Fixed Assets & Surplus
Fixed Assets & Surplus
What is a Fixed Asset?
A fixed asset is an asset of a permanent characteristic having continuing value, e.g. good, material, furniture, or equipment, that has a unit value of $5,000 or greater, which is depreciated over its useful life
At the time of procurement, fixed assets are identified in the account code field with a "05" suffix. For example, equipment less than $5,000 would have a code of 6401; equipment $5,000 or greater would have a code of 640105. This suffix enables Banner to create a temporary fixed asset tag. Upon receipt of the item, the warehouse professionals affix a permanent tag, which is updated in the Banner system.
The fixed asset is identified in the Banner system with its permanent tag number, serial number, description, and location. This information is utilized for physical inventory. In order to ensure the Banner system reflects the correct location, an Equipment Transfer Form must be used when the equipment is relocated.
Equipment Moves
Complete the Equipment Transfer Form if you want to move equipment from one location to another and submit the form to Chabot Administrative Services, who then forwards it to District Purchasing so they can update their inventory list with the new location of the equipment. The equipment is actually moved by the Maintenance and Operations Custodial professionals, so you'll need to enter a Maintenance & Operations work order when you're ready for the equipment to be moved.
Surplus Procedures
Surplus Program Policies and Procedures
For all furniture and equipment under $5,000, the following must occur:
- Complete the Surplus Equipment Form, including description, serial number, authorized signature
- Submit the form to Chabot Administrative Services. If approved, your request is forwarded to District Purchasing
- Board approval is required to declare items as surplus
- Warehouse professionals move the surplus item
- Determination is made to:
- Donate to another public agency
- Post on a public auction web site
- Recycle or dispose
For all fixed assets (items tagged $5,000 or greater), the following must occur:
- Same procedure as defined above
- Upon approval by the Board of Trustees, the fixed asset(s) will be removed from the Banner system.