Skip to main content

Policies

Go Search
Home
  
Policies > Wiki Pages > Fixed Assests1  

Fixed Assests1

Division     

          

 

Administration and Finance

Department

 

Accounting

 

Fixed Assets

 

 

 

 

Policy

 

 

 

Fixed Assets are defined to be all tangible property owned by the Commonwealth (real and personal) such as land, buildings, computer software and systems, landmarks, infrastructure and equipment, etc., with a useful life of more than one year.

The acquisition of all land and landmarks regardless of cost; the acquisition of all buildings and roads greater than $100,000; equipment, vehicles and other fixed asset types with an original cost of, in most cases, $50,000 or more (GAAP Fixed Asset) must be recorded. 

In March of 2004, departments within the Commonwealth were given the option of recording their fixed assets on MMARS or maintaining an interdepartmental system.  Worcester State College opted for the latter.  A listing of existing Fixed Assets belonging to the College is maintained on an in-house software package maintained by our Bollus Lynch auditors. Any dispositions or surplus property reports generated by our Inventory Control office involving capitalized assets will be forwarded to our auditors.

 

Procedure

 

 

 

 

     At the end of the fiscal year, the Associate VP Administration & Finance queries the Colleague Accounts Payable database producing a list of vouchers exceeding $15,000.00.

      Any vouchers equal to or exceeding $50,000.00 are highlighted for analysis.

         Journal entries are made into Colleague reflecting the type of asset, source of funds, etc.

       Once reviewed by Bollus Lynch auditors, the new assets are placed in an in-house depreciation schedule maintained by our auditing firm.

        Other entities such as MSCBA and DCAM may provide Fixed Asset fiscal information that will be reviewed, journalized into Colleague, and entered into our auditors’ database.

     Accumulated Depreciation per asset, in total by asset type, and the corresponding total of depreciation expense are then posted and reconciled to the General Ledger.

 

 

Approved by

Vice President/Date

 

 

Approved by

Cabinet/Date

 

 

Revised Date

 

January 2012

 

Last modified at 7/30/2012 11:14 AM  by Hoxha, Anisa