In compliance with University policy and audit requirements, all divisions and departments are required to maintain a record or inventory of fixed assets, documenting ownership and critical information that will facilitate the management of assets, including their use, replacement, and disposal.
Financial Services is responsible for coordinating the tracking and recording of capital assets in the U of T Scarborough Capital Asset Database, working with both Procurement Services and U of T Scarborough departments in:
- Maintaining the fixed asset database by coordinating the on-going updates for new additions and disposals of capital assets.
- Assigning access to users to the capital asset database.
- Generating reports.
Financial Services Department issues a Memo to all departments on June 1st annually to update their Capital Asset Lists as at June 30th. The updated Departmental Capital Assets List must be submitted electronically to the Financial and Budget Analyst (Marlyn Yee) no later than September 1st.
For more information on the University's policies and procedures with respect to Capital Assets, please see the Guide to Financial Management.
Capital assets include land, buildings, furniture, equipment, books, artwork and other assets funded from any source, including research awards. For an overview of capital assets and the policy governing the security of capital assets see the Guide to Financial Management (GTFM).
Please contact Procurement to obtain fair market value (FMV) for surplus equipment. We will research and obtain FMV and assist with internal sale of surplus equipment.
For inquiries related to capital asset sale and disposal, please contact Sheila Baker.