Fixed Asset Inventory

 

Purpose

To establish guidelines for maintaining the college's fixed asset inventory.

 

Statement

The Business Office maintains an up-to-date electronic record of the complete college inventory of fixed assets on campus. The Director of Accounting and Budget, their designee, and the Business Office coordinate a physical inventory of the entire campus and outlying centers annually. Divisional personnel are responsible for assisting with the inventory in their areas.

Maintaining an accurate central inventory requires constant updating by adding new purchases and recording transfers and disposals. The Business Office revises and maintains the inventory list in Banner.

All capital items with a value of $5,000.00 or greater and a useful life of more than one year, including all grant items unless the funding source requires a different threshold, will be included in the inventory, including gifts to the college.

The Director of Accounting and Budget or their designee will send each department an Asset Addition, Asset Transfer, or Asset Disposal form as well as inventory tags to be affixed to the purchase. The department receiving an asset will complete the appropriate form to be returned to the Business Office with asset information and location (per the purchase order).

 

 

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