Business assets are tangible long-term assets or property (that cannot easily be converted into cash) with acquisition value (usually original cost) in excess of certain thresholds and whether purchased, constructed, gifted/ donated, or leased. They 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. Criteria for capitalization and responsibilities for the operational departments and Financial Services’ units, along with procedures, are in the policy and procedures.
Note that this policy is currently under review for updates.
There are no related procedures.