The University defines capital assets as non-expendable tangible personal property, including furniture or fixtures, with an acquisition cost of $5,000 or more and a useful life of greater than one year. The tangible item can be valued individually or as a group of components in order to meet the capitalization threshold of $5000 or greater.
The University’s Equipment Manual is a source of basic information that outlines the policies and procedures covering approval, acquisition, reconciliation and recording of capital equipment in order to meet the requirements of Federal regulatory agencies. Capital equipment is managed in accordance with the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards that supersedes OMB Circulars A-21, A-110 and A-133.
Policies & Related Forms:
Capital Equipment Manual – The manual outlines the criteria, thresholds and procedures for capital equipment.
Equipment Change in Status Form – The form that must be utilized to notify Equipment Accounting of capital equipment disposals, trade-ins and transfers of equipment by faculty to other institutions. It must also be used to report changes in location, department and custodian for inventory purposes.
Fabricated Equipment Notification Form –This form is used for a tag number to be assigned by Equipment Accounting for fabricated equipment. It also informs Equipment Accounting of the estimated cost, completion date and potential location of the fabricated equipment.
Capital Expenditure Request Form – This form is used to reimburse a department/school for equipment purchased but budgeted through working capital. Backup such as the income/expense statement showing the charge and copy/copies of the invoice(s) must be provided to Equipment Accounting at firstname.lastname@example.org for approval. The request will be reviewed for proper usage of the funds before a journal is done to reimburse the Speedtype where the charge originally occurred. The reimbursement will use the 550099/450099 accounts to record.