ADMINISTRATION AND FINANCE POLICIES AND PROCEDURES. FIXED & MOVABLE ASSETS ACCOUNTING/INVENTORY CONTROL Revision Date: 01/01/2014 TABLE OF CONTENTS

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1 Chapter 10 ADMINISTRATION AND FINANCE POLICIES AND PROCEDURES FIXED & MOVABLE ASSETS ACCOUNTING/INVENTORY CONTROL Revision Date: 01/01/2014 TABLE OF CONTENTS Overview Types of Capital Assets Capital vs. Noncapital assets: Depreciation Acquisition and Title Recognizing Capital Equipment Recording Capital Equipment Physical Security, Maintenance and Care Physical Inventory Moving and Disposal of Equipment Insurance Financial Reporting OVERVIEW This chapter sets forth the requirements detailing the proper accounting for, and control of University owned capital assets and Government funded and furnished capital assets, and to ensure compliance with the requirements established by Generally Accepted Accounting Principles (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB) and with the regulatory standards set forth in the Federal Acquisition Regulation (FAR)and Office of Management and Budget (OMB) Circular A TYPES OF CAPITAL ASSETS Capital assets consist of: Buildings: Roofed facilities intended for the shelter of persons and/or equipment. Building Improvements: Renovations and additions to physical structures that improve and extend the useful life of the original asset. General repairs and maintenance are not capitalized. Land: The solid part of the earth s surface, whether improved or unimproved. Land Improvements: Additions that enhance the usefulness and increase the value of land. Some examples are roads, walkways, lighting, signage, parking lots, water and sewer lines and cabling.

2 Moveable Equipment: Items that are neither permanently affixed to nor part of a building, such as computers, furniture, refrigerators, freezers and vehicles. Fixed Equipment: Equipment affixed to a building, but separate from the building itself. It is generally contractor installed. Examples are counters and benches bolted to the floor and builtin projection equipment and screens CAPITAL VS NONCAPITAL ASSETS: DEPRECIATION Capital assets are expenditures by the University that meet the following capitalization criteria. A. The asset is non-expendable tangible property used in the University s operations. B. The asset is not intended for investment or sale in the ordinary course of business. C. The asset has an estimated useful life of two years or greater D. The asset cost exceeds the capitalization threshold currently set at $5,000 per each individual item. E. Land is capitalized regardless of the cost. Capital equipment is purchased using the Banner Account Code 7645 Equipment and Software over $5,000. Capital assets are recorded into the University s fixed asset inventory system. Noncapital assets are items that do not meet the capitalization criteria. Noncapital assets are not recorded into the fixed asset inventory system. Equipment purchases for items with an individual cost less than $5,000 should be purchased using Banner Account Code 7015 Equipment under $5,000. Depreciation of capital assets is dependent upon the life of the asset. All new additions to the fixed asset database shall be depreciated (except land). The following table represents the general asset life guidelines using the straight-line depreciation method, with a half year depreciation allocated in both the first and last years of the asset life and zero salvage value. Asset Type Years Asset Type Years Furniture, Office Equipment 5 Custodial Equipment 12 Computer Hardware 5 Grounds Equipment 15 Telephone Equipment 10 Musical Instruments 10 Construction Equipment 5-10 Firefighting Equipment 10 Engineering, Scientific Equipment 10 Police Special Equipment 10 Medical Equipment 5 Traffic Control Equipment 10 Radio, Communications Equipment 10 Software - Large Systems 10 Recreational/Athletic Equipment 10 Software 3 Automobiles/Light Trucks 5 Buses 8-10 Kitchen Equipment 12 Heating, Air Conditioning 10 Outdoor Equipment 20

