Managing University Assets Policy Revised

The University at Buffalo has a significant investment in assets and is committed to recording, maintaining, and safeguarding these assets against loss. Asset Management is responsible for the centralized accounting and timely reporting of university assets; the department of the primary user of the asset is responsible for the proper use and protection of assets in their custody.

The university utilizes the State University of New York (SUNY) Real Asset Management (RAM) system to maintain asset details and accurately record:

• Acquisition of assets costing $5,000 or more and the assigned bar-coded inventory tag numbers
• Acquisition of sponsor-defined equipment and the assigned bar-coded inventory tag number
• Change in asset status (e.g., transfer to another department, change in room location, theft, disposal)
• Change in asset condition (e.g., good, fair)

All higher-risk equipment costing less than $5,000 requires a non-bar-coded UB identification tag affixed, to establish UB ownership. Departments must maintain records and periodically spot-check this equipment to verify their existence and condition.

The policy was revised to:

• Change the title of the policy from Managing University Equipment to Managing University Assets
• Revise terminology from equipment to asset
• Add sections to address physical inventory, new assets, fabricated assets, status and condition of property, moving property, and compliance
• Add links to the following forms:
  • Fabricated Asset Questionnaire
  • UBF Gifts of Personal Property

This policy applies to all State, RF, and UBF assets and high-risk equipment.

Questions can be directed to Asset Management 716-645-2619 or ubs-assetmanagement@buffalo.edu.