Fixed Assets
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 Tania tellis2@umw.edu for a quote review and assistance with eVA entry.
Fixed Asset Tags
Fixed Assets are tracked and verified on a continual basis.
Fixed Assets Tag number are entered into Banner to properly account for and depreciate assets with information the comes directly from purchase order entries.
Examples of Fixed Asset Tags:
- EQ (issued by Accounting)
- DP (issued by IT)
- DA (issued by Accounting/Dahlgren IT)
- AV (Issued by IT/AV)
- GF (issued by Accounting)
- ETF – Equipment Trust Fund (grant money from the Commonwealth of Virginia)
- Replacement Tags
- A (Aggregate issued by Accounting)
- N (Intangible issued by Accounting/Finance)
Surplus of Fixed Assets
Surplus is a physical location at the Physical Plant Warehouse.
When you surplus unused or broken items, they are moved to the Physical Plant for temporary storage, repurposed for other areas or are prepared to be sold, recycled and/or disposed of. Surplussed fixed assets can be repurposed, sold or disposed of by David Wilt, the Warehouse Manager.
To surplus equipment contact the Central Storeroom: https://adminfinance.umw.edu/facilities/central-storeroomsurplus/.
Additional Resources:
FY26 Fixed Assets Presentation
Please reach out to Tania at tellis2@umw.edu for any questions relating to Fixed or Aggregate Assets.