Financial Compliance and Fixed Assets

The Accounting-Financial and Fixed Asset staff is responsible for handling a variety of day to day accounting responsibilities such as account analysis and reconciliation, as well as reporting and analysis, which include fixed asset accounting, debt service, bond proceeds analysis, and accounting for capital leases. Also, the Accounting-Financial and Fixed Asset staff manages faculty reimbursement of travel expenses and advances, and administration’s travel advances. Our staff work closely with various areas of the College to manage the financial aspects of all grants. Additionally, we assist the Controller in year-end closing, and producing accurate and timely financial statements.

Capital Assets

Real estate assets, including improvements, are generally stated at cost. Furnishings and equipment are stated at cost at the date of acquisition or, in the case of gifts, at fair value at the date of donation. Interest costs on debt related to capital assets are capitalized during the construction period. In accordance with Community Colleges of Philadelphia policy, only assets with a unit cost of $5,000 or more are capitalized.

Assets are depreciated using the straight-line method. The range of estimated useful lives [C1] by asset categories is summarized as follows:

Asset category	Years
Buildings	10 to 50
Furniture and Equipment	3 to 10
Library Books	10
Audiovisual Media	5
Computer Desktop Software	3
Computer System Software	10

The costs of normal maintenance and repairs that do not increase the value of the asset or materially extend assets lives are not capitalized.

What to Do When Capital Assets Are Delivered:

A member of the Accounting-Financial Compliance and Fixed Asset staff will contact the person that initiates the purchase requisition within a few weeks of the purchase to schedule a time to tag the asset. This tag number will be referenced on the inventory sheet of the asset and will be forwarded via email to the department head and the person that initiates the purchase requisition. The inventory sheet includes the location, purchase information, manufacturer, model, serial number, department’s name, department’s contact person and FOAPAL number. The fixed asset inventory information sheet will be entered into the Banner Fixed Assets System.

Selling, Trading-in, Donating or Disposing of a Capital Asset

The Accounting-Financial Compliance and Fixed Asset staff must be notified of all disposals of capital equipment. When selling, donating, trading-in or disposing of capital equipment, the department responsible for the capital equipment must complete the equipment and furniture disposal form in order to properly account for removing the asset from Banner’s Fixed Asset System. Complete the Capital Asset Disposition Form and email the completed form to or .

You can review the Disposal of College Property policy online.

Additionally, the Accounting-Financial Compliance and Fixed Asset staff must be notified via email or telephone prior of all transfers of capital equipment to another department or location within the College.

Contact Us

Location

Main Campus – Mint Building, Room M1-7

Hours

Hours of Operation: Mon-Fri, 8:30 a.m. – 5 p.m.
Summer schedule: Mon-Thurs, 8:30 a.m. – 6 p.m. (Closed on Fridays)