Departmental Asset Coordinators must report all newly purchased equipment with a cost of $10,000 or more, as well as sponsor-defined equipment, to Asset Management by using the New Asset Form (NAF).

1. Department Action Upon receipt of the equipment, the department:

• Completes the first page of the NAF
• Returns the completed form to Asset Management
• Retains a copy for internal records (used during the biennial inventory review)

2. Asset Recording Once Asset Management receives the completed NAF:

• The asset is recorded in the RAM system
• A bar-coded asset tag is generated
• The asset is added to the department's physical inventory report
• Asset Management ensures equipment is physically tagged

• The completed NAF must be returned to Asset Management within 30 days of receiving the equipment to remain compliant with audit requirements

After purchase, Asset Management sends the NAF to the Asset Coordinator and/or Principal Investigator.

• Once the equipment is received, the NAF must be completed and returned within 30 days
• After payment is processed:
  • The asset is entered into RAM
  • If the NAF has not been received, Asset Management will begin follow-up reminders every two weeks
• If the NAF is still not returned 45 days after payment, Asset Management will escalate the matter to:
  • Department Head
  • Unit Business Officer (UBO)
  • Campus Operations Manager (OM)
  • Dean

Certain high-risk items under $10,000 must still be tracked, even if they are not recorded in RAM. These include, but are not limited to:

• Laptop computers
• Cameras
• Projectors
• Any equipment removed from campus

Key Requirements:

• These items should be tagged with UB identification tags.
• A Property Removal Authorization Form must be completed for any item taken off campus.
• Departments are responsible for:
  • Tagging high-risk items under $10,000
  • Requesting additional tags from Asset Management if needed
  • Periodically spot-checking these items to verify existence and condition
  • Maintaining an internal inventory of these items
  • Reviewing high-risk items annually

All newly purchased equipment with a cost of $10,000 or more, as well as sponsor-defined equipment, must be reported to Asset Management using the New Asset Form (NAF).

• Sponsor Policy: Split funding between state and RF is allowed only if the sponsor permits the final ownership (title) to be held by the state.
  • If the sponsor requires that title remain with the sponsor, split funding is not permitted
• Restrictions on State-Owned Equipment:
  • Cannot be transferred out of state ownership
  • Can only be used as a trade-in toward other state-funded equipment
• Best Practice: To avoid title complications, project directors are encouraged to separately purchase stand-alone components of a system rather than split funding a single system
  • RF-owned components can be transferred
  • State-owned components cannot be transferred

• If any amount of state funding is used—even as little as $1—title belongs to the state. The item will be recorded in RAM as state-owned equipment. The equipment will be recorded in RAM as state-owned, with a note in the description indicating the portion funded by UBF.

• All equipment gifts that meet the University's asset capitalization threshold will be reported to Asset Management by the UB Foundation (UBF).
• All proposed gifts or bequests to the University at Buffalo must be reviewed to ensure that any restrictions or conditions can be met by the university.

• If your department is receiving a gift, contact your department's development officer to complete the Gifts of Personal Property Form. This form must be signed by the donor and an authorized representative of the University at Buffalo department receiving the gift.

The following details must be submitted to the UB Foundation:

• Approximate market value of the gift
• General description of the item
• Any restrictions placed on the gift
• Any supporting documents or correspondence from the donor or estate attorney (if a bequest)

State-Owned Equipment

• State assets cannot be traded for equipment or supplies purchased with Research Foundation (RF) or UB Foundation (UBF) funds.

Research Foundation Equipment

• Sponsor approval is required before initiating a trade-in
• All trade-ins must be processed through procurement/purchasing system, which generates a purchase order (PO)

When completing the Requisition, include the following information of the original asset in the Notes section:

• Asset number (if applicable)
• Serial number
• Model and manufacturer

Once Asset Management receives a copy of the PO, they will:

• Remove the traded equipment from your inventory
• Update records accordingly

If your department or Principal Investigator constructs equipment by assembling parts or materials purchased under multiple POs:

Department Responsibilities:

• Notify Asset Management of the newly fabricated asset
• Email a list of all related purchases used to acquire parts for the asset

If Funded by the Research Foundation (RF):

• You may be required to:
  • Obtain sponsor approval
  • Submit a cost transfer request

The Research Foundation (RF) offers optional insurance coverage for equipment purchased for or with sponsored program funds upon request.

Key Details:

• Premium rate: Approximately 1% of the equipment's value per year
• Coverage: Theft, fire, vandalism and explosion
• Deductible: Applies to each claim
• Allowability: Insurance is generally an allowable charge to the grant

Equipment is not automatically insured. You must submit a formal request to obtain coverage.

• Purchase order number
• Asset number of the equipment

Any university-owned property—whether or not it is recorded in the inventory system—that is removed from campus by faculty or staff for work-related purposes must be documented using a Property Removal Authorization Form and be signed by the appropraite parties before removal.

This includes equipment that is routinely transported (e.g., laptops, tablets) between campus and another location.

