Can I begin using the new $2,500 threshold now?

Yes, University policy for new acquisitions is now set at the $2,500 threshold and items costing below $2,500 should no longer be added to the University inventory.  The only exceptions to the $2,500 inventory threshold are for firearms, vehicles, and works of art and historic treasure which must be inventoried regardless of cost.

What does $2,500 threshold mean?

This means purchased or acquired items with a value of $2,500 and over, plus all firearms, vehicles, and works of art and historic treasure regardless of cost will continue to be added to the University inventory through FABweb and labeled with the blue and white inventory PTag.

Equipment costing $100 to $2,499 must be labeled with the red and white “State of Illinois, University of Illinois” stickers.

How do I handle items in my FABweb new acquisitions?

Continue to process FABweb acquisitions as usual for anything $2,500 and over going forward.

UPAR will assist in processing JVs to remove all necessary new acquisitions in your FABweb that are $1,000 to $2,499.  UPAR will contact FABweb Unit Reps with any questions.

What will happen to items under $2,500 that have been assigned Ptags in Banner?

On April 13, 2023, items under $2,500 will be disposed from Banner. 

The University FABweb and Biennial Inventory applications will be unavailable April 13, 2023 to complete the bulk removal of standalone equipment records less than $2,500 from Banner, including items deemed to be depreciated below the $2,500 threshold.

An equipment listing of item records disposed will be sent to FABweb Unit Reps and Biennial Unit Contacts in April.  This list will assist with replacing Ptags with red “State of Illinois, University of Illinois” stickers, which can be purchased by your department.

• To purchase red and white stickers, go to the bottom of Tags – Numbers and Labels page to the heading: Order Red White & "State of Illinois", "University of Illinois" Stickers and follow the instructions for your University.

How do I handle items under $2,500 that my unit has already been assigned a Ptag, but are not complete in Banner?

If the item has a Ptag physically applied, do nothing.

If you submitted an item in FABweb and assigned it a Ptag, but have not physically applied the tag, hold the Ptag for now.  UPAR will recode the submitted records to 126* account code and remove the submission from FABweb.

Can my unit continue to track items that drop from the University inventory and do you have suggestions for creating Unit tracked labels/tags?

University Property policy 12.1.6 Affix Property Labels - OBFS now forbids using the University blue and white Ptag label and the previous University Ptag number to identify items that have been removed from inventory.  Items removed from the University inventory during Phase 2 must have the old blue and white Ptag label physically removed from the item and replaced with the red and white label to assist in proper identification of University inventoried items.

Units wishing to create Unit tracked inventory records must use their own methodology and systems for Unit Tracked items.  Additional guidance including a suggested numbering scheme and a Word template named “Unit Tracked Equipment Template” for creating Unit Tracked labels is included on the Equipment Threshold Change - OBFS

My UIC unit’s biennial inventory certification is due March 31, 2023. How will this threshold change impact my inventory process?

This process will not impact the certification or pending resolution due dates.

Units certifying in March must certify their inventory prior to record removal.  Based on this fact, these items below $2,500 will be on your loaded inventory lists in Biennial.  However, any items on the pending resolution list below $2,500 will be removed on April 13^th during the 3 month pending resolution window ending June 30.

Your requirement is to replace the blue and white Ptag labels with red and white labels before the next biennial inventory certification due March 31, 2025.

My UIS unit is scheduled to certify my biennial inventory in May 2023.  How will this threshold change impact my 2023 Biennial?

On April 13, 2023, items under $2,500 will be disposed in Banner.  Units certifying in May 2023 may choose to delay starting their biennial inventory and loading/reloading their biennial inventory list after this date when their inventory listing will be significantly reduced.

In April you will receive a list of equipment records disposed in Banner.

You are required to replace the blue and white Ptag labels to red and white labels during this biennial inventory cycle, for those items disposed from Banner.

My UIUC unit is scheduled to certify my biennial inventory in August 2023.  How will this threshold change impact my 2023 Biennial?

On April 13, 2023, items under $2,500 will be disposed in Banner. Units certifying in August 2023 may choose to delay starting their biennial inventory and loading/reloading their biennial inventory list after this date when their inventory listing will be significantly reduced.

In April you will receive a list of equipment records disposed in Banner.

You are required to replace the blue and white Ptag labels to red and white labels during this biennial inventory cycle, for those items disposed from Banner.