Fixed Assets to be capitalized are defined as:

  1. All furniture and computer purchases.
  2. Equipment with a cost in excess of $500.00 and a minimum three-year service life.
  3. Major building improvements, purchases and construction.
  4. Major site improvements and purchases.

Ownership Responsibility

  1. Faculty/Managers will have responsibility for University assets located in their departments and programs. It will be their responsibility to ensure that there are adequate safeguards in place for the security of these assets.
    The Office of the Vice-President, Finance and Administration, may be contacted in order to arrange additional security measures if deemed necessary.
  2. Equipment listings will be forwarded to each Faculty/Manager for the assets which have been assigned to their area of responsibility. These listings must be verified, and any changes are to be reported to the Director of Finance.

    Physical counts of all capital assets will be conducted in each area on a periodic basis.
  3. Transfer forms must be prepared for assets which are being moved to another department or program on a permanent basis.

    The completed transfer forms are to be forwarded to the Finance Office which is responsible for correcting the fixed assets records.

 

Acquisitions

  1. Capital purchases will follow the normal University purchasing policy as discussed in the Policy and Procedure Manual. Capital purchases will be charged to the cost centre which will be responsible for maintaining the asset.
  2. Capital purchases will be recorded at cost. The value of any assets being traded will be credited to Miscellaneous University Revenue. Budgets for capital acquisitions must be set up at the gross cost.
  3. All donations of capital equipment are to be reported to the Finance Office. Donated assets will be set up at the estimated fair market value as determined by appraisal. Tax receipts may be issued by the University in the amount of the estimated fair market value, if required.
    Arrangements to have an inventory tag affixed to the donated asset will be made by the Finance Office.

 

Loss of University-Owned Property

  1. Upon becoming aware that an item of University owned property is missing, by suspected theft or otherwise,

(a) the Vice-President will be informed immediately

(b) the Vice-President will advise the Director of Finance so that the asset, if not recovered, may be written off and removed from the fixed assets record system.

Disposal of University-Owned Property

If an asset has outlived its useful life and is no longer required:

  1. The Finance Office will be informed.
  2. Arrangements will then be made to remove the asset from its current location and transfer it to a storage area.
  3. Periodically, a sale of obsolete equipment will be arranged by the Office of the Vice-President, Finance and Administration. The sale will be advertised in the local press in order to give all interested parties equal opportunity to purchase.

Board of Governors Resolution #92-02-12