Disposal of Fixed Assets Related to Drexel University Physicians
April 9, 2020
As a result of the bankruptcy of Hahnemann University Hospital and the subsequent closure of the Drexel University Physician (DUP) practices, the Office of the Comptroller will be disposing of any fixed assets associated with, or purchased from, a DUP fund/org in the Banner Fixed Asset System. We realize that some of the assets may still physically be on campus. However, the University is required under Generally Accepted Accounting Principles to record the closure of DUP as a loss on discontinued operations in FY'20, and these assets are a component of that loss. The quarantine and work restrictions related to COVID-19 make inventorying these assets by June 30, 2020, extremely challenging.
A list of the assets being disposed of in the Banner Fixed Assets System can be requested by emailing email@example.com. The list was sent to the Comptroller's listserv on April 9, 2020. If you did not receive the email you should also request to join the Comptroller's listserv to by emailing firstname.lastname@example.org to ensure you receive future important notifications. In the Excel file with the list of DUP assets being disposed, the last 4 to 6 digits of the value in column E (Ffbmast Ptag Code) is the equivalent of the physical tag on the asset. We hope that this list will alleviate any concerns or confusion by asset custodians when completing the annual fixed asset confirmation process in July 2020, if they find DUP assets in their space and do not see that asset on their list of fixed assets.
If you have any questions regarding the disposal of the DUP fixed assets, please contact me directly at email@example.com. For questions concerning the assets themselves, please contact Barbara Boston and Bo Solomon.