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7 1 <br /> L <br /> MED 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 /> e Assets whose useful life exceeds one year; AND <br /> Assets whose unit costs exceeds $1,004; 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 them 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 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 />