Fixed assets are:
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.
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Finance must be notified before an asset is sold/disposed. XXXXAfter the asset has been sold, the department should email GL (generalladger@spu.edu) with details of the disposal, including approval of disposal by department head and any receipt or proof of sale. All proceeds must be recorded using account 52803 - Proceeds From Sale Of Fixed Assets. Any gain on sale is subject to taxes.
Asset Inventory Count
Fixed Asset records are verified at least once every two years to ensure that the inventory records within the asset management system are accurate.
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