1) I am a researcher and I purchased a vehicle with funds from a granting agency. This is a research asset, right?
The central administration will keep track of the fact that this vehicle was purchased with granting agency funds. This particular asset is a Vehicle with a Research Purpose. When your vehicle reaches its end-of-life, it will be managed as a Research Asset, so we will gather the appropriate authorizations to manage the end-of-life and redistribute any residual funds according to the University’s procedures and granting agency programs.
2) I am a researcher and I purchased a piece of laboratory equipment with my development fund that I use both for research and for teaching purposes. How do I know if the Purpose is for Research or Teaching?
Our Procurement Services team will help you in clarifying this. In general, however, as soon as something is “sometimes” used for Research, its purpose qualifies as Research, regardless of the source of funds that was used to purchase it, and even if it sometimes used for teaching.
3) I work in Facilities and I am purchasing a fridge for our team’s kitchen. This will be an Operating asset, right?
Yes. This fridge would fall under the Furniture and Appliances Category, and its Purpose would be Operations.
4) I manage tools and equipment for the Faculty of Engineering. These tools are used to make models and prototypes for students. In what category do these belong ?
The Asset Category would be Tools and General Machinery. In that scenario, although the students don’t have direct access to the tools, they are being used on behalf of students, for student projects, therefore the Purpose would be Teaching; however if the tools are also being used [even occasionally] for research, then the Purpose would be Research.
5) I purchased a computer and some specialized horticultural tools with money from the Sustainability Projects Fund. What categories do these assets fall into?
The computer belongs to the University and the Asset Category, is IT Assets - Hardware. Because your project involves students, the computer’s Purpose is Teaching. As for the tools, they also belong to the University (and allocated to the SPF fund), but may or may not be tracked in the Central Asset Management System, dependent upon each of the tools’ individual value. For example, if at the time of the purchase, say three of five tools each met or surpassed the minimum $1000.00 threshold, then those three tools would be individual assets in the Central Asset Management System. Their Category would be Tools and General Machinery, and the Purpose, Teaching.
6) Here is a tough one for you: In which asset category do you put a Treadmill, and all that gym gear?
We have an Asset Category for that. It is called “Sports and Recreational Equipment.” As for their Purpose, it would be Operations (keeping our community fit), unless they are used for teaching, in which case the Purpose would be Teaching.
7) We have special counters and chairs in our research lab. Is this just regular furniture?
For asset management purposes, because their use is in support of research, the Purpose of these items is Research. Their Category is indeed Furniture and Appliances.
8) Why do you need to distinguish between the Purpose of a fridge used in Facilities and one used in a Research lab?
Mainly for compliance purposes and at some point in the future a granting agency may want to see what is happening with a “Research” fridge. In any case, they are both managed in the same way. Once they reach their end-of-life, both must have the refrigerants must be removed.