The Capital Asset Account Code Matrix is a tool used for identifying the correct account codes and category codes for asset related purchases. Certain account codes have various related category codes, and the matrix can be used to determine the correct one to use.
When an asset is purchased for greater than $5,000 and has a useful life that exceeds one year, it is considered a capital asset and must be monitored as such. There are exceptions to the $5,000 threshold detailed above. Specifically, software with a purchase price of $100,000 or greater also qualifies as a capital asset. In addition, firearms and works of art are considered capital assets regardless of cost.
To review your real-time inventory for on-going Asset Management within your department, please utilize our available Queries within PeopleSoft Finance’s Reporting Tools. Please note that this is not the same as the Inventory Page. The Inventory page is only available during the Annual Inventory process and is not real-time data.
To access this query, navigate to Main Menu > Reporting Tools > Query > Query Viewer in Finance PeopleSoft and enter the query name SC_AM_INV_AM_TABLES in the Query Name field. You can run this query without entering a department code in the prompt. This will return all inventoriable assets that are in service.
If you prefer to enter a range of department codes in the prompt, SC_AM_INV_AM_TABLES_RANGE uses a range in the department code prompt.
Any changes that need to be made to the displayed information for an asset in PeopleSoft can be made via our Capital Asset Update Form.
Capital Asset Update Form [pdf] - This form can be submitted to PHYSINV@mailbox.sc.edu. Please note that you may fill out the top of the form and provide an attached listing of multiple changes that are needed.
In the event of an asset being moved to another department within the University, the Asset Team will make those updates for Inventory purposes using our Capital Asset Transfer Form. It is important to know that any Journal Entries or Journal Vouchers do not affect the Asset Management module. Therefore, the form will need to be completed in tandem with any General Ledger changes that are made.
Capital Asset Transfer Form [pdf] - This form can be submitted to PHYSINV@mailbox.sc.edu. Please note that you may fill out the top of the form and provide an attached listing of multiple changes that are needed for EACH department that assets are being transferred to.
If you would like to remove an asset from your inventory that is no longer needed, the asset should be physically moved to Consolidated Services’ warehouse. Please fill out Form 7 [pdf] available here and on Purchasing’s website. Upon delivery to the warehouse, Consolidated Services will sign off on the form. Please send the completed form, signed by Consolidated Services to our Asset Team at PHYSINV@mailbox.sc.edu for removal from your inventory.
If you choose to have Consolidated Services pick up the item from your location, please ensure that you receive a signed copy of the Form 7 to send to the Asset Team.
If you wish to transfer or sell a University asset to an external institution of any kind, please contact our Asset Team at PHYSINV@mailbox.sc.edu PRIOR to the physical transfer/sale to ensure the proper steps are taken for your specific situation.
If the asset was not purchased on a Grant, or ownership has been relinquished to the University, State Surplus will have to inspect the item and determine if the transfer or sale is allowed. This inspection can be coordinated by Consolidated Services.
In the event of an asset being disposed of in a manner outside of the department’s control, a Form 8 should be used to notify the Asset Team. This form is linked below and is also available on Purchasing’s website. Follow all instructions on the form, and be sure to include any supporting documentation as to the disposal.
Signatures from the Chief of Police as well as the Controller are only required if the current Net Book Value of the asset is over $5,000.00. Please reach out to the Asset Team via PHYSINV@mailbox.sc.edu if you have a question regarding the current value.
If you would like to Cannibalize an asset in your possession, to be used for parts within your area, please notify the Capital Asset Team prior to breaking down the item.
Form 8 [pdf] - This form can be submitted to PHYSINV@mailbox.sc.edu.
Physical Inventory begins during Q3 of each fiscal year. If you are identified as an Inventory User, Approver, or Business Manager you will have access to the Inventory page in PeopleSoft to complete the necessary review and approval.
For those that participate in the Annual Inventory process, Please visit the Business Manager training resource page for additional Capital Asset information.
