Equipment Acquisitions

An indication as to who is responsible for possible claims against the asset by outside parties (e.g., federal government, state, agency).  Ownership tells who has the legal or rightful title to the property.

Tangible property other than land, buildings, improvements other than buildings, or infrastructure with a unit cost (including ancillary costs) of less than $5,000 which is used in operations and with a useful life of more than one year.  Non-inventorial equipment is not capitalized. For more information on tagging and tracking non-inventorial equipment, please go here.

The amount that could reasonably be expected to be received for an investment in a current sale between a willing buyer and a willing seller.

Tangible property other than land, buildings, improvements other than buildings, or infrastructure with a unit cost (including ancillary costs) of $5,000 or more which is used in operations and with a useful life of more than one year.  Equipment may be attached to a structure for purposes of securing the item, but unless it is permanently attached to, or an integral part of, the building or structure, it is to be classified as equipment and not buildings.  

Assets acquired by gift, donation, or payment of a nominal sum, which is not reflective of the assets' true market value.

The custodian/user is the name of the person currently using the asset. The custodian is not the person that has the ultimate responsibility for all department assets (chair or administrator) or the person responsible for inventorying the assets. One exception is computer labs, where the custodian may be the name of the lab manager. The custodian must be a person not a job title or location.

Assets that meet the state's capitalization policy such as land, improvement to land, easements, buildings, leasehold improvements, vehicles, machinery, equipment, works of art and historical treasures, infrastructure, and all other tangible or intangible assets that are used in state operations and that have initial useful lives extending beyond one year. Capital assets do not include depletable resources such as minerals or timber.

Costs that are directly attributable to asset acquisition, such as freight and transportation costs, site preparation costs, installation costs and professional fees, that are necessary to place a capital asset into its intended state of operation. Ancillary costs are capitalized as part of the cost of a capital asset.