JEFFERSON COMMUNITY COLLEGE BOARD OF TRUSTEES ...

ADMINISTRATIVE MEMORANDUM
Policy and Procedures
Jefferson Community College Board of Trustees
Section: Fixed Asset Control Issued: 1993
Subsection: Policy and Control Revised: 09/2010 Page: 1
Policy: All fixed assets of significant value shall be recorded on a fixed asset inventory. The inventory shall be
maintained by the Purchasing Department, which shall be responsible for the property control. College
Vice Presidents or their designee(s) shall be responsible for accountability relative to their department’s
assets. The Purchasing Department shall periodically conduct a physical inventory and internal policy
compliance audit.
Guidelines:
1. Fixed assets are assets of long-term character which are intended to continue to be held or used, such as
buildings, equipment, machinery and furniture.
2. The three minimum standards for inclusion of a capitalized item on the fixed asset inventory must all be met as
follows:
A. An individual item must have a value of at least $5,000.
B. The item must have a useful life of one year or more.
C. The item must have physical characteristics which are not depleted by use.
3. Non-depreciable assets may be entered in the fixed asset inventory at the discretion of the Purchasing
Department.
4. Vice Presidents are designated as departmental fixed asset custodians with the provision that they may appoint
someone to represent them.
5. Periodically, the Purchasing Department shall conduct a physical inventory of each department. This need not be
done every year for each department, but should be done in some departments each year. A physical inventory
shall be performed for all departments on a five year cycle.
6. In addition to the fixed assets inventory control records, the Instructional Technology Department maintains a
comprehensive inventory of all technology related items. This listing is solely maintained by the Instructional
Technology Department. Instructional Technology conducts a separate physical inventory of technology related
items annually.
7. The fixed asset inventory control records shall be maintained utilizing an automated management information
system. A perpetual control record shall be maintained by Purchasing, which shall provide each Vice President
periodic departmental reports of departmental fixed assets.
8. Annually, the Director of Financial Operations in coordination with the Purchasing Department, shall prepare a
statement of general fixed assets and supplementary schedules for use in preparing annual financial statements
and various insurance programs.
Jefferson Community College Board of Trustees
Meeting Minutes – September 1, 2010
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