Equipment Builds refer to (1) Research and development of new technology and equipment that does not currently exist in the market, or (2) Construction of an asset as a cost saving measure. These are usually part of a sponsored award.
All projects involving an Equipment Build should have an Equipment Build Form [pdf] submitted to the Asset Management Team. Our team will use this form to track expenditures and follow up with any questions. Information regarding the relevant account codes to use are included at the bottom of the form for reference. You can also find Equipment Builds on our Capital Asset Account Code Matrix [pdf].
Note: Basic assembly of parts all purchased separately from one vendor would not qualify and should utilize regular FFE accounts and codes.
Governmental Accounting Standards Board (GASB) Statement No. 87 provides guidance for lease contracts of nonfinancial assets, such as vehicles, heavy equipment, and buildings. It is based on the principle that leases are financings that convey control of the right to use another entity’s asset for a period of time. For these arrangements, the University is required to recognize (1) a lease liability and (2) an intangible asset representing the right to use the leased asset.
All leases for real property that the University enters should flow through Facilities. The Controller’s Office coordinates with Facilities to make payments on approved contracts. Please refer to Facilities’ website for the current contact for Real Property/Lease Management.
Any leases for assets other than real property (i.e. Equipment) should be submitted to our Lease Team, following approval by the Board of Trustees, at LEASE@sc.edu. Please include the chartfield that needs to be charged and the supplier ID.
For a new supplier, please refer to our Supplier Team website to ensure that they are set up in our Portal. We will not be able to process any payments until the Supplier has accessed and set up their Supplier Portal information.
Capital Lease Update Form [pdf] - Use this to notify the Controller’s Office of chartfield changes for future lease payments.
Lease contracts where USC is leasing space to an outside entity should also flow through Facilities Real Property/Lease Management. We also have an information collection form below.
Any revenue received that is related to a real property Lessor agreement should be posted by the department to account code 45172. Our Lease Team will then monitor and report these transactions.
Subscription-Based IT Arrangements - GASB Statement No. 96 provides guidance for SBITAs for government end users. It applies to government agencies, including the University, that use information technology (IT) software (e.g., Office 365, Adobe, Zoom, etc.) as specified by contractual agreements. A SBITA is defined as a contract that conveys control of the right to use another party’s IT software, alone or in combination with tangible capital assets, for a period of time. For these arrangements, the University is required to recognize (1) a subscription liability and (2) an intangible asset representing the right to use the subscription.
When establishing a new Subscription Based IT Arrangement, payments will continue to be made via the normal mechanisms (i.e. Purchase Order or Payment Request). In addition to those payments being made, our Capital Lease Team needs to be notified of the agreement to track them for GASB 96 reporting.
When establishing a Purchase Order or processing a Payment Request, please keep in mind the following account code guidelines:
For an outright purchasing software that we then own forever:
- 53031 < $100K
- 56208 >=$100K
For leasing software where access would be shut off if we stopped making ongoing payments:
- 52093 < $100K
- 56209 >=$100K
For further guidance on GASB 96 please refer to our job aids below:
Please submit all new agreements via our Information Request JotForm here:
GASB 96 Information Request Form
Any questions regarding GASB 96 Agreements can be directed to LEASE@sc.edu.
A PPP is an arrangement in which the University contracts with an operator (an external business or another government) to provide services by conveying control of the right to operate or use a University facility, for a period of time in an exchange or exchange-like transaction. An example of a PPP is the ARAMARK contract for dining services.
If you believe you may be entering into a Public-Private or Public-Public Partnership, please reach out to Rebecca DeNisi at DENISI@mailbox.sc.edu to discuss and review.
Capital Construction Projects are managed by Facilities and Reporting is managed by our Capital Projects Accounting Manager. There are specific account codes that are to be used exclusively for these projects as they align with South Carolina’s General Ledger. They begin with 57xxx. Please refrain from using these account codes outside of Capital Construction Projects that carry a project number beginning with 5xxxxxxx and within the USCCP Project Costing Business Unit. All charges within USCCP should be to a 57xxx account code only.