Fiscal Year-End Fixed Assets
As part of the year end closing procedures, the College is required to get an accurate accounting of fixed/capital assets.
- 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.