Wilkes University

Capital Assets

Capital Assets
     What is a Capital Asset?

Tangible assets that are acquired for use in operation or related business activities, which are held primarily for use, not for sale and that have relatively long lives, greater than one year, and are individually identifiable by physical characteristics, such as the permanent location, model name 
or serial numbers.

Purchasing an Asset (Procurement)

Receiving an Asset (Procurement)

Transferring an Asset (contact Controller's Office extension 4657)

Disposing of an Asset - Policy (contact Controller's Office extension 4657)
Surplus Equipment Policy

Fixed Assets (including Capital Projects and Capital / Leasehold Improvements) Policy

ixed Asset is a tangible asset including related accessories or improvements*, purchased for use in the operation of the University from which an economic benefit will be derived and which:

1) the unit cost is at least $3000; and

2) is physically identifiable to facilitate inventory and accounting for use and disposition; and

3) has a useful life of greater than one year, or


4) if donated has an estimated (or appraised) market value of at least $3000 and a useful life of 
greater than one year.

If these criteria are not met, the item should be expensed in the year of the expenditure. Expenditures that 
do not meet the cost criteria outline above are treated as period costs even though they may have other 
characteristics of fixed assets.