Definition of Fixed Assets
An item is considered a fixed or capital asset if it meets all three (3) of the following criteria:
- The asset is owned or considered to be owned by the university
- The asset is held for operations for more than one year
- The asset’s acquisition value is $5,000 or more for equipment (including installation, training, etc.) or $50,000 or more in aggregate project costs for buildings and building improvements.
All land is considered a fixed asset.
Fixed assets are recorded at cost on the date placed in service. Donated items are recorded at fair market value on the date received.
Depreciation is calculated on a straight-line basis over the estimated useful life of each class of depreciable asset. Estimated lives range from 3 to 40 years. Since land does not have an estimated useful life, it is not depreciated.
The information contained within this page will guide you to the necessary forms, policies and procedures, training, and tools necessary to maintain your fixed assets properly.
Fixed Asset questions should be directed to Kathryn Hackworth at email@example.com or 336.758.4096.
Departmental Property Administrator (DPA) definition
DPA’s are representatives across campus that assist Financial and Accounting Services (FAS) with the safeguarding of university assets by ensuring that their department adheres to the university’s Fixed Asset Policy and accompanying Inventory Procedures.
The DPA is responsible for all fixed assets in their area, including renovations. The DPA partners with the Fixed Asset Accountant to ensure a successful inventory by informing the Fixed Asset Accountant of any movement of fixed assets and by assisting in the physical inventory process.
Departmental Property Administrator Authority Form
Fixed Asset Update Form
Bill of Sale
Fixed Asset Addition Checklist
Fixed Asset Replacement Form
Equipment Loan Authorization Form
Equipment Location Record
Off-Campus Equipment Verification Worksheet
Non-Taggable Asset Form
Mortgage Note Receivable Detail