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.