University of Arkansas at Little Rock
Policy Name: Asset Management
Policy Number: LR 305.7
Original Effective Date: August 24, 2026
Most Recent Revised Date: August 24, 2026
Policy
Ensure assets are properly accounted for in Workday throughout the asset lifecycle from acquisition to disposal in compliance with state regulations, applicable policies, and accounting industry standards.
Definition of Terms
Asset
Physical and non-physical items that have economic value acquired and controlled by the University. Also referred to as property for the purposes of this policy.
Capital Asset
Real, personal or intangible property used in operations that has an estimated useful life of greater than one year and meets the capitalization threshold per Arkansas State Code § 19-4-1501 et seq. and the Arkansas Capital Asset Guidelines (P1-19-4-1503).
Policy Statement
All capital assets must be accounted for in the university’s official system of record, Workday.
Capital Asset Valuation
The University shall capitalize assets in accordance with capitalization thresholds and useful-life requirements established by applicable Arkansas law, state accounting guidance, Governmental Accounting Standards Board standards, UA System requirements, and University procedures. Financial Services shall maintain the official capitalization thresholds, asset classifications, and useful-life schedules used to determine whether an expenditure is capitalized, depreciated or amortized, or tracked for inventory purposes.
Asset Acquisition
Assets purchased or donated to the University must be evaluated by the Asset Accountant in Workday to determine if the items purchased or donated meets the definition of a Capital Asset and therefore must be tracked in Workday by assigning a unique identification number to the asset.
Capital Asset Registration
Capital Assets shall be registered and assigned to a custodian within ten business days after the asset becomes available for registration in Workday.
Capital Asset Tracking
Capital Assets must be assigned a property tag and the property tag affixed to the asset. When it is impractical to affix a property tag to the asset due to the nature of the asset (i.e. intangible property, land, buildings, etc.) or other extenuating factors the Assistant Asset Accountant must maintain the property tag for review during the annual inventory. The University must perform an inventory annually during which all Capital Assets must be accounted for, location verified, and custodian verified. Capital Asset location and custodian information must be reviewed and updated in Workday as necessary annually.
Capital Asset Transfer
Departments must initiate all transfers, relocations, reassignments, or changes in custody of capital assets or tracked property in Workday for appropriate review and recordkeeping.
Capital Asset Disposal
The disposition of state property is governed by specific Arkansas state statutes. These laws are in place to ensure transparency, maximize the return on public assets, and standardize the process across all state agencies, including this university.
The principal authority for these requirements is found in the Arkansas Code Annotated (A.C.A.) Title 19, Chapter 8, specifically the provisions related to State Marketing and Redistribution (M&R). These statutes require that all state agencies must:
- Declare property surplus when it is no longer needed for their primary operations.
- Utilize the M&R process for the redistribution, sale, or disposal of this surplus property.
- Comply with all guidelines established by Arkansas Marketing and Redistribution (Arkansas State Surplus).
In accordance with Arkansas law university departments are prohibited from selling, donating, trading, cannibalizing, or disposing of state-owned property, including equipment, furniture, and vehicles outside the established M&R process.
Revised Dates: 08/2026
Source: Office of Vice Chancellor for Finance and Administration
Status: Active
Originator: Office of Vice Chancellor for Finance and Administration
Custodian: Office of Vice Chancellor for Finance and Administration