an estimate by the director of Purchasing based an estimate by the director of Purchasing based

upon comparable items.upon comparable items. Upon receipt of notification, Asset Upon receipt of notification, Asset

Management will set up an appointment to Management will set up an appointment to affix a LSUHSC-NO tag to the donated affix a LSUHSC-NO tag to the donated equipment.equipment.

PeopleSoft database will be updated to PeopleSoft database will be updated to include the donated asset accordingly.include the donated asset accordingly.

Stolen Equipment - Stolen Equipment - ProceduresProcedures

Department personnel must report Department personnel must report stolen equipment immediately to stolen equipment immediately to University Police.University Police.

A police report must be completed by the A police report must be completed by the Department.Department.

The Legislative Auditor, Director of The Legislative Auditor, Director of Internal Audit, Asset Management Internal Audit, Asset Management Manager, Director of Compliance, and Manager, Director of Compliance, and the District Attorney should be notified the District Attorney should be notified by University Police of any apparent by University Police of any apparent theft of public funds or assets.theft of public funds or assets.

Off-campus Equipment $1,000 and Off-campus Equipment $1,000 and greatergreater

LSUHSC-NO equipment $1,000 and greater LSUHSC-NO equipment $1,000 and greater may be taken and used off-campus if used for may be taken and used off-campus if used for permissible reasons and properly authorized. permissible reasons and properly authorized.

Receipt and return of equipment should be Receipt and return of equipment should be sent to the Property Manager in the Asset sent to the Property Manager in the Asset Management Department. Management Department.

Off-Campus equipment should be returned to Off-Campus equipment should be returned to the University prior to an individual’s the University prior to an individual’s separation or upon notice. separation or upon notice.

Violation of this policy constitutes misuse of Violation of this policy constitutes misuse of University equipment, materials, services University equipment, materials, services and other property and may result in and other property and may result in University disciplinary action/and or criminal University disciplinary action/and or criminal charges.charges.

Off-campus Non-Taggable Property less Off-campus Non-Taggable Property less than $1,000than $1,000

LSUHSC-NO property less than $1,000 may LSUHSC-NO property less than $1,000 may be taken and used off-campus if used for be taken and used off-campus if used for permissible reasons and properly authorized. permissible reasons and properly authorized.

Receipts and return of property should be Receipts and return of property should be maintained by the Department. maintained by the Department.

Off-Campus property should be returned to Off-Campus property should be returned to the University prior to an individual’s the University prior to an individual’s separation or upon notice. separation or upon notice.

Violation of this policy constitutes misuse of Violation of this policy constitutes misuse of University equipment, materials, services University equipment, materials, services and other property and may result in and other property and may result in University disciplinary action/and or criminal University disciplinary action/and or criminal charges.charges.

Transfer of EquipmentTransfer of Equipment

Intradepartmental TransfersIntradepartmental Transfers Departmental TransfersDepartmental Transfers Grant TransfersGrant Transfers Other State Agency TransfersOther State Agency Transfers

Intradepartmental Intradepartmental TransfersTransfers

DefinitionDefinition Transfer of equipment within a department Transfer of equipment within a department

from one departmental member to another from one departmental member to another e.g. room to room. e.g. room to room.

Action ItemsAction Items Send a notification to Asset Management via Send a notification to Asset Management via

email email Include new custodian, building and room Include new custodian, building and room

number.number. Complete the “Complete the “Notice of Change in Moveable Notice of Change in Moveable

EquipmentEquipment” form in lieu of email.” form in lieu of email.

Departmental TransfersDepartmental Transfers

DefinitionDefinition Transfer of equipment from one department to Transfer of equipment from one department to

anotheranother Action ItemsAction Items

Send an email to Asset Management indicating the Send an email to Asset Management indicating the following :following :

Tag number, descriptionTag number, description New department custodian, room number, and building.New department custodian, room number, and building. Acceptance emails must be received from receiving Acceptance emails must be received from receiving

department.department.

Complete the “Complete the “Notice of Change in Moveable Notice of Change in Moveable Equipment” Equipment” form in lieu of email.form in lieu of email.

Intradepartmental & Intradepartmental & Departmental TransfersDepartmental Transfers

Once emails/forms have been received by Once emails/forms have been received by Asset Management, the following are Asset Management, the following are executed:executed: The requests are validated.The requests are validated. Upon validation, the new custodial information Upon validation, the new custodial information

is updated in PeopleSoft.is updated in PeopleSoft. Arrangements are made with Physical Plant or Arrangements are made with Physical Plant or

an outside contractor for transport when an outside contractor for transport when applicable.applicable.

The Department is responsible for completing The Department is responsible for completing a work order to Physical Plant on a work order to Physical Plant on Intradepartmental or Departmental Transfers.Intradepartmental or Departmental Transfers.

Grant TransfersGrant Transfers DefinitionDefinition

Equipment that isEquipment that is—either sponsor-owned or funded——either sponsor-owned or funded—being transferred from one University or entity to being transferred from one University or entity to another University or entity. another University or entity.

