http://www.virginia.edu/finance/finanalysis/prop.html

Gary Young – Director

Malika Ouenza – Manager Plant Accounting

Angy Seago - Manager ETF & Equipment

John Wallace-Smith – Sr. Equipment Specialist

Michael Williams - Inventory Specialist

Home

Burger King

Ruby Tues

Am I a FIXED ASSET ?

Example of a Fixed AssetExample of a Fixed Asset

Software

Buildings

VehiclesLibrary Books

Equipment

Infrastructure

Fabricated Equipment

Definition of a Fixed AssetDefinition of a Fixed Asset Buildings, Land, Improvements, Leasehold Imp. or Buildings, Land, Improvements, Leasehold Imp. or

Infrastructure with UVA minimum threshold cost Infrastructure with UVA minimum threshold cost $250,000 and useful life greater than 1 year$250,000 and useful life greater than 1 year

Equipment and Vehicles with UVA minimum of $5,000 Equipment and Vehicles with UVA minimum of $5,000 unit cost and useful life greater than 1 yearunit cost and useful life greater than 1 year

Major software applications with UVA threshold cost Major software applications with UVA threshold cost of $100,000 and useful life greater than 1 yearof $100,000 and useful life greater than 1 year

Library Books (Library Books (exceptionexception – total aggregate of all – total aggregate of all library books significant and life greater than 1 year) library books significant and life greater than 1 year)

ETF Equipment (ETF Equipment (exceptionexception – Virginia’s SCHEV has – Virginia’s SCHEV has lower threshold cost of $500)lower threshold cost of $500)

UVA UVA $ 2.2 Billion$ 2.2 Billion (Land, Bldgs-500+, Equipment-24,000+, Library Books, (Land, Bldgs-500+, Equipment-24,000+, Library Books, Software)Software)

Wise Wise $ 95.0 Million $ 95.0 Million

Southwest $ 1.0 MillionSouthwest $ 1.0 Million

ASSETSASSETS UVA FLORIDANC

(Chapel) STANFORD HARVARD

Current

783

147

913

751

643

Fixed –Net Assets

1,643

1,300

1,874

2,546

4,087

Investments

2,981

607

1,605

17,525

39,086

Other

53

103

84

986

526

5,460

2,157

4,476

21,808

44,342

HOW DO WE COMPARE TO OTHERS ?(In $ Millions FY’06 Data)

* Different capital thresholds and useful lives will affect values

Breakdown of $2.2BBreakdown of $2.2B

BuildingsBuildings $ 1.1$ 1.1 EquipmentEquipment .3 .3 Infrastructure Infrastructure .2 .2 Construction in Progress .2Construction in Progress .2

Imp. Other than Bldg .1Imp. Other than Bldg .1 SoftwareSoftware .1 .1 Library Books .1Library Books .1 LandLand .1.1

FAA Group Responsibilities FAA Group Responsibilities

Accounting Accounting Oracle Fixed Assets ModuleOracle Fixed Assets Module Inventory Audit & ControlInventory Audit & Control Financial ReportingFinancial Reporting Sponsor ReportingSponsor Reporting Policies & ProceduresPolicies & Procedures

IMPORTANT ISSUESIMPORTANT ISSUES ETF EquipmentETF Equipment

Coding Expenditures correctlyCoding Expenditures correctly

Cost transfersCost transfers

Policy change – Releasing equipment to other universitiesPolicy change – Releasing equipment to other universities

Policy change – Surplusing data sensitive equipmentPolicy change – Surplusing data sensitive equipment

Fabrications – equipment title Fabrications – equipment title mustmust be UVA be UVA

Asset ImpairmentsAsset Impairments