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Physical property with an acquisition value of $5,000 or more and a useful life expectancy (UEL) of more than one year.
Fabricated equipment, which has an aggregate value of $5,000 or more and a UEL of more than one year.
A collection of purchases which have an aggregate value of $5,000 or more which is to be used over the same period of time (more than one year) e.g. library books.
Acquisitions
Finance will identify assets which meet the threshold for capitalization through month end invoice review and record these on the Fixed Asset Register. A representative from the Finance Team will reach out to you, if needed, to gain clarification as to whether an asset meets the definition of a Fixed Asset.
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Donated assets should be disclosed to University Advancement Services. Advancement will communicate the need to add the asset to the Fixed Asset Register on an annual basis. Finance will reach out with additional information on how to tag your asset during year end procedures.
Tagging an asset
Once Finance has identified that an item meets the definition of a Fixed Asset, Finance will enter it into the Fixed Asset Register and assign it a Tag Number. A physical tag will be sent via internal mail to the Requestor. s are when a the requestor from the RFP will receive an email from General Ledger to affix a physical tag to the asset to be tracked centrally on the fixed asset schedule maintained by the GL Accounting team.
It will be the responsibility of the department requesting payment for the asset to maintain physical control of the asset and its tag.
The General Ledger Team is responsible for maintaining the Fixed Asset Register. Each department is responsible for safeguarding, maintaining and utilizing all equipment it acquiresThis tag must be attached to the asset. In the case where multiple items comprise the Fixed Asset, the tag should be attached to the highest value individual item and a description of where the items are should be maintained locally. For library books and computer equipment managed by CIS, no tag will be assigned as local procedures to track items are already in place.
Accounting for Fixed Assets.
Fixed Assets are not expensed at the time of purchase. Depreciation will be expensed annually based on an Assets' UEL:
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