If at any time you have a question pertaining to what is or is not a fixed asset, please contact Michele Fatora at 357-4074 (Michelet@iup.edu). Having the correct GL/Account assigned correctly at the requisition point helps to streamline the entire ordering process.
A fixed asset is any one item (or a system) with a purchase price of over $5,000 and a useful life of two or more years. This means the asset status is effective if the item (including all costs pertaining to its start up) is $5,000.01 and up.
Purchase Price: This is the price that is included on one (1) purchase order
If an item is an add-on, internal, or software, and not purchased at the time of the original piece of equipment or system, it is not a fixed asset.
If it cannot stand alone to work, it is not a fixed asset.
If the add-ons, internal and/or software must be present to make the equipment in question work, it is a part of the fixed asset.
A fixed asset is a piece of equipment or furniture that can be used as a stand-alone item.
Note: When a “system” is purchased, the main piece of the system is considered the main fixed asset and is assigned a fixed asset number. This is the piece of equipment that the serial number references. All accessories and components are considered sub-assets and are associated with the main asset.