An Official Website of the Commonwealth of Kentucky
A fixed asset is an asset with a useful life of more than one year which is not consumed. An asset of an organization is classified as a Fixed Asset for accounting purposes when it:
The Commonwealth acquires real property as well as equipment, machinery, historical treasures, vehicles, software and other intangibles. These fixed assets are acquired through purchase, lease, donation, grants, and transfers from other state agencies. Per FAP 120-20-01, Each budget unit shall maintain a current fixed asset record of equipment meeting the definition of a fixed asset above.
Annual Closing Package / Fixed Assets / Legislative Claims: Jessica Pinkston 502-564-8769
Federal Offsets/Debt Accounting:Rick Harris502-564-7753
SEFA/Federal Audit Findings: Rick Harris502-564-7753 Gina Shall502-564-7229
SWCAP / CMIA: Christina Shuffett 502-564-5125