Business Assets Administrative Policy
Policy
A Business Asset is any property or equipment not for resale, that has an initial value of $5,000 or more individually or as an operating unit or renovations exceeding $50,000 in aggregate, whether in cash or trade value, that will be used or held in excess of one year without being consumed in their use. Business Assets are also referred to as capital assets, fixed assets, capital expenditures, facilities and equipment, and property, plant and equipment (“PP&E”). All Business Assets are owned or accountable by the University and not a specific individual, department or other operating unit. Business assets must be capitalized, depreciated, and physically inventoried on a periodic basis, ensuring compliance with Generally Accepted Accounting Principles (GAAP), federal and state laws, and University policies. This policy and the accompanying procedures outline the criteria and responsibilities for University departments, including Cost Center Account Custodians.
Related Procedures
Related Forms
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