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Fixed Assets

What is a fixed Asset?

A fixed asset is equipment owned by the university. It costs $2,000 or more and lasts longer than one year.

The university has sole ownership to all equipment acquired regardless of source of funding or method of acquisition except:

Equipment acquired through sponsored projects where the federal government or other sponsor explicitly retains title or an equity interest in the equipment or where the sponsor furnishes equipment merely for the duration of the project.
Equipment acquired on federally-sponsored projects generally results in the university having conditional title for the duration of the sponsored project, and the final determination of ownership is made upon the conclusion of the project in accordance with Uniform Guidance Section 200.313.
Equipment on short-term loan from another institution.
Leased equipment (unless such equipment meets the criteria for a capital lease).

University employees are personally responsible for protecting the property entrusted to them, as well as university assets in general.

Who should you contact?

Fixed Assets and Equipment Inventory Services (FAEIS) unit of the Controller's Office is responsible for maintaining and managing the university's official fixed asset system which includes land, buildings, improvements, fixed and moveable equipment. FAEIS strives to ensure the university's assets are properly acquired, safeguarded, controlled, recorded and disposed of in accordance with state and federal regulations, audit requirements, and applicable accounting pronouncements.

What are the rules of the road?

Administrative managers for each university organizational unit are responsible for control of all equipment and other assets in their care, custody, control, or assigned to their department.

Policy 3950: Fixed Assets Accounting

Electronic Home Use Forms

Employees taking equipment home or resuming onsite work should submit the VT Equipment Home Authorization to your department’s equipment coordinator. The department equipment coordinator has the responsibility to reconcile the transaction and update the fixed assets system accordingly.

Instructions/Trainings

If you have any questions please call or email the Assets and Inventory Services Coordinators, Travis Jones (1-3623 or trjones@vt.edu) or David Hungate (1-8568 or hungate@vt.edu) for assistance.

4 Tips for Fixed Assets

Procurement

Select the correct account codes

Tagging

Let us know if you have equipment to be tagged or if it’s already tagged using the tagging app.

If you have any inquiries regarding Fixed Assets, please contact VTFixedAssets@VT.edu

Inventory

Keep careful track of your equipment.

Surplus

Know how to bench your assets!

What systems are in place for fixed assets?

Current Fixed Asset information is recorded in Banner. There are several Banner screens that can help you find information about the Fixed Assets in your department. (See the linked manual and Training Tutorials provided by the Controller's Office.)

Fixed Assets Training Manual

What training is available?

Fixed Assets Banner screen trainings are available on the Controller's website. Be sure to click on the Fixed Assets tab.

Users requesting Fixed Asset update access must:

Complete the Fixed Asset online training successfully.
Complete the Banner Finance System Request form on the Controller’s Office website

If you have questions regarding training, please contact Becky Saylors at saylorsb@vt.edu or Matt Carter at mcarter4@vt.edu with any questions.

What Systems are in place for Surplus?

Surplus is responsible for disposing of university property. They will make efforts to redistribute property within the university. If this proves to be unsuccessful, it will be sold at public auction or through sealed bid. Property can be transferred between departments, but it may not be sold to other agencies.

Important Surplus Training, Policies, and Resources