Accounting standards and federal regulations require the University to identify and control the location, use, and status of capital equipment. Capital Asset Management, under the direction of Payment Processing & Compliance, is responsible for recording and maintaining records of all capital assets purchased through the University's procurement system.
Capital assets are defined as items (equipment) that:
- have an acquisition cost of at least $5000, and
- have an estimated life of at least two years, and
- are bought through a capital subcode (6100-6199).