1/14/2019 Fixed Asset Procedure | The University Corporation, SF State

Fixed Asset Procedure

Please refer to the procedures listed below when identifying, recording, and controlling xed assests within The
University Corporation, SF State. This policy was approved on February 16, 2011.

Capitalization and Depreciation

Tagging and Periodic Inspections
Procedures for Disposal or Transfer of Fixed Assets
Lost or Stolen Equipment
Inventory Reconciliations to Financial Records

Capitalization and Depreciation

Capitalization 
A xed asset is an item that has a cost value of $5000 or more.  All assets purchased with a value of $5,000 or
greater and useful life of greater than three years will be capitalized and tracked on a depreciation schedule.

Sensitive Electronic Equipment

Sensitive electronic equipment is any piece of electronic portable device. Equipment that is sensitive in nature or
subject to theft must be separately tracked by the responsible department through the use of an Equipment List.
Sensitive electronic equipment will not be capitalized nor depreciated, however, these items will be tracked on
the equipment list for tracking and location purposes. The following items are examples of sensitive electronic
equipment:

cameras
cell phones
computers
fax machines
microscopes
printers
telescopes
two-way raidios
video cameras/recorders
video monitors
video projectors
other individual communication devices

Depreciation
Computers, and peripherals will be depreciated over a useful life of ve years.  Furniture, xtures and equipment
are generally depreciated over a ve to ten-year life.  Building improvements are depreciated over their
estimated useful life. All assets are depreciated using the straight-line method.  Depreciation shall be calculated
and recorded to the general ledger based on the year placed in service.

Useful Life Schedule:

Computer equipment and peripherals: 5 years

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Furniture, xtures, and equipment: 5 - 10 year

Leasehold improvements: Remaining life of lease agreement

Building improvements: Remaining life of building 

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Tagging and Periodic Inspections

Tagging of Fixed Assets Including Movable Items
Upon approval and acquisition, all xed assets and sensitive equipment must be shipped to and received through
the campus receiving. ABS staff will assign the tag for the asset and entry into the xed assets inventory lists
which shall include the serial number, model number, and the Corporations inventory number.  Only sensitive
equipment with a value of $1,000 and less than $5000 will be tagged.  The Project/Of ce staff is responsible for
af xing the tag sent to them by ABS to all new xed assets including moveable items.  The Corporation
Director’s/Manager’s administrative duties include acting as the authorized custodian for the xed assets located
in their area and are responsible for ensuring that all new and moveable xed assets are tagged within their area
upon receipt.

Periodic Inspection of Fixed Assets

 A physical inventory will be conducted every two years by the University property of ce as appointed by the
Chief Operating Of cer/Chief Financial Of cer (COO/CFO) of the Corporation.  A detailed list of the
Corporation assets will be sent to the University property of ce in which to perform the physical inventory. It is
the duciary responsibility of the Project Director/Manager to notify the Corporation of any substantive changes
in an asset or its location.  It is the responsibility of the COO/CFO to ensure the integrity of the recorded value of
xed assets.  

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Procedure for Disposal or Transfer of Fixed Assets

Fixed Asset Dispositions
Fixed Assets can be disposed of because the equipment or furniture is broken or no longer useful.  Before any
xed asset can be disposed of, the Corporation project Director/Manager must complete a Fixed Asset
Disposition Form and submit it to the Corporation Business Of ce managed by Auxiliary Business Services (ABS)
to ensure the integrity of the xed asset details.  The Fixed Asset Disposition Form requires the approval of the
Corporations Project Director/Manager and the COO/CFO.  ABS will ensure a copy of the Fixed Asset
Disposition Form is led and the corresponding asset removed from the Corporations books.

Fixed Asset Transfers

Fixed asset transfers between the Corporations Projects or Of ces must be reported by the Corporations
Project/Of ce transferring the xed asset as a disposition and by the Corporations Project/Of ce receiving the
xed asset as an acquisition. Both the transferring and receiving Project/Of ce must submit a Fixed Asset
Relocation Form in order to verify the transfer process.

Fixed Asset Transfers to the University

Annually, the Corporation shall transfer to the University ownership of xed assets belonging to closed projects
where appropriate.

A corporation project can also request that ownership of an asset to the University.  

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Lost or Stolen Equipment

When equipment in the Corporations of ce or equipment loaned to the Corporation of cers and employees are
discovered to be missing or lost, the Project Director/Manager or the individual responsible shall take the
following actions:

1. Immediately report the missing or lost equipment to the Corporation Business Of ce by completing the Fixed
Asset Disposition Form (/sites/default/ les/documents/ xed-asset-disposition-form.pdf). 
 
2. The Corporation Business Of ce shall notify the University Department of Public Safety and assist the
Corporations Project Director/Manager or the individual responsible by completing the University
Department of Public Safety Equipment Loss Report and provide all available information.
 
3. The Corporations Business Of ce shall within one week of the reporting to the University Department of
Public Safety determine if negligence is involved.  The Corporations Business Of ce shall be responsible for
collection of applicable costs from the personnel when the loss is due to negligence.

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Inventory Reconciliations to Financial Records

For the purpose of inventory reconciliations to the nancial records, the University property of ce will submit
the xed asset inventory list to ABS after a xed asset inventory check has been performed and ABS will
reconcile and make the necessary adjustments.

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Contact Information
 
Employee Directory (/employees)

Email:  (/employees)ucorp@sfsu.edu (mailto:ucorp@sfsu.edu)

Phone: (415) 338-7123 (tel:+14153387123)
Fax: (415) 338-7950
Campus Location: 
Administration Bldg, Room 361
1600 Holloway Avenue
San Francisco, CA 94132
Mailing Address:
PO Box 320160
San Francisco, CA 94132
 

Quick Links
Finance Reporting (BI) Login (http://bi.sfsu.edu/analytics/)
Common Financial System (CFS) Login (https://ds.calstate.edu/?svc=cfs)
Cash Receipt System (CRS) Lookup (https://ids.sfsu.edu/crsweblookup/index.jsp)
SFSU Imaging System (http://sfsu.documentportal.com/)
UCorp Online Credit Card Payments (https://commerce.cashnet.com/ucorp)
Associated Students, Inc. (http://asi.sfsu.edu)
Of ce of Research and Sponsored Programs (http://research.sfsu.edu/)
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