Capital Equipment, Software, And Vehicle Procedures
Contact: Ben Wake, email@example.com, C-249 ASB, 2-9766
Capital Equipment Procedures
The Financial Services General Accounting Office will maintain records for all capital equipment used by the University. University capital equipment must cost greater than or equal to $5,000 and be movable, with a useful life of two or more years. Equipment acquired under sponsored contracts and designated capital equipment per contract/grant is also tracked.
The General Accounting Office is automatically notified of equipment purchases by departments made through normal procurement processes. All donated equipment must be reported through LDS Philanthropies. A General Accounting Office employee will arrange to tag and create a record of equipment on the PeopleSoft Asset Management system.
Department Chairs are responsible for all equipment assigned to their department. They may assign someone to be responsible for their department's equipment. All changes (location, dept id, etc.) to be made to the system should be emailed to firstname.lastname@example.org .
Please include asset tag number & description.
Software Capitalization Procedures
Computer software purchased from a commercial vendor or developed internally by the university is capitalized when the value is greater than or equal to $100,000. All donated software with the threshold must be reported through LDS Philanthropies. The General Accounting Office is automatically notified of software through normal procurement processes. Software is tagged through an on paper document with the original tag and a record is created in the system.
Vehicle Capitalization Procedures
Motorized vehicles normally licensed to be driven on highways and freeways – passengers cars, vans and trucks. Vehicles are capitalized when the value is greater than or equal to $15,000, and assigned to a motor pool (General University, Athletics, Jerusalem Center, BYU Broadcasting, etc). Academic units (fund 11) do not own vehicles. The General Accounting Office is automatically notified of vehicles through normal procurement processes. Vehicles are tagged through the Motorpool who also does the licensing and insurance for all University vehicles.
Then the information is sent to the General Accounting Office where the record is created in the system. Jerusalem Center vehicles are tagged and licensed in Jerusalem and information is sent to the General Accounting Office where the record is created in the system.
Physical inventories are required and are performed by the General Accounting Office and the department inventory custodian. They are done campus wide, by department, within a two- year period. The General Accounting Office initiates the physical inventory through correspondence with the department chair or department inventory custodian. Any items unable to be verified must be declared lost or stolen. Upon completion, the physical inventory must be approved through the department chair’s signature on a compliance memo, showing the equipment is utilized and is necessary. The compliance memo must be returned to the General Accounting Office.
Off-Campus Use of Equipment
Off-campus use of equipment is prohibited, except as authorized by Deans/Directors by completing an “Authorization for Equipment taken from Campus” form, available on the Financial Services web page. This form is to be completely filled out, signed by the Dean/Director and Chair, and sent to the General Accounting Office. When equipment is returned to campus, the General Accounting Office should be notified.
Any transfers of equipment are done by sending a signed “Transfer Memo,” available on the Financial Services web page, to the General Accounting Office.
An asset should be disposed of when it is no longer of any use to the department. The disposal may include selling, scrapping, or trading in or in case of software that is no longer used. All sales must be done through the Purchasing Department. Other disposals are completed by emailing the General Accounting Office at email@example.com. Any interdepartmental sales require a journal entry approved through the General Accounting Office to insure proper disposal of asset and if amount is over the threshold to create a new asset.
All lost or stolen equipment requires a “Report of Lost/Stolen Equipment” form, available on the Financial Services web page. This form is to be completely filled out, signed by the Dean/Director and Chair, and sent to the General Accounting Office.
Please direct any further questions you may have concerning capital equipment to the General Accounting Office (email: firstname.lastname@example.org or phone: 2-9766).
Last Updated: 04/01/2015