Property can be defined in several ways. In this discussion, we will focus on equipment and materials.
1. About Property Management
Property management is a key component in any efficient, professionally administered business. Effective stewardship and accountability of property is the responsibility of everyone on the Stanford campus, whether or not the items are sponsor funded. Property management supports the educational, research and administrative missions of Stanford in the following ways:
- Supports and facilitates the performance of research
- Readily identifies the availability of equipment
- Meets departmental management needs
- Complies with external regulations
- Saves money by reducing waste, redundancy and equipment loss; gives us an accurate record of our investment in equipment
- Facilitates tracking and recording of maintenance and warranty info
- Gives us more accurate indirect cost recovery for equipment depreciation
- Allows Stanford to issue timely and accurate property reports to sponsors
2. Roles and Responsibilities
Research administrators typically coordinate property management through a DPA (Department Property Administrator) who is the local area expert that provides guidance concerning property matters, such as acquisition, coordination of transfers, and physical inventory.
Research administrators provide information about equipment to the DPA (Department Property Administrator). Types of information may include asset user, change in location, use, need to process equipment as excess (dispose), and others. The DPA is responsible for creating asset records (note: it's important to notify your DPA immediately when equipment arrives so they can record the asset in SFA (Sunflower) within 30 days of receipt. The DPA also modifies SFA records to ensure the information is current. Information the DPA updates includes the following.
- Description, model and serial number
- Location, use, status and condition
- Maintenance records
- Owner, Steward, and Asset Type
- Financial data
These records are reviewed and reconciled on a monthly basis by the PMO (Property Management Office) which is the central office responsible for equipment and material on campus. Within that office, there is a Property Service Representative for each area on campus who coordinates with the local the DPA.
If you will be the DPA for your area, additional training is required.
3. The SFA (Sunflower Assets System)
Sunflower Assets (SFA) is the official system of record for property management at Stanford. All Sunflower records must be complete within 30 days of equipment receipt so that they may be reconciled with Oracle Financials.
It is used to track:
- Physical location of equipment
- Support in Oracle and CRISP (Clinical Research Invoicing System for Participants) systems for depreciation and IDC for expense on equipment
- Status of equipment
- Excess (disposal process)
There are over 115,363 assets in Sunflower (SFA) with an acquisition cost of over $650 million.
The following is recorded in SFA.
- Capital purchased equipment
- Capital fabricated equipment
- All sponsor-owned property, regardless of cost
- Donated equipment
- Loaned equipment, regardless of cost
- Leased equipment