Fort Hays State University Foundation is a non-profit organization that was established in 1945 to support and advance Fort Hays State University (FHSU). While the foundation works closely with FHSU to support its initiatives, it is legally separate from the university and is governed by a board of trustees and supervised by a chief executive officer.
The finance team at Fort Hays State University Foundation had been tracking assets—adding new assets, depreciating them on a monthly basis, and performing write-offs or adjustments—using Excel spreadsheets. After a new building project, which caused the number of assets to grow exponentially, was completed, the decision was made to implement a specialist fixed asset system to simplify the asset tracking process. After implementing Asset4000, the foundation has benefited from improved accuracy in their reporting and better visibility of their asset base. According to Senior Accountant Erica Dinges who oversees Fort Hays State University Foundation’s fixed asset accounting, “The software has increased our efficiency as well as the organization of our assets and their back-up information. I especially love the ability to scan asset invoices and the ease of computing the monthly depreciation amounts to be recorded in the general ledger.”
The Fort Hays State University Foundation uses Asset4000 to track: minor purchases, technical equipment, furniture & fixtures, buildings, land improvements, kitchen equipment, rental investments, office equipment, vehicles, computer software, coin collections, and art collections. Not only has the software been beneficial to the foundation but the support has also been positive for the team; according to Dinges, “We appreciate how friendly and helpful tech support has been for us and we look forward to continuing to work with Real Asset Management for all our asset tracking and depreciation needs.”