A fixed asset refers to any equipment or property purchased or donated by a college or university, which is in active use within the institution’s operations. Fixed assets are generally worth a significant dollar value and offer some type of benefit for an extended period of time, typically in excess of one year. In most cases, fixed assets are depreciated and reported on within a college or university’s financial statements.
Precise fixed asset data is essential for higher education institutions to ensure compliance with GASB 34/35 reporting requirements as well as formulate policies and strategies for acquisitions, maintenance, replacement, and retirement of the fixed asset base.
This FREE guide covers everything from depreciation and capitalization policies to fixed asset categories and physical audit procedures.