Capital Equipment Purchases
*Single items costing $5,000 or more*
University fiscal rule 1.5 Capitalization of Equipment states: The University is responsible for the proper accounting, inventorying, safeguarding and capitalizing of all its equipment.
Equipment purchased by University departments 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.