Capital Assets
Capital assets are defined as long-term, tangible items held for business use, with an estimated life of greater than one year. There are two classifications of assets.
Capital Assets – The original cost or value is $2,000 or more and includes land, buildings, vehicles, equipment, library books, artwork and construction in progress.
Self-Assessment
| Standard | Yes | No | N/A | |
|---|---|---|---|---|
| 1 | Are there documented policies and procedures, including safeguarding, marking, and reporting of assets? | |||
| 2 | Are security measures taken to safeguard physical and intellectual assets from loss (e.g., locked facility, computer access)? | |||
| 3 | Are new assets properly reported, including submission of required documentation, in a timely manner? | |||
| 4 | Are capital assets properly reported and accurately recorded on the Kentucky State University financial system? | |||
| 5 | Is an internal listing of capital assets maintained? | |||
| 6 | Are periodic inspections and counts (at least annually) conducted to verify the physical existence of assets, and the accuracy of the lists? | |||
| 7 | Is the responsibility for maintaining asset lists assigned to a specific individual? | |||
| 8 | Are employees made aware of their responsibilities to safeguard assets in order to protect items with portability and attractiveness risks (e.g., laptop computers, digital cameras)? | |||
| 9 | Are assets with no further useful business purpose disposed of according to Kentucky State University’s surplus property policies and procedures? | |||
| 10 | Are assets properly reported to the appropriate department to ensure proper insurance coverage? |
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