Financial Reporting - Assets Management - Plant Funds

• To maintain records for the identification and location of institutional equipment, and
• To arrange for disposition of surplus equipment

Most non-consumable property, with a value of $5000 or more, regardless of source, is subject to the property inventory procedures of the University of Medicine and Dentistry of New Jersey.

The responsibility for real property and equipment has been delegated to the Vice President for Finance and Treasurer. Final accountability for property use, however, has been delegated to the responsible department heads.

Assets Management is involved during three phases of your equipment's life cycle:

• When you acquire it
• When you inventory it
• When you dispose of it

We are available to aid and assist you in discharging your responsibilities as Department Property managers.

Assets Management Does:

• Maintains records for the identification and location of capital equipment.
• Arranges for the disposition of surplus equipment.
• Warehouses excess and/or obsolete equipment pending final disposition through salvage, scrap or transfer.
• Tags equipment over $50,000 and mail the tags for equipment under $50,000 which is delivered to your department.
• Re-issues equipment to departments within the University and other outside agencies.
• Conducts periodic audits of your department's equipment.

Assets Management Does Not:

• Coordinate the repair of equipment. This is the responsibility of the user department.
• Place equipment on a maintenance agreement. This is initiated by the user department by submitting a Purchase Requisition to the Purchasing Department.
• Physically relocate equipment for you; this is a function of Transportation/Housekeeping.
• Investigate stolen equipment; this is a function of the Public Safety Department. (Assets Management should be contacted when equipment is moved or stolen.)

Shouk Naqvi

Director of Financial Reporting

The Department of Plant Funds is divided into three sections of accounting and financial reporting responsibility. They are as follows:

• Plant Fund
• Endowments
• Self Insurance Reserve Fund

Listed below is a brief overview of the plant fund section of this department.

Construction/Renovation:

The terminology "Plant Fund" is synonymous with fixed assets or physical plant assets. All of the University's capital purchases as well as major construction and renovation expenditures are recorded and monitored in the Plant Fund department. Special indexes are established called (Request to Establish University Plant Fund) "Projects", where activity for the various capital expenditures take place. Projects are usually established when capital activity is expected to exceed any fiscal year.

Investments:

One of the basic functions of the Plant Fund Department is to monitor and analyze all University investment activity. In addition, accrued interest and discount and premium for each marketable security is calculated and recorded. In some instances, as with the case of Pooled Investments and Endowments Funds, the interest earned is distributed to over 203 or more participants.

Debt:

Debt is another basic function of the Plant Fund. All University debt is monitored and analyzed by issue. In addition, internal debt service repayments from the units as well as external debt service payments to the bondholders are coordinated through this office.

Capital Appropriations:

The University receives State appropriations and awards for major construction/renovation and CRR (Capital, Replacement & Renewal) projects. Funding and expenditures are monitored and periodically drawn down from the State's various agencies to reimburse the University.

Please feel free to call me at anytime at 732-235-9121 or e-mail me at helenos@umdnj.edu if you have any questions or comments.

Susan Heleno

Manager, Plant Fund and Endowments, UMDNJ
335 George Street, LP
New Brunswick, NJ 08901