Equipment - BC*
||Equipment - BC
FIN-ACC-I-140, Off-Premise Capital Equipment Control
FIN-ACC-I-150, Capitalization of Movable Equipment
FIN-ACC-I-170, Capital Movable Asset Physical Inventories, Tagging and Location Changes
FIN-ACC-I-180, Depreciation of Capital Assets
FIN-ACC-I-270, Ownership of University Capital Assets
III-70, Equipment Transfers (equipment purchased from contract and grant funds)
Please email firstname.lastname@example.org for guidance.
Things to Know:
ALL FUND GROUPS
Capital equipment purchases are equipment items with an acquisition value of at least $5,000.00 and a useful life of one year or greater. For equipment meeting these capitalization criteria use the following object codes:
7000 Capital Equipment
7015 Computer Equipment
Other costs such as installation, freight/shipping, and training should also be capitalized with equipment purchases over $5,000. If the equipment purchased meets the capitalization criteria, then these costs should also be coded to object code 7000 or 7015.
Warranties, maintenance agreements and software licenses should NEVER be capitalized with equipment. These purchases should always be expensed to object codes 4776 or 4616.
Please refer to Standard Operating Procedure, CSOP 8.0 Capitalization of Movable Equipment for guidelines relating to the capitalization of moveable equipment, and object code assignment.
See FMS Capital Asset Management System Website as well as FMS Capital Standard Operating Procedures (CSOP) for more resources.
Training: FMS CAMS Video Tutorials
*BC - Budget Construction