Fixed Assets Procedures

Goal

Maintain a record of the College's assets using the College’s asset system.

Purpose

The purpose is to account for and preserve the institution’s assets and to assist all Cost Center Managers and Asset Coordinators in fulfilling their responsibility of safeguarding their assets.  The Central Receiving and Fixed Assets staff will utilize the College’s asset system to create new assets.

Associated Material

Workday Business Asset System Reports, Purchase Orders, Key Receiving Forms, Invoices, Donation Forms, and Inventory Tags.

Procedures

The Central Receiving/Fixed Assets Department will account for new assets upon delivery, issue an inventory tag, and create new assets in the College’s asset system.  The process is as follows:

1. Upon receiving assets, the Central Receiving/Fixed Assets staff verifies all incoming orders, assets received, and assigns the proper asset identifier (inventory tag). 
   
   1. Items are assigned an asset identifier (inventory tag) based on whether the asset is valued above or below $1,000 and funded through an unrestricted or grant budget.  The asset value and identifier (inventory tag) information are as follows:
      

      Funding	Asset Type	Value	Inventory Tag
      Unrestricted	Non-Inventory	At $100 and below $1,000	Purple Tag
      Grant	Non-Inventory	At $100 and below $1,000	Green Tag
      Unrestricted	Inventory / Capital	At $1,000 and above	Silver Tag
      Grant	Inventory / Capital	At $1,000 and above	Silver and Green Tag

2. The Central Receiving/Fixed Assets staff will complete the following process to properly record an asset in the asset system.
   
   1. Utilize the Workday Find Purchase Order Report weekly to identify new assets valued at $1,000 and above that will need to be registered (created) in the asset system.
   2. The report information is stored in the fixed assets database pending final payment of the purchase order.
   3. The staff will then identify the purchase order trackable or untrackable lines on the supplier invoice.  A message will also be provided for staff in the system tasks icon.
   4. An asset ID is assigned once the Fixed Assets staff approves the purchase order trackable or untrackable supplier invoice lines.
   5. To complete the asset registration process, the staff will need to add the asset identifier (unrestricted and/or grant budget inventory tag number), security tag number (if applicable), serial number, location name, Worker name, and cost center manager/asset coordinator to the asset information.
   6. After the process is complete, the asset will appear in the cost center managers/asset coordinators' inventory.

Responsibility

Central Receiving/Fixed Assets Department staff are responsible for properly tagging assets and creating all new assets in the asset system.