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211 - Fixed Assets
211 Fixed Assets
|P-211.1||All fixed assets purchased by the College with an initial acquisition cost of $5,000 or more, and a useful life expectancy of more than one year, shall be capitalized in the accounting records.|
|P-211.2||Inventories of fixed assets of $1,000 or more and all technology items will be maintained and kept current on an annual basis for all departments by the Purchasing Department. Fixed assets of $1,000 to $4,999.99 and all technology items under $5,000 are inventoried, but not depreciated as capital assets.|
|P-211.3||The Board of Trustees annually shall receive and review a list of assets that have reached their useful life expectancy and are no longer of any value to the College. The Board of Trustees shall approve the disposal and write off of these assets from the College's inventory.|
|Pr-211.3.1||Department heads are responsible for notifying the Purchasing Department of the intent to sell, trade in, transfer, or write off any departmental equipment.
The appropriate administrative officer shall sign and recommend any departmental request to dispose of equipment. The estimated value of the inventory cost, a description of the item, the inventory number and a brief explanation by the department head of why the item is being disposed of should be included. A Request for Capital Asset Disposal/Transfer form can be obtained from the Purchasing Department.
Content Owner: Donna Davis - firstname.lastname@example.org
Page Updated by: Jessica Trimborn
Date Issued: 08/1993
Revision Dates: 02/2001, 11/15/2011