The Fixed Asset Department ensures that the university’s physical assets are recorded and safeguarded in compliance with the university’s policies and third party requirements.
- Provide accurate and timely financial and physical information on the university’s property plant and equipment.
- Ensure that assets are inventoried to safeguard their existence and to comply with contractual requirements for sponsored projects.
- Maintain an accurate database so that the current location and other pertinent information about an asset are consistent with field observations.
- Monitor our own practices and develop improvements which focus on providing comprehensive insight and information about these assets.
- Develop educational opportunities and engage in constant communications to build or improve teamwork between ourselves and the GW community.
Capitalized Asset Management
Any property, furniture, equipment, or software that equals or exceeds a per unit cost or gift value of $5,000 and has a useful life of more than one year must be treated as a capitalized asset.
Capitalized Asset Definition and Capitalized Expense Accounts