This information replaces FIS 601 Equipment

 

Effective: 01/01/2003
Revised: 12/27/2012

 

Equipment

Assets valued over $5,000 are capitalized at market value at time of acquisition.  See the PRO Manual for guidance on determining what costs are capitalized and what costs are expensed.  See FIS 1108-01: Invoices for Fixed Assets, for further information on the approvals for fixed equipment invoices.  Equipment that is constructed, or put together at the University is not capitalized until completion and put into service.  Use account code 40199 for purchases of all parts.  Upon completion, journal voucher the total cost to 40101 for capitalization.  Include all necessary information in the Journal Voucher text.  See FIS 406-01: Expenditures - Vendor Invoice Processing for information on handling trade-ins of capital equipment.

NOTE:  There is one exception to the capital threshold.  All vehicles licensed for road use are capitalized, regardless of the acquisition value.