Fixed assets are owned by the University and not a specific department or individual. Departmental custody of an asset is identified by the assigned "Responsible" budget code. Budget Unit Directors (BUDs) are charged with the responsibility of items purchased with funds from their respective budget unit(s) or which are accepted as transfers from another budget unit. BUD responsibilities include, but are not limited to the following for said assets:

• Physical Inventory
• Care
• Control
• Custody
• Maintenance

All capitalized assets are photographed and attached to a fixed asset record in Banner in order to maintain an image of all equipment, thereby providing an accurate picture of the equipment which is very helpful when searching for equipment during inventory.

All tagged equipment is recorded in Banner with an assigned location and responsible budget code. The responsible budget code is the department in custody of the asset and the Budget Unit Director (BUD) assumes responsibility for the asset. When equipment is moved to a different building and/or room, or transferred to a different department, and electronic workflow in LeoOnline must be utilized for the following purposes: (see Intra and Interdepartmental Workflow User Guide for Changes to Equipment Location and Ownership - Rev. 12/2017).

• Intradepartmental move/transfer = location change only
• Interdepartmental move/transfer = location and responsible Budget Unit change
  

The University is allocated an amount each year to purchase equipment through the Equipment Trust Fund (ETF) program administered by the State Council of Higher Education in Virginia (SCHEV) and the Virginia College Building Authority (VCBA). All ETF purchases are pre-approved and monitored. Initial purchases are paid using operating funds, and reimbursement is requested by submitting a requisition to SCHEV. Equipment must be maintained in accordance with SCHEV retention guidelines contained in the ETF Retention Schedule.

• ETF Purchasing of Apple products from the Monarch Tech Store - The Monarch Tech Store sells Apple equipment and accepts special orders for the University community. Departments must ensure that all purchases made with ETF funding follow the ETF Purchasing Guidelines.

Each department will have a Fixed Asset Coordinator (FAC) responsible for preparing fixed asset forms, initiating workflows, and maintaining departmental fixed asset records. FACs serve as the main point of contact for physical inventories, tagging appointments, and other communications associated with fixed assets. If no FAC is designated, the role of FAC will default to the Budget Unit Director (BUD).

Training - Each FAC is required to attend training. Contact FixedAssets@odu.edu for more info.

• University Policy #3400 - Fixed Asset Control
• University Board of Visitors Policy #1621 - Asset and Surplus Property Disposition
• Fixed Asset Management Procedure 3-800 (Rev. 4/2017)

• Fixed Asset Physical Inventory Schedule for 2014-2018 (Rev. 3/2015)
• Fixed Asset Photo Viewing Guide (Rev. 2/2018)
  
• Equipment Trust Fund (ETF) Retention Schedule (Rev. 2/2017)
  
• Equipment Turn-in/Work Order Request Form
• Equipment Use Authorization Form
  
• Missing Assets Explanation Form
• User Guide for Changes to Equipment Location & Ownership