The Accounting-Financial and Fixed Asset staff is responsible for handling a variety of day-to-day accounting responsibilities which include account analysis, reconciliation, and reporting.  The office is also responsible for fixed asset accounting, debt service, bond proceeds analysis, and accounting for capital leases.  The Accounting-Financial and Fixed Asset staff also manages faculty reimbursement of travel expenses and advances.  Our staff works closely with various departments within the College to manage the financial aspects of all grants.  Additionally, we assist the Controller with the year-end closing and financial statements.

Capital Assets & Equipment

Real estate assets, including improvements, are generally stated at cost.  Furnishings and equipment are stated at cost based on the date of acquisition or, in the case of gifts, at fair market value on the date of donation.  Interest costs on debt related to capital assets are capitalized during the construction period.  In accordance with Community College of Philadelphia’s fixed asset policy, 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 by asset categories is summarized as follows:

The cost of normal maintenance and repair is typically treated as an expense and not capitalized.

What to Do When Capital Assets Are Delivered:

A member of the Accounting-Financial Compliance and Fixed Asset staff will contact a departmental representative responsible for the oversight of the purchased equipment.  Contact will be initiated shortly after the invoice is paid.  An inventory sheet is then created that includes the purchase information, manufacturer, model number, serial number, department name, department location, contact person, FOAPAL number, and asset tag number.  The inventory sheet is then reviewed for accuracy and approved by the Assistant Controller and/or the Director of Grants Accounting.  Once approved, the inventory sheet information is data entered into the Banner Fixed Asset System.  Several weeks later, a member of the Accounting-Financial and Fixed Asset staff will locate and tag the equipment purchased.

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 assets and equipment.  When selling, donating, trading-in or disposing of capital assets and equipment, the department responsible for the equipment must contact the Fixed Asset staff by email, notifying him/her of the disposal.  A member of the Fixed Asset staff shall complete a disposal form and send it back to the department for signature.  Once signed, the Fixed Asset staff member will enter the data into the Banner Fixed Asset Module removing the asset from the system.

You can review the Disposal of College Property policy online.

Additionally, the Fixed Asset staff must be notified via email prior to the transfer and disposal of all fixed assets and equipment.

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)

Financial Compliance and Fixed Assets Staff

Barry Sulzberg, Assistant Controller

Room:  M1-7
Phone:  (215) 751-8944
Fax:  (215) 972-6390
Email:

Mary Ann Christinzio, Accounting Generalist

Room M1-7
Phone:  (215) 751-8206
Fax:  (215) 972-6390
Email:

Russ Stevenson, Accounting Generalist

NERC - Room 301D
Phone:  (215) 751-8140
Fax:  (215) 972-6390
Email: