Fixed Assets

Fixed Assets Accountings' mission is to help assure the fiscal integrity of the University's assets by identifying and keeping accurate records of its property and capital equipment. The University uses the Banner Fixed Asset System. The Fixed Asset System is a real-time on-line system for maintaining up-to-date fixed asset records. Each department identifies a fixed asset custodian who is responsible for maintaining the asset records and conducting an annual inventory. In addition, we administer the Higher Education Equipment Trust Fund (HEETF).

Resources and Guides

• VCU Fixed Asset Policy: located on the VCU Policy Library. See the policy page for more information.
• Banner Fixed Asset Aid: a reference guide for custodians navigating in Banner Finance.
• Fixed Asset Account Listing: a list of Account Codes attributed for use with fixed assets.
• Account Coding Guidance for Purchases: a guide for finding and selecting the right Account Code for use in purchasing.
• HEETF list approval: a guide covering the HEETF approval process.
• Fixed Assets Forms: list of forms for requests such as change of departmental custodian, adding to department inventory, and more.

General information for custodians

As a custodian, you are responsible for the custody and proper use of all equipment that is assigned to your department. You must conduct an annual inventory of all equipment that is in your department. 

Any equipment (with a value of $10,000 or greater) that is donated, fabricated, found, transferred from another University or Agency or purchased with a departmental corporate card needs to be added to your departmental inventory. 

Fixed Assets will tag, for inventory purposes, all equipment with a purchase cost of $10,000 or greater. All HEETF trust fund equipment must be tagged. HEETF equipment must be kept for 5 years or until you receive a memo stating that you can dispose of the equipment.

Equipment cannot be sold. It can only be traded in, transferred within the University, or disposed of through surplus services. Contact fixedassets@vcu.edu if you have any inquiries about your department inventory or need a printout of your inventory list.

Scheduling surplus property pickup

VCU department surplus property and disposal services are scheduled and provided by VCU Facilities Management, General Services.