EquipmentEquipment, or property, are items that are not consumable/expendable, that cost $5,000.00 or more and the expected life is one year or more. They are considered assets in the Fast system and are managed by Asset Management under the Controller's Office.
Books valued at $250 or more are also considered assets.
Be aware that a purchase of parts that are used to create an item should be considered assets if the total of the parts exceeds $5000 including shipping, handling, setup or instruction. Cost does not take warranties into account.
- Various components are purchased to erect a workstation. Any individual workstation whose parts total $5000 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 $5015 and is therefore an asset.
Requisitions for assets should be entered using the Item Categories that use the term 'equipment' or 'OCO' (other capital outlay.) Account numbers for assets begin with 63xxx. These categories will add the correct asset profile to the purchase.
The department must add a header comment listing where the equipment will be placed, who should be contacted about the equipment and the contact's phone number.
Property Services 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.