Capital Equipment, Software, And Vehicle Procedures

Contact:
Marshall Chamberlain, marshall_chamberlain@byu.edu, C-249 ASB, 2-4436

Andrew Neil, andrew_neil@byu.edu, 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 are also tracked.

The General Accounting Office is notified in Workday of equipment purchases when equipment is recorded on any trackable spend category. The General Accounting Office will contact either the Asset Coordinator or the issued to worker. All donated equipment must be reported through LDS Philanthropies.

Business Partners are responsible for all equipment assigned to their department. They may assign someone to be responsible for their department’s equipment. All equipment should be inventoried at least annually. All changes (location, dept id, etc.) should be reported to General Accounting so that Workday can be updated with the correct information. These requests should be made using Workday Help functionality. Please include asset tag number & description.

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 - passenger cars, vans and trucks. All vehicles are capitalized and assigned to a motor pool (General University, Athletics, Jerusalem Center, BYU Broadcasting, etc.). Academic Units Fund FD01 do not own vehicles. The General Accounting Office is automatically notified of vehicles through normal procurement processes. Vehicles are tagged through the Motor pool 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

Physical inventories are required and are performed by the department inventory custodian and either the college/division business partner or the General Accounting Office. These should be done annually. Any items unable to be verified must be declared lost or stolen and the appropriate inventory adjustment and or write-off completed.

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, 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.

Transfers

Transfers can be initiated by the asset accountant in general accounting and other approved university personnel. Any transfer of capital assets initiated by an individual other than the asset accountant will go through the appropriate approval process in Workday.

Disposals

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. All sales must be done through the Purchasing Department. Other disposals are completed by using Workday Help functionality. Interdepartmental sales require a journal entry approved through the General Accounting Office to ensure proper disposal of asset or transfer of the asset.

Lost/Stolen Assets

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.

Questions

Please direct any further questions you may have concerning capital equipment to the General Accounting Office using Workday Help functionality.

Last Updated: 12/27/2024