Fixed Assets Team Manages Tank Leases and More
August 5, 2019
Written By Adam Buckallew
Maintaining the vast number of assets of a company like MFA Oil is a multifaceted operation. From computers and office buildings to fuel trucks and tanks, the list of assets is extensive.
Managing all of these resources requires a dedicated team to keep track of the assortment of company-owned property. Just ask the experts, Barb Oerly, manager of MFA Oil’s fixed assets department, and Melissa Wilson, supervisor of the department. Together, these two women, along with their dynamic team of three, are responsible for managing and accounting for the company’s active assets.
One of the primary responsibilities of the department is maintaining customer tank leases on MFA Oil’s approximately 120,000 propane tanks and 100,000 bulk fuel tanks. Besides billing tank rental fees, the fixed assets team must keep up-to-date information on installations, transfers, disposals and other records. When a member or customer decides to lease a tank from the company, the department’s employees facilitate the process by documenting the details of the lease agreement and recording leak check information—an important safety protocol.
Other routine tasks for the fixed assets team include tracking the depreciation of assets, filing property taxes for all company locations in each state and assisting with corporate bookkeeping processes at the end of each month.
Depreciation is an important part of accurately accounting for the true value of property owned by the company. Assets are purchased at a specific value, and that initial value dwindles over a designated time period. For example, vehicles depreciate at a faster rate compared to other company assets.
“It’s important to be precise and have a strong sense of detail when it comes to managing so many assets,” Oerly says. “Most people probably don’t have any idea of the many technicalities we have to account for when tracking the company’s resources.”
Although the fixed assets department does not typically work directly with MFA Oil customers and farmer-owners, its contributions to managing leased tanks are vital to the company’s success in making bulk fuel and propane deliveries.
“By maintaining consistency and precision in our recordkeeping, we can make the leasing process quick and stress-free for our customers,” Wilson says. “We want to make it easy to do business with MFA Oil.”