Financial Services & Payroll
Fixed Asset Guide
In situations where it is necessary to take state-owned property off campus, a signed memo by the Supervisor, Dean, Director or Department Chair granting authorization must be kept on file in the department. A copy of the memo should be forwarded to the Financial Services Office (and Information Technology in the case of computing equipment). Laptop computers need not be authorized for each usage off campus, unless individual departments require specific sign-out procedures. The memo should include the following information:
- Tag #
- Serial Number
- Off-Campus Location (Address)
- Name of Person Responsible
- Length of Time expected to be Off-Campus
The Financial Services Office (and Information Technology if applicable) should be notified in writing by the Supervisor, Dean, Director or Department Chair when the equipment is returned to University premises.
Due to insurance and liability limitations, University owned equipment may not be rented to or leased by external parties without prior approval of the Administrative Vice Chancellor’s Office.
Bi-annual inventories will be conducted for all capital assets (those costing $5,000 or more). The departments will be provided with an inventory listing and will be required to locate the items listed for their department and account for any discrepancies. The completed inventory lists should be returned to the Financial Services Office so that inventory records can be updated.
Inventory listings of non-capital assets will periodically be sent to the departments. The departments will need to locate the items listed and account for discrepancies. In order to update the inventory records, inventory results will need to be returned to the Financial Services Office.
It is important that if an asset, whether capital or non-capital, is permanently removed from a department, that a Fixed Asset Transfer Form is completed so that the location on the inventory records can be updated to reflect the new location and responsible party.
Departments may request inventory lists more frequently by calling the Financial Services Office.
All fixed asset records are maintained in the Financial Services Office in McMullen Hall Room 309. Departments may contact Financial Services if they need information regarding fixed asset records.