ROWAN UNIVERSITY POLICY
Title: Fixed Assets
Subject: Accounting Services
Policy No: FIN: 2016: 04
Applies: University-Wide
Issuing Authority: President
Responsible Officer: Senior Vice President for Finance and CFO
Adopted: 05/30/2016
Last Revision:
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Last Reviewed: 06/16/2025
I. PURPOSE
The purpose of this policy is to ensure that Rowan University owned capital assets, government funded and furnished capital assets are properly protected, controlled, and accounted for in accordance with the requirements established by Generally Accepted Accounting Principles (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB) and with the regulatory standards set forth in the Federal Acquisition Regulation (FAR) §200.313 and §200.439, and the Office of Management and Budget (OMB) Circular A-110.
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Accounting Services, with the assistance of the entire rowan community, conducts a rotating physical inventory of University owned capital assets, and capital assets for which the University is accountable. Government funded and furnished capital assets are inventoried annuallyonce every two years.
The purpose of the physical inventory is to:
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Each fiscal year a physical inventory is performed on selected equipment in the inventory database such that all items have a Last Inventory Date of two three years or less as of the end of the current fiscal year.
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