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Asset Management

Topics at a Glance

Overview

The University’s Business Asset purchases are capitalized and depreciated over time when they meet all of the following criteria; otherwise, the expenditure is recorded as an operating expense in the fiscal year incurred: 

  • The asset is owned or considered to be owned by the University or government agencies;
  • The asset is held for operations (e.g., not for resale or investment);
  • The asset has a useful life that exceeds one year; and
  • The asset’s acquisition value is $5,000 or more for moveable equipment and furnishings, vehicles, software, and land improvements (including installation, training, etc.) or $50,000 or more in aggregate project costs for buildings (including construction in progress), building systems, and building improvements or renovation.

Business Assets are also referred to as capital assets, fixed assets, capital expenditures, facilities and equipment, and property, plant and equipment (“PP&E”).

All land is considered a Business Asset.

Business 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 capitalized and not depreciated.

Physical inventories should be conducted by each department, every two years at a minimum, to verify the accuracy of the University’s property records in the Enterprise Resource Planning (ERP) system as well as the existence and activity status of Business Assets. 

The information contained within this page will guide you to the necessary forms, policies and procedures, training, and tools necessary to maintain your Business Assets properly.

Business Asset questions should be directed to the Capital Assets team at ProjectAcct@wfu.edu or 336.758.6408.

Tools

Please see the Job Aid for Business Assets in Workday. Filter the list by the ‘Assets’ Functional Area.

Forms

Policies