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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
Each month, 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.
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Asset Category | Useful Life (years) | Description |
|---|---|---|
Buildings | 30 | Physical structure owned by the University |
Building Improvements | 30 | Permanent improvements made to buildings owned by the University |
Right-of-Use Lease Asset / Liability | Lease Term | Ensure any lease signed (including, but not limited to buildings, equipment, machinery, etc.) is sent to generalledger@spu.edu. Recent accounting pronouncements impose additional reporting requirements. The GL Team will need all lease information available. |
Machinery & Equipment | 10 | Devices, audiovisual, computers, machines, equipment meeting the definition of a Fixed Asset. |
Vehicles | 10 | Cars, motorized carts, or any other vehicle meeting the definition of a Fixed Asset (bought or leased). |
Library Books | 20 | Any purchase of a set of library books meeting the definition of a Fixed Asset. |
Furniture & Fixtures | 10 | Furnishings such as seats, couches, desks, tables, whiteboards, display sets, etc. whose cumulative purchase meeting the definition of a Fixed Asset. |
Musical Instruments | 10 | Any musical instruments bought and owned by the University meeting the definition of a Fixed Asset. |
Artwork | Not depreciated | Pursuant to ASC 958-360-35-3, artwork need not be capitalized, and an election is available to treat as artwork fixed assets similar to land. |
Land | Not depreciated. | Land as recorded as a Fixed Asset but is not depreciated. |
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Disposals
Finance must be notified before an asset is sold/disposed.
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