Asset Accounting

  1. Offices and Departments
  2. Financial Services
  3. Asset Accounting

The Asset Accounting Team provides support services to the University community to facilitate the management and disposal of tangible property that Commonwealth University possesses. It strives to create and execute uniform directives and procedures for accountability, control and disposal of equipment currently active on the University's ledger.

Responsibilities include:

  • Reconciling all Fixed Asset classes
  • Gathering essential information about capital equipment acquisitions for inventory
  • Notifying Receiving or specific campus groups when tagging of the asset should be done
  • Conducting the bi-annual physical asset inventory across the 3 campuses
  • Preparing all year-end schedules and journal entries
  • Educating departments, facilities, faculty and staff to understand what is or is not considered a Fixed Asset.

A bi-annual physical asset inventory is conducted to update our assets within the accounting module for the disposition of assets or the transfer of assets between departments and campuses. Communication of this process will be sent to Department chairs and administrative assistants prior to the start of each physical inventory.

Definition of a Fixed Asset

Equipment, furniture, software, buildings, and improvements with a cost in excess of $10,000 ($5,000 if purchased prior to 07/01/2025) and an estimated useful life of two years or more. All costs associated with placing an asset in service, including freight, installation costs, site preparation costs, alterations, and professional fees should be included in the capitalized value.

Key Resources

Department Responsibilities

  • Record the purchase of a Fixed Assets properly in SourcePoint using the correct Commitment Item.
  • Notify the Asset Accounting Team if an asset, which has a white university sticker with a number is moved to another room, building, department, or campus.
  • Contact the Asset Accounting Team if an asset is received that was purchased with funds from one of the Foundations or was donated to the Foundation and will be transferred to the University as an item the University will own.
  • Contact the Asset Accounting Team if a Fixed Asset will be used as a trade-in for another fixed asset.
     
Illustration of Mountain

Contact University Asset Accounting Team