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Projects and Fixed Assets
The section collaborates with departments mainly
physical plant, FPDU, Plant Engineering and CNS. It controls the
expenditure of approved capital budgets, programs and funds for
capital projects, equipment and some grants and ensures timely
transfer of completed projects and major equipment to
appropriate fixed asset categories.
PAFA deals mainly with four main categories (click on any of the
links below to auto-scroll to the corresponding category):
Projects
New
construction, improvement and renovation at AUB campus and AUB
MC fall within projects. Budgets for all proposed projects are
approved by the Board of Trustees (BOT) which are forwarded to
the comptroller's Office where they are financially
controlled. The strategic and implementation control is
performed by one of the following: FPDU, physical plant, CNS,
plant engineering or directly from the deans' offices.
Designated Accounts are accounts that are funded by an AUB
source.
These are split into three categories:
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University Research Budget (URB), which is money set aside
by the budget committee to cover research carried by
different professors at AUB.
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Overhead Recovery Accounts, which is money collected from
the overhead percentile calculated from restricted accounts
and distributed accordingly to the pertaining service
departments.
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Club, a LBP 50,000 yearly fee collected from the students to
cater for student activities.
Non-expendable, tangible property having a useful life of
more than one year and an acquisition cost of $5,000 or more
per unit. Here, each department requests and submits a list
of needed major equipment to the Budget Office, which
prepares a budget proposal and sends it to the Board of
Trustees (BOT) for approval. After receiving the approved
budget from the BOT, PAFA controls the purchase of these
equipment and transfer to fixed assets.
Fixed Assets
fall within seven categories:
|
Category |
Life |
|
Buildings |
50 Fiscal Years |
|
Equipment |
10 Fiscal Years |
| Furniture |
15 Fiscal Years |
| Vehicles |
10 Fiscal Years |
| Computers |
3 Fiscal Years |
| Land
Improvement |
20 Fiscal Years |
| Land |
Unlimited |
After the
revision of the projects done and major equipment bought,
comes the reconciliation of these with the supply
department to check whether they require capitalization or
not. Afterwards, these items are entered into the fixed
assets module where they are depreciated according to
their useful life.
Copyright © American University of Beirut. AUB's Copyright and Disclaimer. Last updated:
09/27/2006
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