Fixed Assets

• The Commonwealth of Massachusetts considers buildings, equipment, infrastructure, vehicles and construction in progress (including all furnishings and fixtures) with a historical unit cost of $50,000 or more as GAAP fixed assets.
• The Commonwealth of Massachusetts considers buildings, vehicles, infrastructure and equipment, including computer software, with a useful life of more than one year and a historical unit cost between $1,000 and $49,999 as Non-GAAP fixed assets.
• The College capitalizes GAAP fixed assets.
• Sequentially numbered fixed asset tags are assigned to appropriate GAAP and Non-GAAP fixed assets.
• The Administration Services Division is responsible for maintaining control of fixed assets.
• Administrative Services makes the determination whether an item will be classified as a fixed asset and assigned a fixed asset number.
• The Shipping and Receiving Department assigns the fixed asset numbers and physically tags the items upon receipt of delivery.
• Fixed asset entry sheets are prepared by Shipping and Receiving with information including fixed asset tag number, department responsible for item, description of item, model number, serial number, building and room location, and price.
• Administrative Services enter this information into the college's ERP system.
• Administrative Services annually distributes fixed asset reports to College department personnel for review and accuracy confirmation.
• Lost or stolen items are reported to the College's Public Safety Department, who will notify Administrative Services.
• Administrative Services will notify the Office of the State Auditor of any lost or stolen fixed asset items.

It is the MassArt's policy, in accordance to Commonwealth of Massachusetts regulations, to track and record the purchase, transfer and disposition of College property. The Surplus Property Form (to be used when College property needs to be removed from departments) and Property Transfer Form (to be used when College property is being internally transferred) must be used by all college departments to ensure that we maintain up to date records and inventory for all college property. These forms are available on the Administrative Services Knowledge Base.

Please contact Administrative Services with any questions regarding this policy