Fixed Assets Management

The Fixed Assets Management staff manages all financial reporting of fixed assets, including equipment, land, buildings, infrastructure (sidewalks, exterior lighting, piers, and docks, etc.), construction-in-progress, and leased or lease/financed equipment and surplus property for William & Mary.

Please review the following topics or contact us for more information or assistance.

Forms

ETR: Equipment Transaction Requested

Need to Know

What is an Equipment Asset?

An Equipment Asset is all university property of any kind which meets the following criteria:

Is complete in itself,
Does not lose its identity or become a component of the building where it resides; and,
Is of a durable nature with an expected service life of more than one year.

All Equipment purchased using HEETF are considered controlled assets and are recorded and tracked in Fixed Asset Management. All other tangible property purchases (or donations) meeting both the definition of equipment and a threshold of $5,000 or greater are recorded and depreciated in Fixed Assets Management as capital equipment.

Costs included as part of equipment may include any or ALL of the following:

the purchase cost,
freight cost, and
installation cost

Maintenance agreements and training are NOT included in the cost of equipment.

Can I use HEETF for purchasing equipment?

The Higher Education Equipment Trust Fund (HEETF) was established by the General Assembly to provide funding to purchase equipment needed for instruction and research.

If approved, all computing equipment purchased with HEETF must remain on the active inventory for a minimum of 4 years (any computing equipment purchased prior to July 1, 2018 must remain active for a minimum of 7 years). All other HEETF equipment must remain on the active inventory for 7 years.

HEETF equipment shall not be turned in to Fixed Assets Management for surplus/disposal during the retention period. In addition, systems must remain intact throughout the retention period and shall be disposed of as a single system. Once the equipment reaches the end of its useful life follow the procedures for surplus property.

Do I have to turn in tagged property?

Yes. If an asset is considered no longer adequate, no longer functional, or no longer needed, and a department wishes to have it removed, the Equipment Transaction Requested: Surplus and Disposal form needs to be completed. Please contact us directly with any questions.

How do I trade in property?

It is often advantageous to William & Mary to trade property when purchasing new property. To ensure that the traded in assets are properly recorded, please complete the Trade-in of a Fixed Asset form in buyW&M.

Visit buyW&M

Who is the Equipment Manager?

The Equipment Manager is the responsible person for an asset. This is the individual who is familiar with and responsible for an asset. The Equipment Manager is responsible for notifying the Custodian of any changes in condition, status, or location of an asset and, if requested by the Custodian, initiating any necessary paperwork.

Who is the Equipment Custodian (or Custodian ID)?

The Equipment Custodian is the Fiscal Manager for the department. The Custodian is responsible for completing inventory in coordination with Fixed Assets Management and processing the appropriate Equipment Transaction Request Forms as needed.

Is there training available?

Fixed Asset training is available upon request. To request training please contact Sherree Walker, Director of Financial Reporting at [[stwalker01]] or 757-221-2834.

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