1. Fixed Assets

2. Arin Doerfler Susan Beaver Senior Accountant – Fixed Assets
Lee Hall Room 240
x1230
Susan Beaver
Fixed Asset Coordinator
Central Storeroom
x1221

3. What is a Fixed Asset?
Equipment (plus the cost to obtain or put in service) with a cost of $2, or greater.
ETF equipment (plus the cost to obtain or put in service) with a cost of $500 or greater.
Is complete itself, does not lose identity or become a component of the building where it resides, is durable, and is expected to have a service life of more than one year.
Some examples:
Office furniture
Computer/laptop
Printer
Microscope / lab equipment
Motor vehicles

4. UMW’s Fixed Assets
To date we currently have almost 3700 tagged Fixed Assets on our books, not to include new construction.
Total cost of approximately $30.5M
Fixed Assets range in cost from $500 - $2.7M
Useful life is determined by Commonwealth of Virginia, though a typical life cycle is about five years.
ETF funded Fixed Assets have a useful life of seven years, computers have a useful life of three years.
Fixed Assets directly impact UMW’s Financial Statements

5. Fixed Asset Tags
Fixed Asset Tags are tracked and verified on a continual basis.
Fixed Asset Tag Numbers are entered into Banner to properly account for and depreciate assets with information that comes directly from purchase order entries.
EQ (issued from Accounting)
DP (issued from IT)
ETF – Equipment Trust Fund, grant money from the Commonwealth of Virginia
GF (issued from Accounting)
Replacement Tags

6. Commonwealth of Virginia Higher Education Equipment Trust Fund (ETF)
Funds administered by the State Council of Higher Education for Virginia (SCHEV)
Funds are used to ensure that our students are working on the most up-to-date equipment and computers, so what they learn on will be something that is utilized in their professional careers.
All equipment purchased with ETF funds are classified as Fixed Assets
$500 minimum cost to qualify for ETF funding
Funding source is always 1117
SPCC Cards may not be used to purchase with ETF Funds
ETF Fixed Assets are accounted for and reported to SCHEV each year and are subject to SCHEV Audit.

7. Purchase Orders
eVA orders are placed using an account code that ends with an “F”, designates item is a fixed asset
eVA order Line Items generate temporary tag numbers
Quantity and Cost
Q1 x $ = $ FIXED ASSET
Q8 x $ = $ NOT A FIXED ASSET
Line Item descriptions – be as descriptive as possible!
Always include: Manufacturer, Model Number, and item description
Custodians are typically assigned by information in the order
BEST practice when completing an eVA order is to include in the Comment section:
FOAP information per Line Item
Custodian’s Name

8. Inventory
NEW! FY20 Inventory of all capital equipment is completed biennially.
Fixed Asset Coordinator conducts inventory based on Building and Custodian
We look for Fixed Asset Tag, verify Serial Number and verify location of asset
In addition, we also verify and update custodial changes as needed.
Once a building inventory is completed, all information is sent to the Senior Accountant – Fixed Assets for manual entry and updates to Banner.
Missing items are checked (and rechecked) before requesting to write them off; this approval must come from the Vice President of the respective area.

9. Surplus Not just forms and action! Surplus is a physical location
Surplus items can be repurposed or sold
Contact Central Storeroom to surplus unwanted items
x5972
relocation-form/