FIXED ASSETS

FIXED ASSETS
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Fixed assets are essential tangible properties owned by an organization for long-term use. This includes equipment such as office furniture, computers, vehicles, and more. Proper management of fixed assets involves tracking, tagging, and ensuring accurate financial reporting. In a university setting like UMW, fixed assets play a crucial role in financial statements and are subject to specific guidelines set by the Commonwealth of Virginia. The process involves categorizing assets based on cost and useful life, with ETF funding providing support for vital equipment. Understanding fixed asset tags, funding sources, and regulatory requirements are key components of efficient asset management.

  • Fixed Assets
  • Management
  • University
  • Financial Reporting
  • ETF Funding

Uploaded on Mar 05, 2025 | 0 Views


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  1. FIXED ASSETS

  2. Arin Doerfler Senior Accountant Fixed Assets Lee Hall Room 240 x1230 adoerfle@umw.edu Susan Beaver Fixed Asset Coordinator Central Storeroom x1221 sbeaver@umw.edu

  3. What is a Fixed Asset? Equipment (plus the cost to obtain or put in service) with a cost of $2,000.00 or greater. ETF equipment (plus the cost to obtain or put in service) with a cost of $500 or greater. Is complete itself, does not lose identity or become a component of the building where it resides, is durable, and is expected to have a service life of more than one year. Some examples: Office furniture Computer/laptop Printer Microscope / lab equipment Motor vehicles

  4. UMWs Fixed Assets To date we currently have almost 3700 tagged Fixed Assets on our books, not to include new construction. Total cost of approximately $30.5M Fixed Assets range in cost from $500 - $2.7M Useful life is determined by Commonwealth of Virginia, though a typical life cycle is about five years. ETF funded Fixed Assets have a useful life of seven years, computers have a useful life of three years. Fixed Assets directly impact UMW s Financial Statements

  5. Fixed Asset Tags Fixed Asset Tags are tracked and verified on a continual basis. Fixed Asset Tag Numbers are entered into Banner to properly account for and depreciate assets with information that comes directly from purchase order entries. EQ (issued from Accounting) DP (issued from IT) ETF Equipment Trust Fund, grant money from the Commonwealth of Virginia GF (issued from Accounting) Replacement Tags

  6. Commonwealth of Virginia Higher Education Equipment Trust Fund (ETF) Funds administered by the State Council of Higher Education for Virginia (SCHEV) Funds are used to ensure that our students are working on the most up-to-date equipment and computers, so what they learn on will be something that is utilized in their professional careers. All equipment purchased with ETF funds are classified as Fixed Assets $500 minimum cost to qualify for ETF funding Funding source is always 1117 SPCC Cards may not be used to purchase with ETF Funds ETF Fixed Assets are accounted for and reported to SCHEV each year and are subject to SCHEV Audit.

  7. Purchase Orders eVA orders are placed using an account code that ends with an F , designates item is a fixed asset eVA order Line Items generate temporary tag numbers Quantity and Cost Q1 x $5780.00 = $5780.00 FIXED ASSET Q8 x $540.00 = $4320.00 NOT A FIXED ASSET Line Item descriptions be as descriptive as possible! Always include: Manufacturer, Model Number, and item description Custodians are typically assigned by information in the order BEST practice when completing an eVA order is to include in the Comment section: FOAP information per Line Item Custodian s Name

  8. Inventory NEW! FY20 Inventory of all capital equipment is completed biennially. Fixed Asset Coordinator conducts inventory based on Building and Custodian We look for Fixed Asset Tag, verify Serial Number and verify location of asset In addition, we also verify and update custodial changes as needed. Once a building inventory is completed, all information is sent to the Senior Accountant Fixed Assets for manual entry and updates to Banner. Missing items are checked (and rechecked) before requesting to write them off; this approval must come from the Vice President of the respective area.

  9. Surplus Not just forms and action! Surplus is a physical location Surplus items can be repurposed or sold Contact Central Storeroom to surplus unwanted items https://adminfinance.umw.edu/facilities/central-storeroomsurplus/ x5972 http://adminfinance.umw.edu/facilities/central-storeroomsurplus/surplus- relocation-form/

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