Action ItemsAction Items Sponsored Projects should be notified immediately.Sponsored Projects should be notified immediately. Asset Management must be notified thereafter. Asset Management must be notified thereafter.

A relinquishing statement must be sent to Asset A relinquishing statement must be sent to Asset Management accompanied by the Grant ID number. Management accompanied by the Grant ID number. Request will not be processed without this Request will not be processed without this information.information.

If a grant is not continuous, the equipment is the If a grant is not continuous, the equipment is the property of LSU Health Sciences Center New Orleans. property of LSU Health Sciences Center New Orleans.

Other State Agency Other State Agency TransfersTransfers

DefinitionDefinition Equipment being transferred outside of Equipment being transferred outside of

the University to an agency within the the University to an agency within the LSU system (e.g. Hospital).LSU system (e.g. Hospital).

Action ItemsAction Items Send notification via email or complete Send notification via email or complete

a “a “Notice to Change Moveable Notice to Change Moveable EquipmentEquipment” form.” form.

Grant & Other State Agency Grant & Other State Agency TransfersTransfers

LPAA is contacted for approval by Asset LPAA is contacted for approval by Asset Management.Management.

Upon approval, arrangements are made for Upon approval, arrangements are made for transport.transport.

Shipping and Freight costs may apply.Shipping and Freight costs may apply. The requestor will receive verification via Asset The requestor will receive verification via Asset

Management on approval status by LPAA. The Management on approval status by LPAA. The transfer cannot take place until approval from transfer cannot take place until approval from LPAA is given.LPAA is given.

Assets are retired from the PeopleSoft database Assets are retired from the PeopleSoft database upon approval from LPAA.upon approval from LPAA.

Asset Management Asset Management ContactsContacts

Holly Roberts, Assistant Holly Roberts, Assistant Director Accounting Director Accounting ServicesServices

(504) 568-3061 (504) 568-3061 [email protected]

Chanel Baiamonte, Chanel Baiamonte, Manager Manager (504) 568-4841 (504) 568-4841 [email protected]

Joe St. Clair Joe St. Clair Administrative Coordinator IIIAdministrative Coordinator III(504) 568-6280 (504) 568-6280 [email protected]

Crystal Nelson Crystal Nelson Administrative Coordinator IVAdministrative Coordinator IV(504) 568-6281(504) [email protected]

Rashad Ketchens Rashad Ketchens Administrative Coordinator IVAdministrative Coordinator IV(504) 568-8651(504) [email protected]


THE ENDTHE END

Asset Management Review Asset Management Review QuestionsQuestions

1) All moveable assets must be tagged within 1) All moveable assets must be tagged within _____ days from the date of receipt._____ days from the date of receipt.

(a)(a) 9090

(b)(b) 6060

(c)(c) 3030

(d)(d) 120120

Answer: (b) – Louisiana Administrative Code Title 34 Answer: (b) – Louisiana Administrative Code Title 34 Part VII Part VII

Section 307 states that items must be tagged within Section 307 states that items must be tagged within 60 calendar60 calendar

days after receipt.days after receipt.

Asset Management Review Asset Management Review Questions – cont.Questions – cont.

2) Property custodians are responsible for locating 2) Property custodians are responsible for locating all inventories and taggable equipment by all inventories and taggable equipment by conducting a thorough search for items, conducting a thorough search for items, including those not located on the annual including those not located on the annual inventory. inventory.

(a)(a) TrueTrue(b)(b) FalseFalse

Answer: (a) – True. Departments are required to have a Answer: (a) – True. Departments are required to have a property custodian that will serve as a record keeper forproperty custodian that will serve as a record keeper forDepartment equipment and a contact for Asset Department equipment and a contact for Asset

Management.Management.Property custodian responsibilities include locating allProperty custodian responsibilities include locating allinventories and taggable equipment. inventories and taggable equipment.

Asset Management Review Asset Management Review Questions – Cont.Questions – Cont.

3) If an item is valued at $1,000 to $4,999 and/or is 3) If an item is valued at $1,000 to $4,999 and/or is electronic media this is considered a _____________ and electronic media this is considered a _____________ and should be coded using the range of “540100 through should be coded using the range of “540100 through 540126”. 540126”.

(a)(a) capital assetcapital asset

(b)(b) taggable asset/supplytaggable asset/supply

Answer: (b) – A taggable asset/supply is defined as a Answer: (b) – A taggable asset/supply is defined as a taggabletaggable

moveable item that is valued below $5,000 but higher moveable item that is valued below $5,000 but higher thanthan

$1,000 and should be coded differently than a capital $1,000 and should be coded differently than a capital asset. asset.


4) Asset Management is responsible for removing 4) Asset Management is responsible for removing toxic materials, trash, debris, and sensitive toxic materials, trash, debris, and sensitive data on items to be scrapped or surplused. data on items to be scrapped or surplused.

