The purpose of the Lewis-Clark State College fixed asset inventory system is to provide control of and accountability for fixed assets. We also gather essential information for the preparation of our annual financial statement.
Fixed assets can be acquired either through a donation to LC State or via purchase. To ensure that fixed assets are properly recorded fixed assets must be purchased through the Purchasing requisition process. This is why the P-card limit is set at $2,000.
Equipment Fixed Assets
- Equipment fixed assets are defined as purchases and donations exceeding $2,000 in value of non-consumable equipment, vehicles, machinery, and furniture. Items must have a useful life of service of more than two (2) years. Additions which materially extend the useful life of a fixed asset are also included. Software can be an ancillary cost, but is not a fixed asset itself. Items permanently attached to buildings are generally calculated into the value of a building and not considered equipment.
- All purchases and donations of items that fit the prior description should be tagged with a numbered "Property of Lewis-Clark State College" tag.
- Accounts Payable distributes these tags at the time of payment or donation completion.
- Items valued between $1,000 and $1,999 should have a property sticker without a number. These tags can also be requested for other items that may be vulnerable assets. Assets displaying a property sticker are not specifically identified in the accounting system, but theft may be discouraged by attaching the sticker.
Disposal of LC State property must follow specific procedures and be handled through the Purchasing office. Please visit Disposal of Property for more instructions.
Once a disposal is approved through Purchasing, the Controller's Office is notified by Purchasing and updates the general ledger to reflect the disposal of fixed asset items. Items must be disposed of as approved by Purchasing within the fiscal year they are approved or the approval process will need to be repeated the following year. The Controller's Office cannot remove items from inventory that are still in the possession of LC State.
To ensure accurate records, when fixed asset items (those with numbered, silver tags) are transferred to another department on campus, the Controller's Office must be notified.
Please use the Fixed Asset Internal Transfer form for this purpose.
If you have questions, please contact the Controller's Office.
LC State departments can request inventory reports from the Controller's Office. There are several ways to search property and asset records, so please contact a staff member with your needs and the office will strive to generate a useful report.
Annual inventory reports are sent out every spring. These are a verification required by the State of Idaho and must be completed each year. More instructions are available with the reports. These reports only reflect prior year inventory valued over $5,000.