It is Radford University’s inherent obligation to exercise appropriate stewardship and accountability for all assets regardless of the method of acquisition (purchase, lease, fabrication, donation via Radford University Foundation, etc.) or the source of funding (educational and general funds, sponsored programs, ETF, etc.). As a publicly funded institution, the University is accountable for all assets in its possession. The Office of Financial Reporting is responsible for maintaining and managing the University's official fixed asset system which includes land, buildings, improvements, equipment, and intangibles. Financial Reporting strives to ensure the University’s assets are properly acquired, safeguarded, controlled, recorded, and disposed in accordance with state and federal regulations, audit requirements, and applicable accounting pronouncements. Financial Reporting works in close coordination with all University departments to identify and tag assets as acquired.
What is required to be tagged?
Capitalized assets (assets with an expected useful life of greater than one year and with a value or cost of $5,000 or more at the date of acquisition) and controllable assets (Equipment Trust Fund (ETF) or certain other assets costing less than $5,000 that the University has determined should be tracked and tagged similar to capitalized assets in order to maintain proper control and accountability (i.e. computers)) must be tagged by Financial Reporting personnel, maintained in the Banner Fixed Asset module, and inventoried at least every two years.
Please visit the Policies and Procedures tab to see:
· Physical Inventory Policy
· Physical Inventory Procedures
· Equipment Liaison Handbook
Please visit the Forms and Resources tab to see:
· Departmental Equipment Change Report
· Department Equipment Liaison Assignment Form
To surplus a fixed asset please complete a PU19 form found on the Facilities Management website.