Collage

Fixed Assets

Physical Plant is responsible for tracking all fixed assets on campus with a value of $5,000 or more, and all “High-risk” assets.

What are Fixed Assets?

Fixed assets are defined as tangible, non-consumable items (such as machines and equipment) owned by the University valued at or above $500. Fixed assets typically have a normal useful life expectancy of at least one year and are not permanently attached to or incorporated into University buildings and grounds. The value of fixed assets includes the purchase price, as well as costs to acquire (shipping and handling), install (excluding site preparation costs), secure, and prepare the item for its intended use.

What are High-risk Assets?

High-risk assets may include items in one or more of the following categories:

  1. Portable and marketable
  2. Larger assets not easily transportable but readily marketable and/or utilized for personal gain
  3. Assets repeatedly lost/stolen

The University President will determine which assets are appropriately classified as high-risk on an annual basis after considering costs associated with classifying assets as high risk (tagging, periodic physical inspections, application of security/locking devices, and/or maintaining sign-out logs and inventory records), potential impact of information technology advances, and whether the potential for loss sufficiently merits high risk classification.

Fixed Asset Guidelines

  • All High-risk items (such as cell phones and computers) with a value over $2,500, and tangible (such as equipment or furniture) or intangible (such as software) property with a value of $5,000 and a life expectancy of at least a year must be tagged with a unique identification number by Physical Plant.
  • Items with a value lower than $2,500 or $5,000 respectively must be tracked by each University department.
  • The University’s physical assets will be inventoried annually. Departments are required to confirm the existence of each tagged item or to state its new location. Departments must also document the existence of any equipment that is not currently listed.
  • Removal or disposal of unwanted property must be coordinated through Moving Services. Property may be reissued to another department, sold by the University, or disposed of by Physical Plant.

Click here for the University Fixed Assets policy PDF file.

Note: At no time may University property be removed from the campus without submitting a Property Custody Receipt to Physical Plant (prior to the item leaving the campus). For items that remain or are continually taken off campus, Property Custody Receipts must be renewed each semester.

Contact:

Service Center, ext. 3494, Monday – Friday, 8:00 a.m. – 5:00 p.m. for information. Click here to contact the Service Center.

Manager in Charge of Fixed Assets:

Danny Miranda, ext. 2409. Click here to contact Mr. Miranda.

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