Fixed Assets & Surplus
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Fixed Assets & Surplus
What Is a Fixed Asset?
A fixed asset is a long-term asset with a useful life of more than one year. A fixed asset is any asset (e.g. buildings, furniture, or equipment) that has an initial purchase price of $5,000 or greater, and which is depreciated over its useful life. Fixed assets are also known as property, plant, and equipment (PP&E) or capital assets.
At the time of procurement, fixed assets are identified in Banner by the account code field with a “05” suffix. For example, an asset less than $5,000 would be recorded against account code 6401. An asset with initial purchase price of $5,000 or greater would be recorded against account code 640105. Banner reads the suffix “05” and creates a temporary fixed asset tag. Upon receipt of the item, the warehouse affixes a permanent tag to the fixed asset. The number on this tag becomes the permanent identifying number for this item. The warehouse employee then updates Banner with the serial number, description, and location of the item.
When the physical inventory is performed biennially, the information in Banner is used to locate and identify district property.
Fixed Asset Equipment Moves
If a fixed asset needs to be moved, the end user needs to fill out an Equipment Transfer form and forward to the college warehouse. District employees should forward the form to the Business Services Senior Administrative Assistant. This process is to ensure that Banner is updated with the fixed asset’s correct location. If help is needed to move the equipment/furniture, please place a work order with M&O through School Dude http://www.clpccd.org/facilities/AboutMandO.php to coordinate the move. (Warehouse staff do not relocate property.)
Any move of surplus items or items being moved to the Warehouse/Butler Building for storage should be coordinated with the Warehouse staff.
For questions regarding the CLPCCD surplus procedures, please see the guide here: The Surplus Policy and Procedures.
To surplus furniture and equipment, please follow these steps:
- The Surplus Equipment Removal Form – The end user will fill out the surplus form. Include the description, serial number,
and authorized signature. The next step depends on where the equipment is located.
- Colleges - send the form to your College Warehouse, or
- District - send the form to the Business Services Senior Administrative Assistant firstname.lastname@example.org.
- The Warehouse Services staff initials the form indicating that they have reviewed the form.
- The Warehouse Services staff forwards the initialed form to the Accounting Department email@example.com.
- Accounting submits a list of surplus property to the Board monthly. Once the Board approves the disposal/donation of the property, the property can be disposed of appropriately.
- Warehouse Services determines and moves the appropriate method of disposal of the
surplus item. The property is either:
- Donated to another public agency, or
- Sold via public auction sale,
- Recycled or disposed of.
In addition, for any fixed asset (tagged item over $5,000), once the Board approves the disposal, the item is then removed from the Banner System.
Pursuant to Government Code section 1090, except for surplus equipment, sales of district property to board members and district employees are prohibited.
Please contact Daniela Ballif if you have questions regarding Fixed Assets and Surplus at (925) 485-5231.
Jonah Nicholas, Vice Chancellor
Daniela Ballif, Director
Dawn Neideffer, Executive Assistant
Ph: (925) 485-5201
Fax: (925) 485-5255