HomeMy WebLinkAboutFixed Asset Capitalization Policy 7 1
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MED ASSETS CAPITALIZATION POLICY
(Effective July 1, 1997)
Recording of Fixed Assets
For the purposes of this policy, fixed assets is defined as:
e Assets whose useful life exceeds one year; AND
Assets whose unit costs exceeds $1,004; OR
■ Assets upon which a serial number is assigned by the manufacturer.
Certain other assets may be classified as fixed assets at the discretion of the Purchasing
and Finance Directors to insure controls are in place to prevent them or misuse. Fixed
assets acquired with grant funds will be recorded in accordance with the specific grant
requirements.
Maintenance of Fixed Assets
All records of fixed assets will be maintained in the department of Purchasing and Central
Services. The Finance Department shall supervise a physical audit of fixed assets at least
annually. Department heads shall be responsible for adequate control over fixed assets
assigned to their respective departments.
Transfer and Disposal of Fixed Assets
Transfer of fixed assets between departments and disposal of assets is subject to the
approval of the Purchasing and Central Services Director.