Fixed assets image
Fixed assets

Fixed assets

Fixed assets

Fixed Assets Accounting's 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).

General information for the custodian

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. If you need to change your departmental property custodian, please use the Change of Custodian form.

Any equipment (with a value of $5,000 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. Please use the Addition to Equipment Inventory Form.

Contact the Surplus Property Manager at (804) 828-9444 for surplus information and to pick up surplus items. 

Fixed Assets will tag, for inventory purposes, all equipment with a purchase cost of $5,000 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 the Surplus Department. Contact if you have any inquiries about your department inventory or need a printout of your inventory list.

Higher Education Equipment Trust Fund

The Higher Education Equipment Trust Fund was established in 1986 by the General Assembly. The funding is used to purchase equipment for instruction and research. Institutions purchase equipment using their operating funds and are reimbursed by the Trust Fund. The HEETF program significantly reduces the amount of obsolete technology and equipment while providing every student with access to an appropriate level of information and technology.