Roles and Responsibilities
The capital asset department has identified the following departmental roles and responsibilities in order to facilitate the success of the department's mission:
- Ensuring the compliance of organizations with Generally Accepted Accounting Principles, GASB and AICPA accounting and inventory standards and university policies.
- Upholding the integrity of capital asset inventory by following and complying with federal inventory standards, as outlined in the OMB Uniform Guidance.
- Providing authoritative guidance on the interpretation of standards, policies and procedures by creating and maintaining Capital Asset and Inventory Management Standard Operating Procedures.
- Identifying and amending university policies related to capital asset and inventory management using the University Financial Policy Committee procedures.
- Upholding the integrity of the general ledger system and capital asset management system by ascertaining the validity and accuracy of balances between both systems and ensuring the timeliness of monthly reconciliation.
- Supporting the preparation of the university financial statements, by providing detailed audit workpapers related to plant fund accounting, capital asset accounting, and capital lease accounting.
- Supporting and facilitating Campus Capital Asset meetings for review of capital asset and inventory management.
- Aiding organizations in inventorying capital assets.
- Responding to and assisting organizations with questions and concerns relating to plant fund accounting, capital asset accounting, and capital lease accounting.
- Responding to and assisting organizations with questions and concerns relating to capital asset documentation and data management.
- Responding to and assisting organizations with the use of the capital asset management system.
System Support and Training Services
- Developing, supporting and maintaining the capital asset management system, reporting tools, and KFS attributes.
- Providing training to organizations related to the capital asset management system and capital asset documentation.