Property Management

Property Management Policies and Procedures

Fixed Asset System

Fixed Asset System
• General Information
• Equipment Records
• Reports

General Information

The University has established a Fixed Asset system to account for the fixed assets it constructs, purchases either outright or as a result of a lease/purchase agreement, receives as the result of gifts and bequests, or otherwise acquires or leases. The system will also be used to account for fixed assets for which the University has custodial responsibility. The system will separately manage equipment, buildings, including building components, and land, including improvements to land other than buildings.

The Property Management Office is responsible for maintaining the University's Fixed Asset system by recording new acquisitions, permanent transfers and dispositions of all fixed assets. Instructions for reporting these activities to the Property Management Office are included in these procedures.

Equipment Records

Equipment is defined as an article of non-expendable, tangible property having a useful life of two years and more and an acquisition cost of $500 or more per unit. Acquisition value includes the cost of the equipment and any costs incurred to make the equipment usable for the purpose for which it was acquired including installation costs and freight, less all discounts. Trade-in allowances will be deducted in determining the value to be capitalized. Examples of equipment include: computer equipment, furniture, office machines, vehicles, scientific, medical and surgical equipment.

The information outlined below will be recorded in the Fixed Asset system for all equipment items in the University's inventory.

Acquisition Information:

• Total acquisition cost or other value
• Manufacturer name and model number
• Authorization for acquisition
• Date of acquisition

• Source of funding (Banner index)
• Method of depreciation
• Accumulated depreciation
• Remaining useful life
• Book value

• Unique identification number (tag number)
• Serial number or VIN (vehicle identification number)
• Asset classification (computer equipment, furniture, etc.)
• Location of asset (building and room number)
• Department responsible for asset
• Ownership of asset (owned, leased, government)

• Permanent transfer of an asset
• Fabrication of an asset
• Disposal of an asset
• Transfer to surplus and other activities

Reports

The information derived from the Fixed Asset system is used in a variety of ways and for a wide range of purposes. For example, reports can be generated listing equipment within a specific building, within a department on a room-by-room basis, by specific dollar value or range, by funding source, or by classification of equipment. Included are reports to assist in the periodic verification of fixed assets and departmental holdings, reports to meet the external reporting requirements of the University, and a variety of management reports for use by various departments in planning and in developing capital budgets.

| Financial Administration | Property Management |
| Property Management Policies and Procedures | Top Page | Previous Page | Next Page |

Last Update : May 1997