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2 <br />FIXED ASSETS CAPITALIZATION POLICY <br />(Effective July 1, 1997) <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 ,,ontrols 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 Asset <br />All records of fixed assets will be maintained in the department of Purchasing and Central <br />Services. The Finance Department shall supervise a physical audit of fixed assets at least <br />annually. Department heads shall be responsible for adequate control over fixed assets <br />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 />