Fixed Asset Accountant

Department

Office of the Controller

This position exists to monitor, record, track, depreciate, and safeguard the University’s fixed assets. It is responsible for proposing University policy regarding fixed asset procurement and tracking. Using Workday, Microsoft Access and Excel, this position reviews and reconciles all fixed asset purchases, and conducts annual inventory. Additionally, it is responsible for analyzing lease agreements and making the determination of operating leases vs. capital leases by applying GAAP and GASB standards. The Fixed Asset Accountant is also responsible for reviewing, reconciling and ensuring compliance with all debt obligations.

Duties & Responsibilities

20%: Reconcile and compare the capital expenditure subsidiary ledger accounts and the

asset listing to the Plant Fund, general ledger account to analyze Plant Fund activity. Create and write system queries using Microsoft Access to gather information about expenses over $50K in all accounts, and over $5K in non-capital accounts from the accounting database. Reconcile property tags to the general ledger every quarter, prepare the W2 financial exhibit every quarter, reconcile and process elimination entries for the fixed asset clearing account every quarter, reconcile the cash account in all plant funds on a monthly basis. Develop policies and procedures governing the acquisition of assets using fiscal rules, GASB, GAAP, and knowledge of the Banner Finance and Workday Systems. Draw funds from the State for State funded capital projects by working in the State’s financial system CORE and also in Banner/Workday.

20%: Review and revise the annual inventory and send to University administrators so they may perform the annual physical inventory. This includes providing a list of all permanent property control tags using Microsoft Access. Propose all policies that govern the plant fund and depreciation of assets. Record all necessary entries to the fixed assets system and general ledger for the plant funds. Ensure compliance with the inventory process by University’s personnel and departments. Make determinations of operating lease vs capital lease and calculate present values as well as track all leases according to GASB 87 and related standards.

20%: Send work orders received from AHEC to the concerned departments for their approval and proper account coding, verify the signor is authorized and also verify that the account used is correct and then route for additional approvals. Maintain a worksheet for tracking the status of these projects, create encumbrance documents for work orders costing $5,000.00 or more and forward them to Accounts Payable. Verify proper account classification for leasehold improvements, major remodeling etc.

10%: Responsible for reviewing and reconciling the University’s bond obligations to the General Ledger, submit all necessary federal forms to receive interest rate subsidies, prepare and submit all check requests to pay bond principle and interest obligations.

Monitor hedging derivative instruments and process payments should they become necessary, and review circumstances that could constitute a termination of the University’s swap agreement and propose related entries or disclosures. Request and post all internal transfers as they relate to the bond payments. Maintain continuing disclosure compliance through usage of DacBond. Monitor private business use of tax exempted bond financed facilities to ensure tax exempt status is maintained. Process accruals for bond interest (and subsidies) and fund transfers to cover all bond payments. Serve as point of contact for Budget Office as it pertains to Bond subsidy calculations.

Act as initial contact with bond counsel for completion of working drafts for new issuance of bonds. Monitor IRS communication for the Tax Exempt Bond Community.

Initiate/coordinate arbitrage calculations on time and in compliance with bond requirements. Write and implement new procedures as necessary for additional bonds. Maintain overall compliance of bond issuance.

15%: Investigate temporary tags that have been created through the Banner Finance Fixed Asset system and convert them to permanent tags. Classify and record additions, deletions, changes, and depreciation in the fixed asset module. Tag assets after they have been placed into service, and conduct quarterly spot checks of physical inventory. Approve invoices and encumbrance documents that are charging the capital expense accounts. Maintain the depreciation schedules both in Banner Finance and in Excel.

Determine appropriate useful lives and correctly classify new leases as operating or capital.

5%: Calculate and compose the State exhibits for fixed assets and leases. Compile and compute the schedule of operat