3 Life for New Construction And Improvements Years Building Improvements 20 Land Improvements 20 New Construction 40 Note: Construction in Progress is not depreciated. Capital expenditures recorded as Construction in Progress are not entered into the fixed asset database until the construction or renovation is complete and a determination made as to the proper asset category. Fully depreciated assets remain in the fixed asset inventory system with their related accumulated depreciation for as long as the assets continue to be used in University operations ACQUISITION AND TITLE Equipment is acquired by the University through purchase, donation, capital lease or Government funding. The title to capital equipment vests with the University unless specifically stated otherwise in donation or award documentation. Copies of donor letters and/or grant contracts will be requested when needed to determine ownership. A. Purchase: The majority of University capital equipment is acquired through direct purchase using the same procurement policies and procedures as those for any other product. B. Donation: The Advancement Office will inform Accounting Services of any equipment gifts with an estimated fair market value that meets or exceeds the University s capitalization thresholds. C. Capital Lease: The Department of Contracting and Procurement must provide Accounting Services with copies of all lease agreements. Accounting Services will determine if it is a capital lease if it meets at least one of the following criteria. 1. Ownership transfers to the University at the end of the lease. 2. It contains a bargain purchase option. 3. The period is at least 75% of its useful life. 4. The present value of the lease payments is at least 90% of fair market value. D. Government Funded: Purchased using the same procurement policies and procedure as those for any other product RECOGNIZING CAPITAL EQUIPMENT On a monthly basis, the Accounting Services department runs a program to capture all University invoices with a value equal to or greater than the capitalization threshold (currently set at $5,000). In order to determine whether an equipment expense captured by this program shall be capitalized in accordance with the stated policy, the invoice must be obtained and analyzed. If the description of the item or items purchased is not clear as listed on the invoice, the purchase order referenced in the program shall be located and analyzed. An equipment

4 purchase to be capitalized will be recorded in the University fixed asset database RECORDING CAPITAL EQUIPMENT Records of all capitalized assets shall be kept on file in the University database in the Accounting Services office. The database records include the following information, if available: Asset description Tag Number Asset Type Acquisition Information (Invoice and Purchase Order Number or Donor) Acquisition Date Acquisition Cost Adjusted Cost (if applicable) Condition Vendor Manufacturer Model Number Serial Number Depreciation Method and Life Location (Building and Room Number) Banner Finance FOAPAL (identifies funding source of asset) Grant Number (if applicable) Title Holder (if Grant Agency) Custodian (Department Head or Principal Investigator who has the property) Last Inventory Date PHYSICAL SECURITY, MAINTENANCE AND CARE The Custodian (Department Head or Principal Investigator) is required to make adequate provisions for the physical security of equipment in their care. Areas containing capital equipment should be kept locked after business hours or when not in use. Special precautionary measures should be taken for high value portable capital equipment. The Custodian is responsible for exercising the necessary care to maintain the condition of the capital equipment so that the longest useful life is obtained PHYSICAL INVENTORY Capitalized furniture, fixtures and equipment will be tagged if feasible. Current fiscal year additions to FF&E are tagged (if feasible) periodically throughout the fiscal year. Each fiscal year a physical inventory is performed on selected equipment in the inventory database such that all items have a Last Inventory Date of less than two years as of the end of the current fiscal

5 year. The purpose of the physical inventory is to verify the existence of the equipment recorded in the University s fixed asset database, verify the location and condition of the equipment, determine disposals, and comply with Government inventory requirements. Differences found between the physical inventory and the fixed asset inventory system will be researched to determine the cause. Any loss, damage or theft of equipment will be investigated and documented. Minor equipment, defined as all equipment with a cost less than $5,000 or a useful life less than two years, is not tagged. The department receiving these items should maintain records for these items MOVING AND DISPOSAL OF EQUIPMENT If capital equipment is moved or disposed of, the department moving/disposing of the asset must notify the Accounting Services Office. The department will provide the Accounting Services Office with a description of the item, the tag number (if applicable), the model and serial number, and the locations to and from so that records may be updated INSURANCE The Senior Director of Risk Management is responsible for maintaining adequate insurance on all property owned by the University or for which it controls FINANCIAL REPORTING The following reports are prepared by the Accounting Services department based on the information contained in the University s fixed asset database: Construction in Progress Cost to Complete Capital Projects Building & Land Improvement Depreciation Spreadsheet Equipment Depreciation Equipment Depreciation Detailed Spreadsheet Land Spreadsheet

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