Internal Control For Fixed Assets

Procedures and Policies

Accounting and Title

Fixed assets purchased for STCU administration and supplemental bud crushs atomic number 18 charged to expense in the year of purchase, without see to it to useful lives. This score practice best matches the administrative and supplemental revenues contributed by the sponsor parties with related expenses in the accounting period.
Fixed assets purchased for retchs funded by the STCU are charged to project expense in the year of the purchase, without regard to useful lives.
Title to stock-still assets purchased for projects funded by the STCU.
Title to opinionated assets with a per unit eruditeness cost of less than $2,500 US vests with the participating institution (i.e. the institution in which the located assets go forth be used on the project) at the time of sales talk to the participating institution.
Title to fixed assets with a per unit acquisition cost of $2,500 US or more vests with the STCU until termination, cessation, or closure of the project, at which time title will vest with the participating institution unless prior to or on that date the touch on informs the participating institution of its intention to retain title to the fixed assets.



If the Center retains title to the equipment, the Center will provide operating instructions to the participating institution for disposition of the equipment. The Center will honorarium the cost of disposing of such equipment.

It is the intention of the STCU to vest title to fixed assets with a per unit acquisition cost of $2,500 US or more in the participating institution where the fixed assets were starting time delivered. However, the STCU reserves the right to transfer such fixed assets to some other participating institution upon termination, cessation or completion of the project in order to satisfy an urgent requirement. At the enclose time, the STCU does not anticipate receiving any future economic proceeds from these assets; hence the departure from International Accounting Standards.If you want to get a full essay, order it on our website: Orderessay



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