Project Documents

Internal Controls - Capital Equipment Implementation

Business Owner: Business Services

Project start date: 5/12/2015

This project falls under the umbrella of the Financial Internal Controls Initiative. The Initiative has a Framework Development Charter that provides direction for the individual project charters.

A 2014 chartered APR Capital Equipment Team developed a set of recommendations and proposed future state process maps designed to ensure physical inventory accuracy, financial valuation accuracy, and financial internal controls. The Capital Equipment Implementation Team is tasked with detailing and implementing the approved recommendations, as well as validating the new process to internal controls objectives.

The overarching project goals include:

  1. Implement a new capital equipment property control process across campus.
  2. Provide accurate capital equipment valuation and depreciation information for financial reporting.
  3. Verify that the new process is compliant with UW-System and UW-Madison’s financial internal controls objectives.

The implementation has been divided into 2 phases:

  • Phase 1 (completed) focused on:
    • Implementing new capital equipment asset management software, policy, and procedures.
    • Formalizing and strengthening the role of Department Property Administrators (DPAs).
  • Phase 2 (in progress) is focusing on:
    • Developing a simple dedicated user interface for DPAs.
    • Creating workflow tools.
    • Implementing new barcode scanner software and devices. 

Status

Phase 1 - Completed

Phase 2 - Current

Scale

 Enterprise-wide implementation

Methodology

 Project management