Capital Assets

Tracking and auditing

The asset tracking process begins as soon as an asset is acquired and assigned ownership. Departments that purchase capital assets are considered the asset owner. The responsibilities of asset ownership, assigned to the department’s Role 6 CAM Processor, include:

  • responsible use, maintenance, and safeguarding of the asset;
  • updating asset records as needed, such as transfers, loans, and disposals; and,
  • conducting annual inventory—including certification—of assets.
A woman tracking warehouse inventory using a computer software system.

Each capital asset is identified with an asset tag with a unique number (tag number). The asset tag must be placed on the front of the asset—where it is visible and easy to identify—within 30 days of receipt. Once an asset tag is affixed to the asset, the asset record in KFS must be updated with the six-digit number from the asset tag. Assets cannot be scanned by the auditor if the asset tag is not affixed and added to the asset record in KFS. Learn more about available options and requesting replacement asset tags. 

Annual certification of the asset tag and location is vital to MSU’s grant and funding eligibility, and the university is subject to external auditing to ensure accurate asset records are maintained. A campuswide physical inventory takes place every year to ensure the asset can be located and is in proper working condition. Departments are required to inventory all capital assets annually, with the Capital Asset Management (CAM) team assisting in the inventory verification process every other year.

Asset records can be updated through the Capital Asset Management system (CAMs) within the Finance System. You must be assigned as Role 6 CAM Processor to edit or update asset records.

Check-in on your audit

Role 6 CAM Processors can review the status of the annual asset audit certification process at any time using the CAM Audit Responsibility and Status Lookup tool. This tool is sorted by org code and displays the audit responsibility (department-led vs. CAM-assisted) and status for the current audit period. Data is updated every morning.

FY23 status will be updated pending late submission reviews by CAM.

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