Fixed Assets (equipment)

A fixed asset is any piece of equipment or software acquired by Madison College with a minimum value of $500 as outlined in the Madison College Capital Decision Matrix (For borrowing purposes the $500 accounting threshold applies, but the $5,000 threshold will apply to capitalization and depreciation.) Therefore, only items exceeding $5,000 in value will be tagged with a barcode label and recorded in the fixed asset database for physical inventory, capitalization and depreciation. 

If you have equipment for transfer or disposal, refer to the Disposition of College Property Procedures (DOC, 80KB). The following forms must be used for any equipment transfer or disposal:

For questions, please call Karen Gretschmann at 608-258-2347.

Madison College maintains listings of physical assets including additions, disposals, donations, and transfers. Without a fixed asset inventory tracking system in place, it is impossible to provide accurate information for insurance, accounting, budgeting or preventive maintenance purposes. In addition, Madison College includes an inventory of land, buildings, and improvements to either in the fixed asset tracking system.

Reasons why Madison College needs to have a fixed asset inventory tracking system in place are:

  • To remain in compliance with generally accepted accounting principles and to ensure an unqualified audit opinion.
  • To increase the tracking capabilities of location of assets on campus.
  • To provide a means for Madison College to properly plan and perform scheduled preventive maintenance.
  • To minimize the risk and cost associated with over or under insuring.
  • To assist in capital budgeting by identifying those assets requiring replacement or improvement.
  • To avoid violation of any grant requirements that may result in the repayment of grant funds.