Donated Fixed Assets
One aspect of capital fixed assets is donated fixed assets. This method of asset acquisition will not result in the generation of a system generated capital fixed asset. GAAP requires donated assets to be capitalized at their ‘fair market value’ at the time of donation. Because this method of asset acquisition is usually outside the accounting system, the SAO Accounting Division is utilizing this survey to determine whether there are any donated, but not capitalized, assets for the State of Wyoming as of June 30. Donated assets also include those assets purchased, whose purchase price is considered to be ‘a bargain basement’ purchase price and not representative of the assets fair market value.
This information is due back to the State Auditor’s Office no later than June 15.
We appreciate your assistance with this matter and understand that donations may occur after the deadline of June 15. If a donated asset is received between the deadline and June 30, please contact the SAO Accounting Division at (307) 777-2460 or firstname.lastname@example.org.