The College seeks to comply with the Office of Financial Management’s (OFM’s) accounting regulations, as found in its State Administrative & Accounting Manual (SAAM). Regarding inventories, these include chapter 30.40 (Capital Asset Inventory Records Policy) and chapter 35 (Inventories). The College shall maintain an accurate accounting of its fixed assets for purposes of financial reporting and proper stewardship over State property.
1. Fixed Asset: Fixed assets (also referred to as property, plant, and equipment) include all items purchased in support of the college’s continued and long-term mission. Fixed assets include land and equipment with an initial expected useful life extending beyond one reporting period. Investments, cash, certain intangible assets, items held for resale and inventories are not considered fixed assets.
2. Capital Asset or Capitalized Fixed Asset: A fixed asset which costs in excess of the minimum threshold established by OFM for capitalizable assets in the year of purchase. Such assets are depreciated over their useful lifetimes. Land is not included in this category since the useful lifetime is not calculable.
3. Small and Attractive Asset: This type of fixed asset is characterized by its portability, desirability, and therefore its vulnerability to loss. Such assets have a significant value outside the program and could easily be resold. Finally, the loss of such assets would impact the department/division’s ability to provide educational or college support services.
The College, in compliance with OFM guidelines, will identify as small and attractive those fixed assets which, in the year of purchase, cost less than the minimum threshold established by OFM for capitalizable assets and more than the minimum unit cost required in Section 30.40.20 for Small and Attractive assets. These include:
And other equipment not listed above, as determined by Purchasing.
4. Inventory: Refers to the process of verifying the location and counts of fixed assets. The term “inventory” is often used to describe fixed assets, so this should not be confused with traditional inventories of merchandise held for resale.
5. Custodian: The individual or department responsible for each fixed asset.
In the remainder of this Procedure, “fixed assets” refers to the fixed assets described in A.2 (capital/capitalized) and A.3 (small and attractive) above. Only these fixed assets are tagged and tracked in the Finance department’s college-wide accounting system. Other fixed assets are not necessarily tagged but are monitored and safeguarded separately, such as technology purchases (under procedures developed by the Information Technology department) and assets purchased by or for specific departments (by those departments under their procedures).
A. General goal: Holiday and seasonal decorations of classrooms, offices, reception desks and counters, lobbies, other common areas, and other College property should help to make those spaces festive and fun for everyone, without valuing any one tradition or set of beliefs over another. The goal in decorating is to help everyone feel included in the decorating theme rather than excluded.
B. Best practices: Decorating is more inclusive, and thus preferred, when it is done with items whose significance comes from (1) natural or seasonal phenomena, such as the moon and stars, snowflakes and snow characters, trees and tree boughs, and seasonal plants and flowers and/or (2) artistic items, such as ribbons. Decorating is less inclusive when it is done with items whose significance depends on beliefs, traditions, and stories which are known to be not shared by everyone, such as icons and symbols that are generally associated with only one set of religious beliefs.
C. Personal spaces: While the above Best Practices should be followed on all College property, the College recognizes that an employee may exercise more discretion in decorating her/his individual desk or other individual workspace, especially to the extent that the decoration is not necessarily or usually visible or available to others.
D. Safety first: Avoiding safety risks and hazards should always be the first consideration in decorating. Decorations should not impede walkways or increase the possibility of individuals tripping or falling. Use of electric cords or extension cords should comply with all safety instructions. Use of open flame, such as candles, is prohibited.