Fixed assets
Fixed Assets
Fixed Assets Accountings' mission is to help assure the fiscal integrity of the University's assets by identifying and keeping accurate records of its property and capital equipment. The University uses the Banner Fixed Asset System. The Fixed Asset System is a real-time on-line system for maintaining up-to-date fixed asset records. Each department identifies a fixed asset custodian who is responsible for maintaining the asset records and conducting an annual inventory. In addition, we administer the Higher Education Equipment Trust Fund (HEETF).
Resources and Guides
- VCU Fixed Asset Policy: located on the VCU Policy Library. See the policy page for more information.
- Banner Fixed Asset Aid: a reference guide for custodians navigating in Banner Finance.
- Fixed Asset Account Listing: a list of Account Codes attributed for use with fixed assets.
- Account Coding Training for Purchases: a guide for finding and selecting the right Account Code for use in purchasing.
- HEETF list approval: a guide covering the HEETF approval process.
- Fixed Assets Forms: list of forms for requests such as change of departmental custodian, adding to department inventory, and more.
General information for custodians
As a custodian, you are responsible for the custody and proper use of all equipment that is assigned to your department. You must conduct an annual inventory of all equipment that is in your department.
Any equipment (with a value of $10,000 or greater) that is donated, fabricated, found, transferred from another University or Agency or purchased with a departmental corporate card needs to be added to your departmental inventory.
Fixed Assets will tag, for inventory purposes, all equipment with a purchase cost of $10,000 or greater. All HEETF trust fund equipment must be tagged. HEETF equipment must be kept for 5 years or until you receive a memo stating that you can dispose of the equipment.
Equipment cannot be sold. It can only be traded in, transferred within the University, or disposed of through surplus services. Contact fixedassets@vcu.edu if you have any inquiries about your department inventory or need a printout of your inventory list.
Scheduling surplus property pickup
VCU department's surplus property and disposal services are scheduled and provided by Facilities Operations, General Services. To request a pickup:
- Access the Facilities Self Service (FSS) portal and submit a request. Once the request is approved, you will receive a notice that includes the customer request number from the FSS request/work order.
- Complete and sign the Surplus Property Move Form [PDF] and include the customer request number. Note any hard drives must be wiped by VCU IT Services before pickup can occur. If you are not the fixed asset custodian, this form also needs to be signed by your custodian as well as you. Asset tags, if applicable, must be listed on the form.
- Email the form to the surplus property manager (their contact is listed on the form). Fixed asset custodians should maintain a copy of the form for their records.
- The surplus property manager will reach out to schedule a meeting to tag surplus items, and to schedule a day and time for the pick up to occur after tagging is completed.
If you have any questions on the surplus process or need to contact them, please reach out to General Services.