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Fixed Asset System

From Appalachian State University Policy Manual

Revision as of 17:21, 1 August 2011 by Deaskc (Talk | contribs) (Introduction)

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Policy 501.22

1 Introduction

1.1 Responsibility

The responsibility for equipment control, or the Capital Assets System, has been assigned to the Fixed Assets Office, a Division of the Controller's Office. The telephone numbers for assistance and information are 262-2636 or 262-2500.

1.2 Function

The Fixed Asset System (FAS) was implemented at Appalachian State University July 1, 1979, in order to more effectively control those assets owned by the University. The function of this system is to:

  • Account for lost or damaged property due to fire, flood or other disaster. This kind of information may be essential in obtaining replacement funds or collecting insurance coverage.
  • Comply with requirements of the State of North Carolina that tangible, long lived assets be accounted for through an inventory control system.
  • Deter theft and aid in tracking property which has disappeared.
  • Facilitate transfer of equipment to fill a requirement on campus in lieu of procuring new equipment.
  • Provide data to departments which will aid in better utilization of equipment.
  • Determine the rate of depreciation on equipment for the purpose of calculating the University's overhead rate to Federal Agenc

2 Scope

3 Definitions

3.1 Definition phrase or word

Definition summary


4 Policy and Procedure Statements

5 Additional References

6 Authority

7 Contact Information

8 Effective Date

9 Revision Dates