Financial Services fixed assets staff 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 that 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.
Forms and Procedures
Toggle ItemSurplus/Disposal/Transfer Procedures
Surplus/Disposal/Transfer Procedures (Updated Jan 2021)
- Download and fill out the Surplus Property Request Form.
- Email the form to email@example.com with the words "Surplus Property" in the subject line. Follow instructions as listed on the "Surplus Property Request Form."
- Financial Services staff will send the completed form to ITI/ITO or CDC and will coordinate with their staff regarding your request for an arrangement for pick up, transferal, or disposal.
- If the equipment is a capital asset, it will be transferred in Workday to the new Cost Center (if a transfer), which will incur any remaining depreciation expense for the remaining life of the asset.
- Contact fixed asset staff at (808) 675-3710 or firstname.lastname@example.org if any questions.
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.