INFORMATION REGARDING FIXED ASSETS

FIXED ASSETS - Any one piece of equipment or software that costs, along with any cost to put it in place, $5,000.00 or more and has a useful life of more than one year- should be charged to a 75XX account. This includes items that contain different pieces but fit together as a whole and are considered one item with a value of $5,000 or more.
     e.g. a computer system:        Monitor $1,500.00
                                               Computer 4,000.00
                                     Combined Total $5,500.00

LICENSES- are not considered capital unless they have a term of over 1 year and are over $5,000.

There is a proper format that should be used when filling in the description of any item:

Noun, Manufacturer, Model #/ or Model / Cat #. Vehicle Identification Numbers or serial numbers when necessary

*If the item is to be located in a place other than the ship-to address that should also be noted.

A notice will be sent to your department if it was necessary for Procurement to correct an account, (usually a 75XX) that was not properly charged. Corrections will be made only for items that should have been charged as a fixed asset or in cases when the 75XX account was used and the item does not fit into the above guideline. Even if the cost of an item was budgeted in a particular account, please use the proper account code to identify the item. Although it is not required to move the budget dollars but would like to do so, you can contact Suzanne Superka in the Budget office by email. If you are not sure if an item should be considered a capital/fixed asset please contact Steve Sheridan (x94249) in the Accounting Department for clarification.

Any other questions, contact Procurement.   
         (x 9-4231)