Robert W. Gilbert
Acting Comptroller

Ph: (540) 464-7270
Fax: (540) 464-7794

Smith Hall, 3rd Floor
Virginia Military Institute
Lexington, Virginia 24450

Contact Comptrollers Office


Fixed Assets Procedures

When a new piece of equipment arrives, the responsible person within the department must determine if the equipment needs to be tagged and if so, that person should fill out an equipment record (E-form) and submit it the Comptroller's Office.

To determine if the equipment needs to be tagged you must look at the account number. If the equipment was purchased with Equipment Trust Funds/Category I money, it must be tagged. If the equipment was purchased with departmental money or Category II money and is $2,000 or over, it must be tagged. All computers must be tagged.

After the equipment record and a copy of the invoice are received in the Comptroller’s Office the Fixed Asset personnel will record the equipment and assign it a tag number. Shortly thereafter, the Fixed Asset personnel will arrive in your department to tag the equipment. Please make every effort to assist these people in locating the equipment.

A physical inventory will be performed on a yearly basis, either by the responsible departmental personnel or by Fixed Asset personnel. During those years when the department completes the inventory the department will receive an Inventory Report. The responsible person within the department will need to review the listing and verify the existence and location of each equipment item. Any necessary changes regarding location, etc should be made directly on the listing. The inventory report needs to be reveiwed and returned to the Comptroller’s Office in a timely manner.

In some cases, it is necessary to dispose of an asset. Please complete the Disposition of Equipment Form. Forward the form to the Purchasing Office. If the disposition of equipment form is not completed properly, (tag number, serial number, etc.) the equipment will not be removed from your departmental inventory.