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 Policy
Sample
Instructions
Chart
of Accounts
Finance
Users Access
Monthly
Close
Year-End
Close
Capital
Assets
Authorized
Signature
2006-2007
2005-2006
2004-2005
Earlier
Years
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Fiscal Year-End Closing
Fiscal Year-End Fixed Assets
Purpose:
As part of the year end closing procedures, the College is required
to get an accurate accounting of fixed/capital assets.
Procedures:
- The Controller’s office is responsible for reporting the
current value of certain capitalized assets on the financial statements.
- Capitalized Assets - Generally, equipment and furnishing purchases
greater than $5,000 with a useful life of three years or more
will be capitalized. For more detail, please refer to our plant policy.
- On an annual basis, the Controller's Office will forward a list
of capitalized equipment and furnishings to each department
for review and
comment.
- Custody and use of all property is the responsibility of the
departments.
- Equipment should be located in a secure location and a tracking
system should be in place for those assets used off campus.
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