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1 ~ <br />L~ <br /> <br />• <br />POLICY FOR INSERTION INTO THE POLICY MANUAL <br />MEETING DATE: 06!22/98 NUMBER: P:0600 <br />EFFECTIVE DATE: 07/01/97 REVISIONS: <br />POLICY: Fixed Asset Capitalization Policy <br />Recording of Fixed Assets <br />For the purposes of this policy, fixed assets is defined as: <br />• Assets whose useful life exceeds one year; AND <br />• Assets whose unit costs exceeds $1,000; OR <br />• Assets upon which a serial number is assigned by the manufacturer. <br />Certain other assets may be classified as fixed assets at the discretion of the Purchasing <br />and Finance Directors to insure controls are in place to prevent theft or misuse. Fixed <br />assets acquired with grant funds will be recorded in accordance with the specific grant <br />requirements. <br />Maintenance of Fixed Assets <br />All records of fixed assets will be maintained in the department of Purchasing and <br />Central Services. The Finance Department shall supervise a physical audit of fixed assets <br />at least annually. Department heads shall be responsible for adequate control over fixed <br />assets assigned to their respective departments. <br />Transfer and Disposal of Fixed Assets <br />Transfer of fixed assets between departments and disposal of assets is subject to the <br />approval of the Purchasing and Central Services Director. <br />