The Fixed Assets Department maintains the records for all capital equipment used by the University. University capital equipment has a purchase cost of $5,000 or more with a useful life of one or more years. The asset is capitalized and included in the business asset module of Workday.
Equipment Tag Information
- Each capital asset should be tagged with a BLUE BARCODE TAG that helps to identify each capital asset.
- Equipment which costs less than $5,000 is regarded as non-capital equipment and is the sole responsibility of the department that purchased the equipment. To help department personnel track non-capitalized equipment, Financial Services has RED inventory tags available for departments to use.
Toggle ItemTransfer Procedures
When there is a change in Custodian, Location or Department follow these transfer procedures:
- Download and fill out the Transfer Form
- Email the form to firstname.lastname@example.org with the words "Asset Request" in the subject line. Ensure that the form includes the signature of the Department Head. (The CIO Signature is not needed for non-electronic/computer equipment). Please call 808-675-3314 for any asset-related questions.
- Financial Services staff will coordinate with ITI/ITO or CDC personnel regarding your request, and they will make arrangements to pick up your equipment to be transferred.
- When your equipment is picked up, please give them a copy of the Transfer Form (Make sure the form is signed by your Department Head).
- If the equipment is a capital asset, it will be transferred in Workday to the new Cost Center, which will incur any remaining depreciation expense for the remaining life of the asset.
Toggle ItemSurplus/Disposal Procedures
- Download and fill out the Surplus Form for any asset that has value, is still working, and can be sold. Use the Disposal Form for assets that are not working and/or do not have any residual value. These items will be picked up and disposed of.
- Email the form to email@example.com with the words "Asset Request" in the subject line. Ensure that the form includes the signature of the department head. (The CIO signature is not needed for non-electronic/computer equipment). Please call (808) 675-3314 for any asset-related questions.
- Financial Services staff will coordinate with ITI/ITO or CDC personnel regarding your request, and they will make arrangements to pick up your equipment to be surplussed or disposed of.
- When your equipment is picked up, please give them a copy of the Equipment Surplus Form or Disposal Form (make sure the form is signed by your department head).
- If the equipment is a capital asset, it will be disposed of in Workday.
Toggle ItemLife Expectancy of Capital Equipment
Life Expectancy of Capital Equipment
The estimated life expectancy of various types of assets is listed below. The University uses the straight-line method of depreciation.
Type of Assets Useful Life Computer and related equipment 3-5 years Vehicles 5 years Electric Carts 7 years Furniture and fixtures 10 years Other equipment 8 years
Toggle ItemAnnual Physical Inventory Count
Annual Physical Inventory Count
A physical inventory of all fixed assets is done at least once a year during the Fall. Sometimes it is necessary to do an inventory count more than once a year in certain areas for various reasons.
Department heads and personnel should not feel intimidated or singled out because of the inventory count. The physical count helps to maintain accurate records and accountability of University assets.
Each department should assign at one individual who is very familiar with the capital assets of the department to conduct the annual inventory count.