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.
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