Why is the Determination of Fixed Assets so Important?

Posted by Matt Berringer on March 7, 2014

Fixed assets in education may include items such as:

  • Land

    Photo By FEMA/Manuel Broussard. Photo By FEMA/Manuel Broussard.
  • Buildings
  • School Buses
  • Furniture
  • Computing Devices
  • Flag Poles
  • Office Equipment
  • Musical Instruments
  • Intercom Systems
  • Food Service Equipment
  • Stage Lighting
  • Cleaning Equipment
  • Phone Systems
  • Audio-Video Equipment
  • Signage

Inventory and determination of fixed assets is vital, especially in education, as it comprises a great deal of the net worth of most educational institutions. Therefore, it must be accounted for.

For example, it is recommended that a thorough fixed asset inventory take place at least every six months. If equipment transfer is desired, an equipment transfer request form must be completed. If a repair is required, a repair sign-out form should be completed. If equipment has been loaned, a fixed asset sign-out log should be completed. In the event of surplus, surplus pick up forms should be completed, as well as documentation for the distribution of surplus equipment.

Why not make the management of this seemingly complex array of tasks and information flow as simple as possible? SunGard K-12 Education offers a Fixed Asset System that is capable of many operational and organizational feats, including, but not limited to, the following:

  • Fixed asset records under unique ID and improvement code combinations.
  • Maintains comprehensive information on each asset including items, such as initial cost, estimated life, depreciation life, book value, condition, and sale amount.
  • Enables depreciation projections up to a year in advance.
  • Calculates and posts depreciation retroactively.
  • Interfaces with SunGard K-12’s eFinancePLUS and BusinessPLUS Purchasing and Fund Accounting Systems.

For more information, please CLICK HERE to sign up for a product demonstration or call (866) 905-8989 to speak to a SunGard K-12 representative today.

Topics: efinanceplus, businessplus