The office of Accounting Services is responsible for accounting and managing the University's property and fixed assets. The University is defined as a “Summary User” of the Commonwealth Fixed Assets Accounting System (FACCS) and uses the Fixed Asset Inventory System (FAIS) Module of the Bi-Tech Interactive Accounting System (IFAS). This system provides the necessary controls to ensure that all University fixed assets are adequately safeguarded and maintained, and used in the best interest of the University.

Our procedures are to be used in conjunction with the Commonwealth Accounting Policy and Procedures (CAPP) Manual developed by the Comptroller.

There are several categories:

• Equipment with a purchase value of $2,000 or more and a useful life of two years or more must have an RU identification tag.
• All computers regardless of purchase price, will have an RU identification tag.
• All equipment purchased from the Equipment Trust Fund will have an RU identification tag.