Fixed assets are defined at the University as assets that have a per unit cost of $5,000 and a useful of more than 1 year. When a department is acquiring an asset that has a fixed asset they should charge the expenditure to the appropriate FOAPAL, but pay particular attention to the account code being selected. Acquisition Use of Proper Capital Expense Account Codes There are three stages of a fixed asset's life cycle: 1) acquisition, 2) maintenance, and 3) sale or disposal. Here we will define the role of the custodian through the life cycle of an asset so that a full understanding of this role can be gained by those taking on this responsibility in their department. The Office of the Comptroller relies on the custodians of the University's assets for critical pieces of information that impact our financial statements. The fixed asset custodian plays an important role in maintaining the accuracy of the data contained within the University's fixed asset system.
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