Purchasing Fixed Assets

A FIXED ASSET is Any material item that has a value of $50,000 or more, including (but not necessarily limited to): computers, furniture, hardware, tools, software or other tangible items and that has a useful life greater than 1 year.

The three most important things for projects to keep in mind:

• Fixed assets purchased with charitable funds belong to (are owned by) the project/Social Good Fund, not the project director.

• We are required to track the purchase of fixed assets ($50K+) as they are counted as assets of Social Good Fund and must be accounted for on our balance sheet.

• You must identify any fixed asset purchased with project funds at the time you are asking for an invoice to be paid or you are requesting a reimbursement.

If/when you terminate your project, the transfer and/or disposal of fixed assets purchased during the time of sponsorship will be discussed. Remember, technically/legally speaking, the fixed asset is owned by Social Good Fund, you should not be disposing of the fixed asset without our knowledge and approval.