INVENTORY/FIXED ASSET ACCOUNTING

Effective Date
July 1989
Last Revision Date
December 2018
Policy Owner
Vice President of Administrative Services

1. Policy & Purpose

It is the policy of the Board of Trustees that an orderly system of inventory and fixed asset accounting be implemented.

Last Review Date: March 2026

History
Adopted July 19, 1989
Revised December 19, 1996
Revised January 25, 2001
Revised January 8, 2004
Reformatted April 19, 2010
Revised September 12, 2013
Revised December 13, 2018
Reformatted December 10, 2020
Reviewed March 2026

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Procedure 3130L

INVENTORY/FIXED ASSET ACCOUNTING

Effective Date
July 1989
Last Revision Date
March 2026
Policy Owner
Vice President of Administrative Services

1. Procedure

It is the policy of the Board of Trustees that an orderly system of inventory and of fixed asset accounting be implemented. 

The Vice President of Administrative Services or their designee, shall maintain a continuous inventory of all College property,—buildings, furniture, library collections, and equipment as required by the National Association of College and University Business Officers (NACUBO), the Governmental Accounting Standards Board (GASB), and Generally Accepted Accounting Principles (GAAP).   They will also ensure that adequate accounting procedures are in place for fixed assets. 

Department Heads and employees are responsible for maintaining an inventory of fixed assets and other property assigned to their departments or to the individual employees. 

The Associate Vice President of Finance shall oversee the monitoring and accounting of fixed assets. Items with a cost or fair market value between $3,000 and $9,999 that are not classified as fixed assets shall be inventoried and tagged, when feasible. To qualify as a fixed asset, the item must: 

• be tangible in nature
• have a useful life expectancy of more than one year, and
• have a cost or fair market value of $10,000.00 or more 

Fixed assets shall be recorded at cost. Fixed assets received as gifts will be capitalized at their estimated fair market value at the time of receipt. 

The accompanying Chart of Fixed Asset Information, adopted by the Wyoming Community College system of colleges, shall be implemented by the College. 

CHART OF FIXED ASSET INFORMATION 

ASSET	CAPITALIZATION	USEFUL LIFE RANGES	SALVAGE
Furniture & Equipment	$10,000	3 -14 years	0
Computers	$10,000	3 - 5 years	0
Vehicles	$10,000	3 - 5 years or mileage	0
Buses	$10,000	8 - 10 years	0
Heavy Equipment	$10,000	5 - 10 years	0
Shop/Plant	$10,000	10 - 14 years	0
Sheds	$10,000	10 - 14 years	0
Library Books	Annual aggregate purchases	5 - 7 years	0
Art/Collections	$10,000	N/A	N/A
Building Improvements	$50.000	20 years
Land	Capitalize only: Not Depreciated	N/A	N/A
*Buildings	$50,000	40 years	0 - 10%
**Land/Site Improvements	$25,000	20 years	0
***Infrastructure	$250.000	25 - 50 years; Roads 40 years; Water/Sewer 25 years	0

  

* Telecommunications are considered part of building costs. 

** Land/Site Improvements are typically adjacent to the buildings they service and have a much shorter life than long-lived infrastructure assets. Land improvements include assets such as pathways, sidewalks, swimming pools, parking lots, lighting, and fencing. 

*** Infrastructure – Long-lived capital assets that are normally stationary in nature and cannot be identified to a building. Infrastructure assets serve the public or community as a whole and include such things as roads, tunnels, and other delivery systems. 

Accountability vs. Capitalization – The capitalization level should capture 80% of the dollar value of total assets. 

Last Review Date: March 2026

History
Adopted July 19, 1989
Revised December 19, 1996
Revised January 25, 2001
Revised January 8, 2004
Reformatted April 19, 2010
Revised September 12, 2013
Revised December 13, 2018
Reformatted December 10, 2020
Revised March 12, 2026