Procedure # 3008.2; Rev.: 0 (Effective January 1, 2017)
Related Policy: UW-3008 Capital Equipment Policy
Functional Owner: Property Control, Business Services
Contact: Property Control Mailbox, email@example.com
- Procedure statement
- Who is affected by this procedure
- Contact roles and responsibilities
- Related references
I. Procedure statement
Gift in Kind (GIK) refers to a non-monetary gift received by the University. Prior to taking custody, UW–Madison departments complete a GIK Routing Form, obtain approval from their Dean’s or Director’s Office, and send to the Division of Business Services, Accounting Services, Gift Management. Support for the gift’s value must be included with the GIK Routing Form. If valuation has not been sufficiently established, Gift Management may advise the recipient of further procedures to be followed in accepting the gift. No additional reporting is necessary for the purposes of creating inventory records. Property Control routinely reviews Gifts in Kind and creates new inventory records for gifted items valued at $5,000 or more that meet the definition of capital equipment.
II. Who is affected by this procedure
This procedure applies to all UW–Madison departments. It should be understood by Department Property Administrators (DPAs), Principal Investigators (PIs), Department Managers, Department Chairs, Directors, Deans, and employees responsible for equipment.
The following steps represent the overall process for receiving Gifts in Kind:
- Prior to taking custody of the equipment, department financial staff must complete the GIK Routing Form, obtain approval from the Dean’s or Director’s Office, and send to the Division of Business Services, Accounting Services, Gift Management to firstname.lastname@example.org. The department must attach support for the gift’s valuation. This may include, but is not limited to:
- Independent appraisal by the donor.
- Invoice or receipt associated with purchase by the donor.
- Gift Management reviews all GIK Routing Forms and supporting documentation. If Gift Management decides that valuation has not been sufficiently established, they may advise the recipient of further procedures to be followed in accepting the gift.
- Property Control reviews new GIKs at the end of each month and establishes inventory records for gifted items valued at $5,000 or more that meet the definition of capital equipment. Property Control obtains information from the GIK Routing Form and supporting documentation.
- Property Control will issue a unique asset barcode tag and generate a Capital Equipment Confirmation Form for each item. Property Control will mail asset barcode tags and Capital Equipment Confirmation Forms to DPAs, in batches, monthly.
- DPA affixes asset barcode tag. For best adherence, DPAs should affix asset barcode tags onto a clean, dry surface when temperatures are above freezing. Asset barcode tags should be placed onto the equipment in a location that will be readily visible on an on-going basis. This will also make scanning the asset barcode tag during subsequent physical inventories much easier. If an asset barcode tag cannot be affixed to the item, then it should be affixed in an alternate location/method within the department that the DPA maintains. Qualifiers for assets that asset barcode tags cannot be affixed to include:
- Item is too delicate to tag (e.g. laser optics)
- Tag would de-face or de-value the asset (e.g. antique piano)
- Tag would make the asset un-usable (e.g. centrifuge rotor would be unbalanced by tag)
- Asset is not accessible (e.g. satellite dish on tower, roof-mounted asset without stair access)
- Asset shape or size prohibits tagging (e.g. asset smaller than the tag)
- Asset does not have compatible surface/environmental conditions (e.g. environment too hot/cold/wet)
- Asset is subsequently impractical to scan (e.g. asset will be in space, buried underground)
- DPAs are responsible for affixing asset barcode tag or explaining on the Capital Equipment Confirmation Form if tag cannot be affixed, changing/confirming the accuracy of the information pre- listed on the form (e.g. building and room location, equipment’s responsible employee) and recording balance of the asset information unavailable to Property Control (e.g. serial #). DPA should return the Capital Equipment Confirmation Form to Property Control via mail or email within two (2) weeks. DPAs are responsible for completing these tasks, but may engage the assistance of others (including the responsible employee).
- Upon return of the Capital Equipment Confirmation Form, Property Control will update the equipment record in the asset management system. If Property Control does not get confirmation that the asset barcode tag has been affixed after two (2) weeks, a follow up email will be sent to the DPA.
- If the DPA has not received an asset barcode tag from Property Control for a newly gifted capital equipment item within a reasonable time period, the DPA should contact Property Control with all information available regarding the gift source and department personnel involved with accepting the gift. Property Control will investigate with Gift Management.
IV. Contact roles and responsibilities
|Gift In Kind
|Dept Fin Staff
|1) Complete GIK Routing Form, obtain approval from dean or director, and send to Gift Management prior to taking custody.
|2) Review documents supporting GIK valuation, advise if further procedures necessary.
|3) Review GIK and establish inventory records for gifted items valued at $5,000 or more.
|4) Create Capital Equipment Confirmation Form and send it, along with appropriate asset barcode tag (red or blue), to the DPA for each new gifted asset entered into the system.
|5) Affix asset barcode tag to capital equipment item. If tag cannot be affixed to the item, affix tag to the alternate method/location that the DPA manages.
|(if DPA engages help)
|6) Complete capital equipment information fields and change/confirm pre-printed asset information on the Capital Equipment Confirmation Form. Return form to Property Control within two (2) weeks.
|7) Complete/update the asset record in the asset management system.
|8) Follow up with DPA if full information not returned or, DPA contacts Property Control if they haven’t been contacted within two (2) weeks regarding a recently arrived gifted asset.
VI. Related references
|January 1, 2017
|Jan. 19, 2021 – Changed Procedure Number to 3008.2 from 110.2