Fixed Assets

Fixed Assets and Equipment Inventory Services (FAEIS) section of the Controller’s Office is responsible for maintaining and managing the University's official fixed asset system which includes land, buildings, improvements, fixed and moveable equipment. FAEIS strives to ensure the university’s assets are properly acquired, safeguarded, controlled, recorded, and disposed in accordance with state and federal regulations, audit requirements, and applicable accounting pronouncements. FAEIS works in close coordination with all university departments to identify and tag equipment as acquired. Ongoing inventories are conducted of the University's moveable equipment to meet state and federal regulations. Data from the Fixed Assets System is a key component in the calculation of the university’s Facilities and Administrative cost recovery rate. FAEIS, together with the Budget Office, administers the Equipment Trust Fund (ETF) program. In addition, FAEIS provides institutional reporting services to the University, the Commonwealth, and other regional and national agencies, including federal sponsors.