Financial Information Services


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Account: The 10 digit FAS account that was charged when purchasing a piece of equipment. Up to six unique FAS account numbers can be stored in PMS for each Asset.

Account percentage: Designates the percentage of the total cost charged to a unique FAS account for each Asset.

Asset: An item of tangible personal or real property owned by the University of Chicago such as land improvements, infrastructure, buildings, and equipment. These items are capitalized in accordance with Financial Policy No. 1004.1 and are maintained as separate records in the Property Management System (PMS).

Asset class: Identifies the different types of equipment classifications:

  • Computer Equipment and Software
  • Constructed Scientific and Technical Equipment
  • Furniture and Fixtures
  • Miscellaneous Equipment
  • Office and Educational Equipment
  • Scientific and Technical Equipment
  • Shop Machinery and Tools
  • Telecommunication Equipment
  • Vehicles

Asset number: The unique number assigned to each item in the Property Management System.

  • G  number: The number found on the tag issued for equipment owned by the Federal government and used by the University of Chicago under Federal Grants and Contracts.
  • T  number: Temporary asset number that is assigned by the Property Management System to identify a piece of equipment until the permanent asset/tag number is assigned by the department.
  • Y  number: Asset number assigned to equipment items that cannot be physically tagged because of the nature of the equipment. Some examples are internal parts to equipment, components of constructed equipment, and additional payments.
  • UOC  Asset number: The number found on the tag issued for equipment items owned by the University of Chicago.

Building number: Alpha-numeric number identifying the building name and location as defined in the space database maintained by University of Chicago Facilities Services Department.

Condition codes: A Property Management System code describing the operating condition of the equipment item.

  • U   The item is actively used in departmental activities.
  • N   The equipment item still exists but cannot be used without repairs, technological updates, or other reasons.

Class code: The 4 digit number assigned to each Asset Class in PMS.

Computer equipment and software: Includes all data processing, computing, microcomputers, and operating software when included with the purchase of the hardware. When purchased separately software will be capitalized in accordance with Financial Policy No. 1004.1.

Contract deliveries: Equipment that is purchased or constructed under a contractual agreement where the equipment is to be delivered to a contracting agency.

Constructed scientific and technical equipment: Includes all costs incurred to construct or assemble scientific and technical equipment used to accomplish a special purpose in the performance of a research project.

Donated assets: Assets acquired by gift or donation. The value of the asset is the Fair Market Value at the time of gift. (Financial Policy No. 1004.1)

Equipment: An item of tangible personal property used in an operation or an activity that meets the following criteria. See Financial Policy No. 1004.1 for definition of equipment.

  • A useful life of 1 year or more and
  • A cost of $5,000 or more per unit, including shipping charges and installation.

Equipment Coordinator: Individual designated by a department to be responsible for maintaining the department's property records in accordance with University policies and procedures.

Equipment tag: The bar coded tag that is issued for University and Government equipment items. This tag should be put in a visible place on the equipment.

Extended warranty: A purchase option for products through which the time period or extent of services is specifically extended or expanded beyond the manufacturer regular warranty period and conditions.

FAS: The University of Chicago's Financial Accounting System.

Financial Policy No._____ Policies related to the financial operation of the University of Chicago. These policies can be found on the University of Chicago Financial Policy web pages

Furniture and fixtures: Includes general purpose furniture such as desks, chairs, cabinets and work units. It may also include draperies, rugs, lamps, etc.

Government furnished equipment: Equipment that the Federal government has furnished to the University of Chicago under a grant or contract where the ownership of the equipment remains with the Federal government. These items must be tagged with a "G" asset tag or a tag issued by owning federal agency and the property records must show the Federal government ownership.

Maintenance agreement: A service agreement through which regular repairs and preventive maintenance services for specified products are performed by a supplier for a defined period of time and in accordance with the written document for maintenance to be provided.

Modification and upgrades: Parts or components acquired for an existing item of equipment that significantly increase the asset's value and/or useful life.

Office and educational equipment: Includes equipment such as copiers, fax machines, and audio visual equipment.

Original cost - constructed equipment: Includes costs of materials and University recharge center services used in the course of construction. University payroll expenses, other than those included in recharge center charges, are not included in the cost of constructed equipment.

Original cost - donated assets: The fair market or appraised value at the date of the gift. If market value or appraised value is not available, the gift will be recorded at the nominal value of $1.00. (Financial Policy No. 1004.1)

Original cost - purchased equipment: Includes the invoice price and the cost of any modifications, in transit, insurance, freight (to or from the University) and is reduced by any trade-in. Installation is also included when those costs can easily be identified with the equipment acquisition.

Ownership: The University has title to all equipment purchased on University accounts or transferred here from another institution unless it is specifically stated in a government grant or contract that the government retains title to the equipment purchased on that award.

Ownership code: A alphabetic code maintained in the Property Management System that designates the owner of each piece of equipment.

  • A   Agency owned
  • F   United States Government owned
  • S   State of Illinois owned
  • U   University of Chicago owned
  • H   University of Chicago Hospitals and Clinics owned

"Part of" asset number: Asset/tag number of the main piece of equipment or accessories that were purchased separately.

Personal property: A tangible piece of movable property.

Physical inventory date: Date of the last physical inspection of equipment.

Primary user: The person who actually uses the equipment.

Property Management System (PMS): University's information system for maintaining real and personal property detail records.

Property records: An item of personal or real property maintained as a separate record in the Property Management System.

Real Property: Land, land improvements, and buildings.

Replacement parts: Parts or components acquired for normal repair and maintenance that are recurring and regular in nature.

Scientific and technical equipment: Includes special purpose equipment used for research, medical, scientific, or other technical activities.

Screening: Procedure to assure avoidance of purchasing unnecessary of duplicative equipment.

Shop machinery and tools: Includes lathes, drills, milling machines etc., used in the University machine shops.

Telecommunication equipment: Equipment, cabling, switches, etc. used by the University of Chicago Telecommunication Department to operate the University telephone system.

Theft Insurance Program: A voluntary insurance program providing theft coverage for electronic, computer or other valuable items less than $25,000 per item. This program is run by the Risk Management Department of the University.

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