Fixed Asset Accounting includes the following:

  • Acquisition of Property
  • Transfer of Property
  • Departmental Inventory
  • Surplus of Property 

Please see the Asset Capitalization Policy for detailed information.

Fixed Assets include land, land improvements, infrastructure, buildings, building improvements, construction in progress, furniture and equipment, software, library books, works of art and historical treasures.

Assets can be purchased by placing an eVA order, please see Department of Materiels Management Policies, and then paid for by credit card if under $5,000 or with a University check if over $5,000.   To transfer an asset from one department to another please fill out an Equipment Transfer Form.

A Fixed Asset inventory is required to be done by each department every year.  Inventory procedures include:

  • A listing of fixed assets will be sent to each department for verification of their inventory each year. 
  • The department should check off that each item listed on their inventory is accounted for. 
  • The Inventory Work Sheet should be used for any items that were transferred, sold or surplused.
  • The Missing, Lost or Stolen equipment form is used for items that meet any one of those criteria.
    • The Business Office will file a police report for the missing items.
  • The Department Manager must sign off on the inventory once it is complete and forward to the Business Office.
If a fixed asset needs to be disposed of a Non-IT Surplus Property Disposition Request Form should be filled out and submitted to the Warehouse.  The Warehouse will then schedule the item to be picked up.
Contact Ellis Woodruff at 757-594-8858 or ewoodruff@cnu.edu for any questions.