Capital Asset Management FAQs

• What is the definition of capital equipment?

  At MSU, capital equipment is defined as:

  •non-expendable, tangible personal property with an acquisition cost of $5,000 or more per unit

  •has a useful life of more than one year, and

  •has the capacity to function as a stand-alone unit without the assistance of another unit

• I don't manage my department's capital assets. Why am I receiving emails from CAM?

  CAM sends asset audit notices to Role 6 CAM Processor, as assigned by departments in EBS. If you are assigned as a Role 6 CAM Processor incorrectly, please check with your department and update your role assignments via a TeamDynamix form.

  Our quarterly newsletters are sent to both fiscal officers and Role 6 CAM Processors, and an unsubscribe link is included at the bottom of the email. However, unsubscribing from the quarterly newsletters will not remove your Role 6 CAM Processor assignment.

• I am a new Role 6 CAM Processor. What are my responsibilities?
  CAM works with Role 6 Processors based on the department assigned ownership for all asset records. Role 6 Processors are responsible for:
  

  • Ensuring physical maintenance of all departmental assets, including affixing asset tags
  • Maintaining accurate asset records
  • Conducting annual asset audits
  • Certifying the location and status of all capital assets

  Learn more about being a Role 6 CAM Processor in this CAM tutorial.

• Why is the asset's condition not updated on audits?
  The condition of a capital asset can be updated as part of a inventory process; however, it doesn't affect the depreciable value. As such, the Capital Asset Management team will use a default condition of "good" unless the department requests an updated condition at the time of barcode scanning during a CAM-led inventory.
• Will the Capital Asset Management team audit all of the equipment on my UPL021 - Asset Inventory report?

  Yes, the CAM team will physically verify all of the assigned capital assets that are located on campus. For assets that are located off campus, pictures(s) of the asset and its tag should be sent to CAM during years that the department is assigned to a CAM-assisted inventory process.

• It’s my year to conduct inventory. What are the options?

  All capital asset audits require the completion of a Annual Asset Inventory Certification form (.pdf). Additionally, CAM provides two tools to assist departments conducting their own inventory:

  • Annual Asset Reporting Template (.xlsx), if changes need to be made to the asset record by CAM
  • Barcode scanner equipment loan of up to one week, best for departments with many assets

  Complete physical inventory instructions are available on our website.
• How do I know if it’s my year to do my department’s annual inventory?
  The actual physical inventory process is conducted for MSU departments on an alternating year basis by CAM. Notification letters will be sent to the department's designated processor if it’s your year to conduct the inventory.
• Do I have the appropriate access level for maintaining asset records for my department?
  Only those assigned the Role 6 CAM Processor in EBS can edit asset records in KFS. Run the UPL 020 - CAM Processor Lookup report in Cognos/BI to find your departmental Role 6 Processor.
  
  Not assigned as the CAM Role 6 Processor in EBS? Submit a TeamDyanamix request to MSU IT. 
• What assets are assigned to my department?

  Departmental Role 6 CAM Processors can run a UPL021 - Moveable Asset Inventory report in Cognos/BI, which identifies all assets owned by the department.

• How do I edit an asset record?
  Review our tutorial for editing capital asset records in KFS.
• Should I tag non-capital assets?
  Items that fit the definition of a capital asset but are valued at less than $5,000 at the time of purchase are considered non-capital assets. Learn more about tagging and creating non-capital asset records.
• Why would I retire a capital asset?
  When a capital asset is no longer functional, is being externally transferred, or has been lost, discarded, cannibalized, stolen, and/or destroyed, it should be removed from the CAM system via asset retirement. Learn more about retiring capital assets.
• What is the difference between transferring an asset to a new location versus to a new owner?
  Updating a capital asset’s location does not impact ownership of the asset or inventory responsibility. Transferring an asset to a new department owner will update who is responsible for inventory. Neither location updates nor transfers impact the general ledger or payments of the asset record. Learn more about asset transfers.
• What do I do with unidentified assets or assets without proper tags?

  If an asset tag (also known as a barcode label) is replaced, the Role 6 CAM Processor is responsible for updating the asset record with the new tag number. 

  Please contact the CAM team for assistance in resolving unidentified capital assets.

• Can I adjust a payment, if applied to the incorrect asset?
  Yes. Please contact the CAM team for assistance.
• How do I request that purchased equipment is classified as a capital asset?

  During the purchase requisition, use capital asset object codes to ensure a capital asset record is created in KFS.

  Unsure whether your purchase should be considered a capital asset? View the capital asset decision tree.

• How do you determine if a capital asset purchase is moveable or non-moveable?

  A moveable asset is an item of non-expendable, tangible, personal property that has an aggregate acquisition cost or fair market value of $5,000.00 or more, is free-standing, moveable, is complete in itself, does not lose its identity when affixed to or installed in other property and has a useful life greater than one year. Equipment, although it may require a building-related power source to function such as plumbing and/or electrical support, meets this criteria and is considered “moveable” if they are free-standing and can reasonably be separated from a non-moveable capital asset and relocated or sold/disposed of. Generally, equipment that is attached to a building is capitalized as moveable equipment when removing the equipment does not cause structural damage to the building and will not destroy the equipment.

  A non-moveable asset is an asset with an acquisition cost of $500,000 or more that cannot be relocated, or if they meet the criteria for intangible assets or collections. Primarily, non-moveable assets are land, buildings, building improvements, permanent artwork (i.e. sculptures), and intangible assets (internally developed software, etc.).

• Can I change the object codes on purchases that should be capitalized?
  Yes. Please contact the CAM team for assistance.