Fixed Assets is responsible for maintaining control over the University's capital assets. It uses bar code technology to tag and inventory capital equipment. By means of a laser scanner, personnel are able to track movement of property more easily and to shorten the time for conducting inventories. Data scanned by the laser equipment is uploaded to NSU's mainframe computer and updates Banner's fixed asset database.
The University recognizes depreciation on its capital assets, including buildings, and equipment with a unit acquisition value of $1,000 or more and reports current and accumulated depreciation on its financial statements. Depreciation is calculated using the straight line method over periods from five to 50 years. The university reviews long-lived assets for impairment whenever events or circumstances indicate the carrying amount of the assets will not be fully recoverable.
Property, plant, and equipment comprise a substantial portion of NSU's total assets. Consequently, it is important to record and properly account for acquisitions, transfers, additions, and deletions. To accomplish this objective, the cooperation of all NSU Centers, Departments, and employees is required. Please refer to Financial Operations Accounting Policies for additional information about fixed asset controls and procedures.