Inventory/Capital Asset Management
These business processes involve establishing and maintaining the equipment property control for the University of Minnesota. Equipment is defined as tangible, movable, non-expendable personal property items and can be classified as either capital or non-capital equipment assets. The property control system consists of policies and procedures related to the acquisition, identification, management, and disposal of equipment owned by, or controlled by, the Board of Regents of the University of Minnesota.
Inventory Services is responsible for maintaining the University of Minnesota’s official record of capital equipment assets. Capital equipment asset records are maintained in the PeopleSoft Financials (EFS) Asset Management module. The record of sponsor-owned equipment, which meets the University’s definition of capital equipment assets and is in the possession of the University of Minnesota, is also officially maintained by Inventory Services.
- Capital Assets
- Capital Equipment Assets
- Non-capital Equipment Assets
- Sponsor-owned Property
- Periodic Verifications
Frequently asked questions
If a department does not see a needed location in the EFS location table, they should contact their local Departmental Space Coordinator (DSC) to see if the location is in U-Space. Data from the U-Space system is fed into EFS twice a year.
The DSC is the person assigned by the unit or department to coordinate the space inventory with the Office of Space Management. The DSC is also responsible for updating U-Space with space additions and corrections that occur in between space inventories. An addition or correction will not be reflected in EFS until the addition or correction is reflected in U-Space. Even then, the addition or correction will only be reflected in EFS after the next semi-annual EFS/U-Space table reconciliation has been performed by Inventory Services and EFS Module Support (units within the Controller's Office).
Changes to existing asset locations are identified and updated manually in EFS by Inventory Services.