(1) Durable, self-sufficient movable property purchased with NYU Shanghai funds with a useful life of more than one year and a unit cost of RMB 5,000.00 or more;
(2) A component of such property with a unit cost of RMB 5,000.00 or more if the component is easily separable and can function apart from the main unit;
(3) NYU Shanghai library books purchased with NYUSH funds.
Assets Management Q&A
- 01.What is the definition for NYU Shanghai capital asset?
- 02.Why to draw up NYUSH asset management policy?
This policy aims to promote the efficient use of NYU Shanghai resources by implementing internal inventory control, asset management, record keeping, security, and general tracking procedures and processes for Capital Assets.
- 03.What is the scope of this policy?
This policy applies to all Capital Assets including, but not limited to Hardware-computer,Hardware-Server,Hardware-network,Equipment,Furniture,Lab Equipment,Library books.
- 04. If a Capital Asset is damaged or lost due to malfeasance or negligence on the part of an End User, what responsibility should he/she bear?
End User may be held personally liable for the replacement cost or the net book value of the damaged or lost Capital Asset as determined by the Asset Management Office.
- 05.What is Asset Management Office responsible for?
(1) Registering and tagging new Capital Assets;
(2) Maintaining accurate and complete records of all Capital Assets in Workday during their lifecycle;
(3) Coordinating and performing a physical inventory of the Capital Assets every fiscal year;
(4) Arranging for the transfer and disposal of Capital Assets. - 06. What is End User responsible for?
(1) Maintaining and safeguarding Capital Assets in his/her/its’ care;
(2) Performing maintenance to the degree necessary to maximize the useful life of asset and other assets in his/her/its’ care, custody or control;
(3) Informing the Department Coordinator of any substantive change to a Capital Asset (e.g., loss, theft, damage). - 07. When to register Capital Asset?
Most purchases of Capital Assets by NYU Shanghai will be carried out through the purchasing process set forth in the Procurement Policy. The Capital Asset registration process will be initiated when the End User confirms receipt of the Capital Asset in Workday, and the items being purchased are identified by the Asset Management Office as Capital Assets.
- 08.When to mark Capital Asset as disposed of and permanently remove from Workday?
(1) Destroyed including by natural disaster;
(2) Stolen;
(3) Salvaged for parts;
(4) Lost;
(5) Returned to the sponsor of an externally sponsored project;
(6) Disposed of in accordance with Asset Management Policy. - 09.What are the asset disposal methods?
If the Asset Management Office determines that the Capital Asset is not of further use to NYU Shanghai, it will recommend a disposal process for the Capital Asset by selecting a process from the following list that will bring the greatest benefit to NYU Shanghai:
(1) Sale;
(2) Trade;
(3) Auction;
(4) Donation to not-for-profit or similar organization in the People’s Republic of China, if the market value of the Capital Asset is lower than the cost required to trade or sell the Capital Asset, taking into account the handling, storage, and other administrative costs, and the donation would be in the best interests of NYU Shanghai. - 10.What is the disposal process for Capital Asset?
Requester need fill in a Capital Asset Disposal Form, with its recommendation for disposal for approval by the Department Coordinator, the cost center manager, and the Vice Chancellor if the original book value of the Capital Asset is less than RMB 8,000,000；or the Board of Directors, if the original book value of the Capital Asset is RMB 8,000,000 or more.
- 11. How to deal with Asset less than RMB 5,000?
Please refer to Capital Asset Management Policy, any Asset purchased with NYU Shanghai funds is owned by NYU Shanghai and is intended for NYU Shanghai use only and may not be given away or sold to NYU Shanghai employees or students regardless of condition.