Capital Assets
Capital assets are defined as items (equipment) that have an acquisition
cost of at least $5000, have an estimated life of at least two years, and
are bought through a capital subcode (6100-6199).
Accounting standards and federal regulations require the University
to identify and control the location, use, and status of capital equipment.
The Asset Management Group of Financial Records Services, under the direction
of Financial Operations, is responsible for recording and maintaining records
of all capital assets purchased through the University's procurement system.
University departments are responsible for verifying that all equipment
purchases meeting the capitalization criteria above are charged to the
proper PRISM account numbers and subcodes; notifying FRS of equipment location
changes and disposition; assisting FRS in the Perpetual Inventory
in a timely manner; and, providing reasonable safeguards to protect assets
from theft, damage, etc.
Resources
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