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Asset Management

Asset Management is the management and control of an organization’s assets throughout their life cycle. AFIS provides for the management and control of both Fixed Assets and memo asset records. 

A Fixed Asset is equipment or property that is not consumed and has a useful life of more than one year. Examples of Fixed Assets include: land, buildings, equipment, bridges, laptops, vehicles, and other such long-standing improvements. An asset is classified as a Fixed Asset, for accounting purposes, if it is designated as one of the following: 

  • Intended for internal use, not for resale
  • Has a useful life extending beyond the current fiscal year
  • Has a monetary value in excess of a specified threshold

The following resources listed below will assist with processing and navigation for Asset Management:

Quick Reference Guide
Document Name Video Link Last Updated
Acquiring a New Fixed Asset Video 10-2021
Assets Purchased with Federal Dollars 10-2021
Disposing of a Fixed Asset 11-2022
Training Guide
Document Name Last Updated
Asset Management Training Guide 05-2021
Training Resource
Document Name Last Updated
FA Commodity Codes 04-2021
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