For full details, refer to UB's policy: Managing University Equipment.

Complete the Property Removal Authorization Form.

• Obtain supervisor approval, with a signature from the department chair level or above
• Keep the original copy of the form
• Provide a copy to the Departmental Asset Coordinator

Note: Asset Management does not receive a copy of this form.

• Affix a "Property of UB" label to any asset that:
  • Is not assigned an asset number
  • Will be removed from campus
  • Contact Asset Management for UB Property labels
• Update departmental inventory records with the correct status and location of all assets

Note: Since Asset Management does not receive the removal form, this step is essential.

• For assests above the threshold, update asset locations in the Real Asset Management (RAM) system based on information provided by the Departmental Asset Coordinator.

When a faculty or staff member—particularly a Principal Investigator (PI)—leaves the University at Buffalo and wishes to transfer equipment purchased with university or sponsored funds to another institution, specific approval processes must be followed based on the funding source.

All transfers require university approval before any items may be moved.

If a PI is leaving UB and plans to transfer sponsored awards and/or equipment purchased with grant funds, they must first contact Sponsored Projects Services (SPS) to discuss the transfer process.

Responsibilities

Principal Investigator

• Obtain written approval from their department chair and dean.
• Contact the Department Asset Coordinator to provide Asset Management with a list of equipment to be transferred.

Asset Management

• Confirm sponsor allowability with SPS.
• Prepare the RF Property Transfer Form and send it to the PI, Chair, and Dean for review and signatures.
• Forward the completed form to RF Central Administration, if required.
• Update the equipment records in the RAM (Real Asset Management) system.

State-funded equipment can only be transferred to another New York State agency (e.g., another SUNY institution). Equipment may not be transferred to non-state or private institutions.

Before initiating a transfer, contact Asset Management to coordinate with the appropriate state agency.

Responsibilities

Faculty or Staff Member

• Obtain written approval from their department chair and dean.
• Contact the Department Asset Coordinator to provide Asset Management with a list of property to be transferred.

Asset Management

• Confirm transfer allowability with SUNY Administration.
• Retain all approval documentation.
• Record inventory changes in the RAM system.

If equipment purchased with UB Foundation (UBF) funds is to be transferred to another institution, UBF must be contacted to review the request. Approval from UB leadership is required before any transfer can proceed.

Responsibilities

Faculty or Staff Member

• Obtain written approval from their department chair and dean.
• Contact the Department Asset Coordinator to provide Asset Management with a list of equipment to be transferred.

Asset Management

• Confirm transfer allowability with UBF.
• Retain approval documentation.
• Record the changes in the RAM system.

Assets purchased with State funds cannot be sold by the University.
If an asset is no longer needed by your department, please refer to the Disposal Guidelines.

Assets purchased with RF or UBF funds may be sold only under the following conditions:

• Sponsor or donor approval is obtained (if required by the terms of the award or gift).
• The sale is approved by the department Chair and Dean.

Before Initiating a Sale

• Always contact Asset Management before attempting to sell any University asset. They will guide you through the necessary approval process and ensure compliance with applicable policies.

If you suspect that a University-owned asset has been stolen, you must immediately contact the University Police Department (UPD).

What to Expect:

• An investigator will be assigned to gather all necessary details regarding the missing asset and the circumstances of its disappearance.
• Be prepared to provide the following information:
  • Asset number
  • Description
  • Manufacturer
  • Model
  • Serial number
  • Original cost

If the asset is recorded in the inventory system, this information should be readily available—even if the item itself is missing.

After the Investigation

• A copy of the investigator’s report will be forwarded to:
  • Asset Management
  • Financial Management
  • SUNY (if required based on the asset’s value)
• Asset Management will use the report to officially remove the asset from your department’s inventory records.

In accordance with Federal guidelines, the University must conduct a physical inventory review of assets at least once every two years.

To meet this requirement:

• Asset Management will email an inventory listing to each department’s Asset Coordinator, along with:
  • Detailed instructions
  • The deadline for completing the review

Department Responsibilities

• Departments must prioritize the inventory review to ensure:
  • Compliance with Federal regulations
  • Accuracy for annual audits
• Timely and accurate completion of the inventory is critical to maintaining the university’s strong reputation in the research community.

Need Help?

For questions or additional information about inventory requirements, please contact the Asset Management team.

Within the Procurement dashboard of SIRI, there is an Inventory tab that displays all assets recorded in the University’s inventory system for your department. This data is organized by the inventory account associated with the department.

• The inventory account used is a state account, which is for recording purposes only and does not indicate the account number for the purchased items.
• Access to SIRI inventory data is granted based on your financial data access permissions.

Asset numbers follow this format based on funding source:

• State-funded assets:
  03XNNNNNNN
  (03X followed by numbers)
• Research Foundation (RF) assets:
  03XNNNNNRF
  (03X followed by numbers, ending with “RF”)
• University at Buffalo Foundation (UBF) assets:
  03XNNNNNUB
  (03X followed by numbers, ending with “UB”)