A UMW Fixed Asset is a piece of equipment (plus the cost to obtain or put in service) with a cost of $2,000 or greater. An asset with a value of $5,000 or greater is classified as a capital asset. ETF Fixed Assets have a cost of $500 or more. Equipment that falls within these three categories are tagged and tracked as part of UMW’s biennial physical inventory.
In additions to Fixed Assets, UMW is required to track tangible capital assets as a group, called Aggregate Assets, where the cost is $10,000 or greater for the group.
A thorough review of all purchases of $2,000 or greater, regardless of account code, is conducted several times throughout the purchase and receiving process, to include the initial requisition (and subsequent change orders), WORKS and eVA reporting.
The required information needed for Banner entry of Fixed Assets:
- Date Received / Date Installed
- Location (Building and Room Number)
- Fixed Asset Custodian
- Total Cost to include labor/installation, delivery, credit card fees, etc.
- A fully-executed Purchase Order
- Invoice for assets $5,000 or greater
If you are getting ready to place an order for Fixed or Aggregate Assets, reach out to adoerfle@umw.edu for a quote review and assistance with eVA entry.