Purchasing

Asset

Assets are defined as non-consumable items which have a life expectancy of one year or more and cost $10,000* or more (or books costing $250 or more). These items may include equipment, property and other capital outlay items and add to the intrinsic value of the university. These items must be tracked in USF's financial sysetm by Asset Management .  

*Asset cost is assessed on the total price to receive the item including shipping, handling, setup or installation. An item may be considered an asset if the cumulative cost of all parts used together to create a working item exceeds $10,000. 

**Replacement parts exceeding $10,000 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 $10,000 is considered an asset
• A microscope is purchased at the cost of $9,950. Shipping is $65.00. This brings the total value of the item to $10,015 and is therefore an asset. 

REQUISITIONS 

• Assets must be purchased using a Requisition Request form and PO. Assets may not be purchased using BMP Punch Out.
• Assets must be placed on the general ledger using an account code that begin with '6'. 
• Requisitions must include a point of contact for and location of the asset.

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.