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.