All fixed assets physically located on Kansas State University Polytechnic Campus must be recorded and maintained to remain in compliance with PPM 6500.
Is my item a fixed asset?
PPM 6510 (https://www.k-state.edu/policies/ppm/6500/6510.html#.025) is not specific on the items that need property numbers if the acquisition cost is less than $5,000. To determine if an items needs a property number follow the guidelines below.
- Acquisition cost greater than $5,000 needing a property number
- From PPM 6510 .010
Items commonly referred to as equipment, furniture, fixtures, machinery, vehicles, livestock, books, buildings and improvements thereto, land, non-structural land improvements; and with a unit cost of at least $5,000, and with a life expectancy of more than one year are considered fixed assets. This includes expenditures coded in the E32X9, E34X9, or E4000 series of FIS objects (except E4810, E4970 and E4980 which are exempt from the fixed asset requirements).
- Acquisition costs less than $5,000 needing a property number
- Life expectancy of more than one year and acquisition cost $1,000 or more, always request.
- Life expectancy of more than one year an d acquisition cost is less than $1,000, request for
- Large Furniture
- Large Office equipment
- Desk lifts
- Desirable Goods
- Security equipment
- Including intangible assets
- Other miscellaneous items
- If any question on if an item needs a property number please contact Fiscal Services. Additional questions may require answers for determination.
- All items may not be listed here. Always inquire if there are any questions.
- Tangible items such as post-it notes, pens, ink, ect… do NOT need property numbers and are the responsibility of the department to track.
- Also includes small desktop items such as staplers, hole punches, scissors, paper or folder trays, ect…