Ongoing action required: MEI assets and Cost Center best practices
September 21, 2022
As the Controller’s Office and the Yale School of Medicine Controller’s Office asset retagging teams near the end of their Moveable Equipment Inventory (MEI) assets retagging efforts, focus is shifting to the Cost Center best practices needed to keep Workday Business Assets updated.
While the Controller’s Office will be tagging new MEI asset purchases and assisting in the Biennial Inventory, Cost Centers will still be expected to actively manage their assets. The Moveable Equipment Inventory will remain the responsibility of the individual Cost Center.
To ensure an accurate inventory at all times, Cost Centers are asked to adhere to the following guidelines:
- Continue working with the Controller’s office on tagging your MEI assets
- Within Workday Business Assets, provide accurate equipment location, including building and room number where the equipment is located. This information can be updated prior to tagging the equipment.
- Ensure the inventory records for your department are updated in Workday to include serial number and/or model number where possible.
- Please be sure the asset inventory only includes active assets. Any asset that has been disposed of should be marked as such in the Workday Business Assets system.
- Only usable equipment in proper working order, or able to be repaired, should be kept on a Cost Center’s equipment listing.
- Assets should be issued to the Principal Investigator or person responsible for the equipment.
- For assets that cannot be tagged, the Cost Center is required to submit Form 4209.01 Asset Tag Exemption Request Form.
- If a piece of MEI equipment in your Cost Center’s inventory listing is not tagged, replacement tags must be requested from the Controller’s Office at email@example.com.
For information on MEI asset tagging, please refer to Policy 4209, Equipment.
For information on how to update Workday Business Assets, Cost Center representatives can reference the updated Asset Management Moveable Equipment Inventory (MEI) for Business Offices (TG7021).
If you have questions about this project, please contact the Capital Asset Accounting team at firstname.lastname@example.org.