(a)(a) TrueTrue

(b)(b) FalseFalse

Answer: (b) – The Department property custodianAnswer: (b) – The Department property custodian

is responsible for removing or coordinating theis responsible for removing or coordinating the

removal of hazardous substances, trash, sensitive removal of hazardous substances, trash, sensitive information,information,

etc. etc.


5) What State Agency approval is required for 5) What State Agency approval is required for the final disposal, removal, and/or transfer of the final disposal, removal, and/or transfer of equipment? equipment?

(a)(a) Louisiana State LegislatureLouisiana State Legislature

(b)(b) Department of Health and HospitalsDepartment of Health and Hospitals

(c)(c) LPAA – Louisiana Property Assistance AgencyLPAA – Louisiana Property Assistance Agency

(d)(d) None of the aboveNone of the above

Answer: (c) – LPAA must approve the disposal, Answer: (c) – LPAA must approve the disposal, removal or removal or

transfer of all equipment at LSU Health Science transfer of all equipment at LSU Health Science Center. Center.


6) D6) Donated equipment to LSU Health Sciences onated equipment to LSU Health Sciences Center New Orleans (LSUHSC-NO) must be Center New Orleans (LSUHSC-NO) must be recorded for financial statement purposes, and recorded for financial statement purposes, and placed on the Movable Property Inventory if placed on the Movable Property Inventory if value is $1,000 or greater.value is $1,000 or greater.

(a)(a) TrueTrue(b)(b) FalseFalse

Answer: (a) – All equipment donated to LSU HealthAnswer: (a) – All equipment donated to LSU HealthScience Center must be recorded for financialScience Center must be recorded for financialstatement purposes. Donated equipment is tagged if statement purposes. Donated equipment is tagged if

it is $1,000it is $1,000or greater. or greater.


7) For on-going grants being transferred to another 7) For on-going grants being transferred to another University or entity, what documentation is University or entity, what documentation is needed by Asset Management to complete the needed by Asset Management to complete the transfer and get approval by LPAA? transfer and get approval by LPAA?

(a)(a) Per 3Per 3(b)(b) Relinquishing statement Relinquishing statement (c)(c) Notice to Change Moveable Equipment formNotice to Change Moveable Equipment form(d)(d) All of the aboveAll of the above

Answer: (b) – A relinquishing statement approved byAnswer: (b) – A relinquishing statement approved bySponsored Projects including the Grand ID number(s) is Sponsored Projects including the Grand ID number(s) is

requiredrequiredto request approval from LPAA to transfer the equipment. to request approval from LPAA to transfer the equipment.


8) An employee of LSU Health Science Center terminating 8) An employee of LSU Health Science Center terminating employment to work for another University or entity is employment to work for another University or entity is allowed to transfer equipment from a grant that has been allowed to transfer equipment from a grant that has been closed. closed.

(a)(a) TrueTrue(b)(b) False False

Answer: (b) – Louisiana Administrative Code Title 34 Part VII S505 B2Answer: (b) – Louisiana Administrative Code Title 34 Part VII S505 B2states that, at the conclusion of a grant, the title for equipment reverts states that, at the conclusion of a grant, the title for equipment reverts

to theto thestate. When the equipment is no longer any use to the Health Sciencesstate. When the equipment is no longer any use to the Health SciencesCenter, it is sent to LPAA for either transfer to another state agency asCenter, it is sent to LPAA for either transfer to another state agency asneeded or sent to public auction. needed or sent to public auction.


9) The initial inventory conducted by Asset 9) The initial inventory conducted by Asset Management is performed using ______________.Management is performed using ______________.

(a)(a) bar code scannersbar code scanners(b)(b) a list of taggable equipment by buildinga list of taggable equipment by building(c)(c) both a and bboth a and b(d)(d) neither a or bneither a or b

Answer: (a) – During the initial inventory of taggable Answer: (a) – During the initial inventory of taggable equipment Asset Management uses bar code scanners to goequipment Asset Management uses bar code scanners to goroom by room, building by building. After completion of the room by room, building by building. After completion of the

initialinitialInventory, Asset Management will then do “go-backs” to Inventory, Asset Management will then do “go-backs” to

determine whatdetermine whatequipment was missed using a list of missing equipment by equipment was missed using a list of missing equipment by

building. building.


10) Violation of Off-Campus Equipment and 10) Violation of Off-Campus Equipment and Property policies may result in University Property policies may result in University disciplinary action and/or criminal chargesdisciplinary action and/or criminal charges

(a)(a) TrueTrue

(b)(b) FalseFalse

Answer: (a) – Title 34, Part VII, Chapter 5, Section 305 of Answer: (a) – Title 34, Part VII, Chapter 5, Section 305 of the Louisiana Administrative Code states that the Louisiana Administrative Code states that employees to whom property is entrusted shall be liable employees to whom property is entrusted shall be liable for the payment of damages whenever his wrongful or for the payment of damages whenever his wrongful or grossly negligent act or omission causes any loss, theft grossly negligent act or omission causes any loss, theft disappearance, damage to or destruction of property of disappearance, damage to or destruction of property of his agency for which his is responsible. his agency for which his is responsible.

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Asset Management Training