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.
Please see the Job Aid for Business Assets in Workday.