Fixed Assets

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

  1. The Controller’s office is responsible for reporting the current value of certain capitalized assets on the financial statements.
  2. 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.
  3. On an annual basis, the Controller's Office will forward a list of capitalized equipment and furnishings to each department for review and comment.
  4. Custody and use of all property is the responsibility of the departments.
  5. Equipment should be located in a secure location and a tracking system should be in place for those assets used off campus.

Contact Us

Controller
 

Mailing address:
Wellesley College
Controller's Office
106 Central St., GRH139
Wellesley, MA 02481-8203

Main Telephone:
781.283.2468

 

Main Office Fax:
781.283.3710

Payroll Fax:
781.283.3713

Controller
781.283.2247
 
Senior Accountant
781.283.2461
 
Accounting Specialist
781.283.2488
 
Sr. Cashiering/Accts Payable Specialist
781.283.2265
 
Accounts Payable Manager
781.283.2469
 
Associate Controller
781. 283.2250