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Capital Equipment Purchases

*Single items costing $5,000 or more*

State of Colorado Fiscal Rule 1-10, Accountability and Capitalization of Equipment, defines equipment as "tangible personal property which is not a permanent part of a building and does not lose its identity through incorporation into a more complex unit." The fiscal rule requires that each State agency is responsible for ensuring that all equipment acquired by the State is properly accounted for when acquired, inventoried on an annual basis, safeguarded throughout its useful life and properly accounted for at the time of disposal.

Equipment purchased by State agencies shall be either capitalized or expended in the fiscal year in which it is acquired. Equipment purchased having a useful life of more than one year, and costing $5,000 or more shall be recorded as a capital outlay expense.

Title to the property rests with the University, not the department, regardless of whether the equipment may have been purchased from department budget allocations or from special appropriations or allocations. Departments are assigned property for custody using the department attribute and are responsible for such property. Departments are responsible for completing transfer forms when equipment is moved or otherwise disposed of, in order to transfer that responsibility.

Questions regarding capital equipment transfer or disposal should be directed to Joe Tacoronte at 351-2389 or by email.