Custodial Review of Capital Assets
Key Concepts
Campus Equipment Custodians are tasked by their Department Heads with the responsibility of reviewing, confirming, and updating all required information for all assets assigned to them in PeopleSoft Asset Management. Custodians may also delegate the review of the asset to a Custodial Delegate.
Custodial review, whether performed by the custodian or the delegate, must be completed as quickly as possible once the asset has been received at its location. The asset must also be updated timely to reflect any changes in the location over the course of its life. Custodial Review must also be performed during the Physical Inventory process to ensure all asset information is up-to-date.
Note that custodians who delegate the review of assigned assets must also return to PeopleSoft after the delegate reviews the asset to mark it as Custodial Reviewed. This process cannot be completed by delegates.
Process Steps
Detailed step-by-step guides:
- How to Conduct Custodial Review (for Equipment Custodians)
- How to Conduct Custodial Review of Assigned Assets as a Custodial Delegate (for authorized Custodial Delegates)
- Custodian receives email notification of new asset and request for custodial review from CAM.
- CAM sends an asset tag for the property to the custodian's campus mailbox.
- Custodian or Delegate performs Custodial Review
Reviewing a custodial asset requires the Custodian or Delegate to:
- Completely review all asset information.
- Correct any errors.
- Enter any missing or other required information requested by CAM (such as location and building code).
- The Custodian must mark the asset as Custodial Reviewed in PeopleSoft Asset Management. Delegates cannot perform this task.
- The Custodian or Delegate places the asset tag on the equipment. This step should be completed as soon as possible after receiving the asset tag from CAM via campus mail and the asset is on location. If the asset tag would affect the normal operation of the equipment, then please inform Capital Accounting to review best practices in record keeping.
- Update the Location any time the asset is moved.