TAILIEUCHUNG - FIXED ASSETS ACCOUNTING PROCEDURES

However, it is important to note that beliefs need not be significantly biased simply because information is not quantified. For instance, the managers who decide how much Chemical A to use may understand that, because of disposal costs, its true costs are greater than $50. That is, there may be a qualitative understanding of the disposal cost X that influences the firm's decisions. While still uncertain, managers may estimate X to be something greater than zero, and thus closer to its true value. Analysis and quantification are likely to improve the quality of that estimate, but not as much as they would. | FIXED ASSETS ACCOUNTING PROCEDURES Responsibility Accountability and Ownership All fixed assets land buildings fixed equipment infrastructure and moveable equipment are owned by the University and not by a specific individual department or other operating unit. Generally the university has sole ownership of all equipment acquired regardless of source of funding or method of acquisition with the following exceptions Equipment acquired through sponsored projects where the federal government or other sponsor retains title to the equipment or where the sponsor furnishes equipment merely for the duration of the project Equipment on short-term loan from another institution Leased equipment All university employees are personally responsible for protecting university property or federal government owned property entrusted to them and for helping to protect all university assets in general. This includes the proper care maintenance control and reasonable safeguards to prevent loss damage or theft of such equipment and other fixed assets. This is especially important for equipment purchased under the SCHEV Equipment Trust Fund ETF program. Because such equipment serves as a security interest for the bonds issued to fund the program ETF equipment cannot be disposed of during the first five years of ownership. Deans vice presidents department heads department chairs and directors or similar titles for the administrative manager of each university organizational unit and hereafter referred to as department heads are ultimately responsible for and are held accountable for assuming proprietary control of all equipment and other fixed assets in their custody or assigned to their department. See Section of Policy 3950 Fixed Assets Accounting for further department responsibilities. Also see the Department Business Management Guide for establishing good business practices and procedures and Suggestions for Successfully Managing Equipment Inventories on the Controller s Office

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