Fixed Assets Management
Fixed Assets Management, a function of the Office of Procurement, maintains separate offices on each campus (the College and VIMS).
The Fixed Assets Management staff manages surplus property and all financial reporting of fixed assets including equipment, land, buildings, infrastructure (sidewalks, exterior lighting, piers and docks, etc.), construction-in-progress, and leased or lease/financed equipment. Fixed Assets Management also manages all disposals of surplus property. Surplus property that is not needed for re-use within the agencies is disposed of by various means of public sale (i.e. sealed written bid, electronic surplus bid site at GovDeals.com). Surplus property determined to be "scrap" is sent to the landfill. For further information please use this link: Policies for Fixed Assets and Surplus Property.
FY2012 Physical Inventory Process Presentation
Physical Inventory FY-2012
Thank you for taking the time to help start the FY2012 Physical Inventory. Though this is a routine process (every 2 years), changes in College policies and procedures, technology, etc. that occur between inventories and that effects FAM's policies and procedures, can change our inventory methods. Please read through this brief update, complete the FY2012 Physical Inventory contact information form and register to attend one of the FY2012 Physical Inventory information sessions.
The goal of the office of Fixed Assets Management is to complete all physical inventories by June 15, 2012, and all data entry and reconciliation by July 16, 2012. This schedule will allow us to run the FY2012 depreciation on the current inventory results. Additionally and equally important, due to everyone’s commitment, the reconciled data will allow all operations, budget and finance functions access to accurate, reliable and reportable data.
FY2012 Physical Inventory Fieldwork Schedule
10-JAN-2012 W&M Equipment Manager Introductory Presentation.
11-JAN-2012 VIMS Equipment Manager Introductory Presentation.
12-JAN-2012 W&M Make-up Session - Equipment Manager Introductory Presentation.
16-JAN-2012 Distribute E-mail Inventories to W&M and VIMS Departments with 75 or less inventory items.
23-JAN-2012 Distribute Scanners to W&M and VIMS Departments with greater than 75 inventory items.
15-JUN-2012 Finish all field data collection and reconciliation
15-JUL-2012 Complete all Inventory Financial Data Reconciliation for FY2012
The Office of Fixed Assets Management maintains a database of the Custodians’ assignments of Equipment Manager (formerly called Property Administrators) in each department. This list of departments, along with current EM assignment, Custodians and a count of tagged assets, may be reviewed by accessing W & M and VIMS Equipment Manager List. If any changes need to be made, please go to the FY2012 Physical Inventory Contact Information and complete the online form. NOTE: Please use your MyWM username and password to access this secure online form. For inventorying departments with a large volume if items, the form allows for 2 additional Equipment Manager assignments.
As mentioned above, all Equipment Managers are encouraged to attend an FY2012 Physical Inventory information sessions. There will be 2, W&M and 1, VIMS Inventory Process and Q&A sessions offered. All departmental Equipment Managers (EM) should register to attend one of the sessions listed below; especially any newly assigned Equipment Manager.
FY2012 Physical Inventory Process and Q&A Sessions
10-JAN-2012 – 2-3pm – W&M Campus, Sadler, Tidewater B, Event Calendar and Registration
11-JAN-2012 – 10-11am – VIMS, Waterman's Hall Auditorium, Event Calendar and Registration
12-JAN-2012 – 2-3pm – W&M Campus, Sadler, Tidewater B, Event Calendar and Registration
In the meantime, please do not hesitate to contact Scott Polk at smolk@wm.edu with questions and comments.
Thank you, in advance, for you time and cooperation.
The Staff of Fixed Assets Management
Storage of surplus items
The Fixed Assets Management Team will store surplus items, by appointment, at Ironbound Road Mini-Storage located at 4010 Ironbound Road. Computers and Monitors will be accepted at the facility on the 1st and 2nd Tuesday of each month, furniture on the 3rd Tuesday, and miscellaneRegistration link = https://forms.wm.edu/3682ous items on the 4th Tuesday. Items for surplus may be delivered to the facility on the appropriate Tuesday between 10:30 AM and 11:00 AM. Please contact Debbie Acheson at 757-221-2055 or djache@wm.edu to schedule an appointment.
Procedure for Removal of Surplus Property
All College property considered to be inadequate, excess or unwanted by the owning department should be disposed of as surplus property. An Equipment Transaction Form (ETF), declaring the item as surplus, must be completed and forwarded to Fixed Assets Management for final approval. An ETF form is to be completed for each type of removal transaction to surplus, whether the transfer is to be by the department or by Facilities Management Moving and Hauling. Once Fixed Assets Management receives the completed ETF form, removal of the item(s) will be scheduled and the owning department will be notified. For further information regarding surplus property, please contact Debbie Acheson (757-221-2055).All equipment with a purchase value of $5,000 and greater is capitalized and required by the Commonwealth's Department of Accounts to be maintained in the Banner fixed assets system. In conjunction with the Small Purchase Charge Card (SPCC) program, please complete and submit an Equipment Transaction Form for all items with a purchase value of $5,000 or greater. Contact Faith Smith (757-221-2056).
Fixed Assets Management Forms:
Equipment Transaction Form (Exhibit E)(pdf)
Equipment Transaction Form (continuation)(pdf)
Equipment Manager Assignment Form (pdf)
Fixed Assets Management Contacts:
Vacant
Fixed Assets Management Manager
757- 221- 3953
Annette B. Washington
Senior Fixed Assets Management Technician
757- 221- 2052
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Deborah J. Acheson
Administrative Specialist, Surplus
757- 221- 2055
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Faith Smith
Administrative Support, New Assets
757- 221- 2056
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You may also contact us by fax at 757- 221- 3959.