From: Administrative E-Memo (memofrom@Colorado.EDU)
Date: Thu Jan 27 2011 - 20:13:05 MST
Date: Thu, 27 Jan 2011 20:13:05 -0700 (MST) From: Administrative E-Memo <memofrom@Colorado.EDU> Subject: Equipment Inventory Project
TO: Boulder Campus Classified and Professional Exempt Staff,
Deans, Directors, Dept Chairs
FROM: Steve McNally, Associate Vice Chancellor for Budget & Finance and Campus Controller
SENDER: Laura Ragin, Director of Accounting
DATE: January 28, 2011
SUBJECT: Equipment Inventory Project
The University of Colorado Boulder Accounting & Business Support (ABS)
department is moving to a new property accounting computer system because the
present UIS mainframe computer will be decommissioned on June 30, 2011.
Equipment will be tracked in the new PeopleSoft Asset Management software.
We see this transition as an opportunity to be certain that the legacy data is
correct. Given this, ABS has contracted with Hirons & Associates, Inc. to
perform a movable equipment inventory of the entire campus. Accounting for this
inventory will ensure that equipment assets are entered into the new asset
management software accurately and will help optimize the campus' request for
federal cost reimbursement on University purchased equipment.
CU-Boulder defines a capital asset as an item with a unit cost that is equal to
or greater than $5,000 and a useful life of at least one year. These items are
normally "tagged" in our current Property Accounting System and show up on your
departmental inventory listing. Hirons' review will verify the existence and
location of your department's moveable equipment. Specifically, they will be
looking for all equipment that meets the capitalization threshold, identify any
erroneous location codes (building/room number), identify untagged items, and
identify missing items that cannot be located.
CU-Boulder has approximately 8,000 pieces of movable equipment, so this is a
large undertaking that will necessitate assistance from departmental property
managers and custodians of said equipment. Beginning in early February 2011,
Hirons & Associates will be conducting this inventory review for approximately
4 - 6 weeks.
Our Property Accounting staff will be working closely with Hirons throughout
the project. We kindly ask for your cooperation in allowing their professional
staff access to your facilities where equipment may be located.
We appreciate your cooperation in this review process. If you have any
questions or concerns regarding this project, please feel free to contact Greg
Roers (firstname.lastname@example.org), 2-6376 or Jeanne Connely
(email@example.com), 2-2424 in the Property Accounting office.
The ABS Property Accounting staff looks forward to working with Hirons and your
department to ensure the University's equipment inventory asset has a high
degree of accuracy. Please forward this memo to those in your department who
may be affected by this project. Thank you for your assistance in this very
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