Fixed assets are tangible long-term assets or property (that cannot easily be converted into cash) with acquisition value (unusually original cost) in excess of certain thresholds and whether purchased, constructed, gifted/ donated, or leased are owned or accountable by the University and not a specific individual, department, or other operating unit. Fixed 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.
- There are no related procedures.
- There are no related forms.