Purchasing
Asset
Equipment, property and “OCO” (other capital outlay) items that add to the intrinsic value of the university are considered assets in our financial system and are managed by Asset Management under the Controller's Office.
These items are defined as being not consumable/expendable, cost $5,000.00 or more and have a life expectancy of one year or more.
Books valued at $250 or more are also considered assets.
The purchase of parts that are used to create an working item should be considered assets if the total of the parts exceeds $5,000 including shipping, handling, setup or instruction. Cost excludes warranties.
**Replacement parts exceeding $5000 are not considered equipment as they simply replace
existing pieces that are already evaluated.
Examples:
- Various components are purchased to erect a workstation. Any individual workstation whose parts total $5,000 is considered an asset
- A microscope is purchased at the cost of $4,950. Shipping is $65.00. This brings the total value of the item to $5,015 and is therefore an asset.
REQUISITIONS
Requisitions for assets should use the Requisition Form in Bull Marketplace and must use Account Code that begin with 63xxx. This will add the correct asset profile to the purchase.
In the Requisition Form the department will have to add the location of the item, the primary contact responsible for the item and the contact's phone number.
Search for commodity codes using specific words to describe the asset such as “microscope”, “freezer” etc. rather than common words such as “equipment”. This will provide more accurate information for assessing University net worth.
No asset purchases should be made using a Punch-out supplier.
INVENTORY TAGGING
Asset Management will contact the department to arrange for inventory tagging.
All equipment must be delivered to a University owned location and be inventoried
before being taken off campus. Equipment taken off campus must be approved and the
submission of an Off-Campus Permit (Form 6028) is required.