Community Exchange

Hello,
I'm in the process of beginning to draft a comprehensive Fixed Asset Capitalization Policy for our institution, and before I get too deep into the weeds, I'd love to tap into the collective wisdom of this community. If you've built or refreshed a policy recently - or if you just enjoy a good accounting policy discussion - I'd be grateful for your insights.

Additionally, for anyone who's interested to see what other institution have put together for an entire policy, if anyone emails a copy of their fixed asset policy directly to me, I'll send you a copy of all other Fixed Asset Policies that I get. I feel like I'm asking a lot but this could be a great opportunity for any other aspiring accountants out there that want to really immerse themselves into the details like I do.

Thanks everyone for your time!
Seth

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Seth Carter
Accountant/AP Supervisor
Grinnell College
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Following as I am also interested in seeing what is out there. 😊

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Cloressa Orr
Accounting Specialist III
College of Southern Maryland
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Hi All,

I am in the process of updating our policy again as we have recently shifted systems and are going to increase our capitalization threshold for next year but this is our current capital asset policy at Northeastern University. https://policies.northeastern.edu/policy302/ 

-Nicole

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Nicole Malzone
Sr. Fixed Asset Manager
Northeastern University
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Hi Seth,

Following along with interest! We're currently refreshing our property administration policy, with a particular focus on two areas: capital construction projects and collectively material purchases. Both tend to require more judgment than a straightforward equipment purchase, so we're working to build out clearer internal guidance.

We're also in the middle of an asset management system transition, which has been a great opportunity to revisit and sharpen our classifications.

We're a public university and part of a larger state system, so we're navigating both GASB and GAAP requirements - would be especially interested in hearing from others in a similar situation. Thanks for starting the conversation!

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Kelsey Edwards
Accountant
California State University, Humboldt
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Good morning!  We are a small school so our policy may be too simiplified for what you are looking for but I'm happy to share my policy.  

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Cathy Sterbenz
Vice President of Finance & Administration
Perry Technical Institute
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We are in the process of evaluating our capitalization policy as well.  In addition, we are looking at the useful lives that we currently use.  I would be interested in see what others are using particularly for buildings, additions to builidings - major renovations, equipment, etc.  I am also interested in seeing what was done to "sell" the changes to your auditors.  

Thanks

Debbie

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Debbie Zimmerman
Controller
University of Dallas
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Hi Seth, attached is Grand Rapids Community College's internal accounting fixed asset policy...

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John Globoker
Vice President of Finance and Administration
Grand Rapids Community College
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