Org, Location,
Ali,
This is great. I would suggest that there are more levels like:
Organization Names
Title
Location, Floor, Module, Cube/Office/Equipment room/Printing/copier room (if located in an employees office)
Responsible Support person
Lease start date or purchase date
Lease end date or decommission date
Asset depreciation/Assets depreciation
Asset Replacement option to replace current imputed assets
Purchasing Agent/Contract owner/Contract decision maker
Graphs by equipment type with contract, lease duration, lease end dates, Asset depreciation, Asset replacement, etc.

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FYI -
@Lisa - we're about to roll out the location feature in our next build due early next week.
@Tyler - We are working to have custom fields implemented in the near future which should achieve the desired goal -
Tyler commented
I agree... This is a great idea.
It might also be useful to allow change of any pre-assumed information such as asset acquisition date.