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Fixed Assets Accounting

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Interior renovations and upgrades were made to Rollins Hall.

General Accounting is tasked with the mission of ensuring the fiscal integrity of the University's assets by identifying and keeping accurate records of its property and capital equipment. The University uses the Banner Fixed Asset System which is a real-time, on-line system for maintaining up-to-date fixed asset records. Each department identifies a Fixed Asset Custodian (FAC) who is responsible for maintaining the asset records and conducting an annual inventory.

Fixed Assets include:

  • Equipment
  • Buildings
  • Land
  • Construction in progress
  • Software
  • Other Intangibles and Improvements (other than buildings)

General Accounting is also responsible for ensuring compliance with specific retention requirements for the Equipment Trust Fund (ETF). All capitalized and controlled asset records are maintained in Banner, the University's administrative system. It is the responsibility of General Accounting to enter, update and maintain these records. Departments are required to comply with all policies and procedures.

Ownership of Fixed Assets

Fixed assets are owned by the University and not a specific department or individual. Departmental custody of an asset is identified by the assigned "Responsible" budget code. Budget Unit Directors (BUDs) are charged with the responsibility of items purchased with funds from their respective budget unit(s) or which are accepted as transfers from another budget unit. BUD responsibilities include, but are not limited to the following for said assets:

BDM/Fixed Asset Images

All capitalized assets are photographed and attached to a fixed asset record in Banner in order to maintain an image of all equipment, thereby providing an accurate picture of the equipment which is very helpful when searching for equipment during inventory.

Workflow/Fixed Asset Intra & Interdepartmental Transfers

All tagged equipment is recorded in Banner with an assigned location and responsible budget code. The responsible budget code is the department in custody of the asset and the Budget Unit Director (BUD) assumes responsibility for the asset. When equipment is moved to a different building and/or room, or transferred to a different department, and electronic workflow in LeoOnline must be utilized for the following purposes: (see Intra and Interdepartmental Workflow User Guide for Changes to Equipment Location and Ownership - Rev. 12/2017).

  • Intradepartmental move/transfer = location change only
  • Interdepartmental move/transfer = location and responsible Budget Unit change

Equipment Trust Fund (ETF) Management

The University is allocated an amount each year to purchase equipment through the Equipment Trust Fund (ETF) program administered by the State Council of Higher Education in Virginia (SCHEV) and the Virginia College Building Authority (VCBA). All ETF purchases are pre-approved and monitored. Initial purchases are paid using operating funds, and reimbursement is requested by submitting a requisition to SCHEV. Equipment must be maintained in accordance with SCHEV retention guidelines contained in the ETF Retention Schedule.

  • ETF Purchasing of Apple products from the Monarch Tech Store - The Monarch Tech Store sells Apple equipment and accepts special orders for the University community. Departments must ensure that all purchases made with ETF funding follow the ETF Purchasing Guidelines.

Fixed Asset Coordinator (FAC) Responsibilities

Each department will have a Fixed Asset Coordinator (FAC) responsible for preparing fixed asset forms, initiating workflows, and maintaining departmental fixed asset records. FACs serve as the main point of contact for physical inventories, tagging appointments, and other communications associated with fixed assets. If no FAC is designated, the role of FAC will default to the Budget Unit Director (BUD).

Training - Each FAC is required to attend training. Contact FixedAssets@odu.edu for more info.