Reminder: Fixed Asset Confirmations
May 30, 2017
As previously communicated, the University engaged Duff and Phelps to complete a physical equipment inventory of 12 University buildings for FY 2017. It is important for custodians of assets to disclose to General Accounting any assets that have been disposed of in the past fiscal year. The Fixed Asset Confirmation Tool has been refreshed based on the prior year asset confirmations and is the means of notifying General Accounting of a disposition related to fiscal year 2017. Only assets marked as "DS-Disposed/Junked" will be written-off. All other statuses will be considered in use.
We highly recommend that all custodians review the information in the Fixed Asset Confirmation Tool by Friday, July 28, 2017, with emphasis on evaluating if the assets have been disposed since the last confirmation. Duff and Phelps will only confirm existence and current location of an asset. Also, since the physical equipment inventory is not encompassing all University buildings we cannot write off an asset because the Duff and Phelps team was not able to locate it, since it could possibly be located elsewhere.
It is important to note that the Fixed Asset Confirmation Tool is available only to those who have been appointed custodians or are financial managers of an org in Banner. If you have any concerns about access to the tool, please contact me directly. A list of frequently asked questions about the Fixed Asset Confirmation Tool has been posted to our website.
If you have any questions or concerns regarding the equipment inventory or fixed asset confirmation process, please do not hesitate to contact me at 215.571.4478 or by email at email@example.com.
Patricia J. Russo, MBA, CPA, CFE
Associate Vice President and Comptroller