Policies & Procedures
Name:
Fixed Assets
Policy Number:
6107
Approved Date:
07/01/19
Most Recent Revision:
07/1/19
Series:
Finance, Financial Controls
Policy: 6107
It is the policy of the College to capitalize property and equipment in accordance with OMB Circular A-110 and has established a unit cost for fixed assets of $5,000 or higher. Items with a unit cost below this threshold shall be expensed in the year purchased.
The College will comply with GASB 34 of the Government Accounting Standards Board in recognizing depreciation on long-lived assets and providing proper disclosure in the financial statements.
Administrative procedures will be developed to ensure items with a unit cost of $5,000 or higher are properly tagged, accounted for, and recorded in the Fixed Assets ledger.
References:
Rowan College of South Jersey Administrative Procedure, 6107 Fixed Assets