Overview

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 hackwok@wfu.edu or 336.758.4096.

How To

DPA Training Summary

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.

DPA Tools
Perpetual Inventory Schedule – January 2012 through December 2016
DPA listing
Inventory Flow Chart
Is this a Fixed Asset Purchase?
Capitalization Decision Chart
Location Cheat Sheet

Tools

Listing of standard account numbers used for fixed assets
Is this a Fixed Asset Purchase?

Forms

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

Policies & Procedures

Fixed Asset Policy & Procedures
Fixed Asset Inventory Procedures