6 Property and Capital Equipment
The university's Equipment Management Policies and Procedures provide guidance for the control, management and accounting for equipment acquired by purchase, donation, or any other means, and any other capitalized equipment otherwise in the possession and custody of the university. These policies and procedures provide specific direction and information for acquisition, use, disposition, transfer, and tagging of university equipment. This policy also outlines certain additional responsibilities and procedures required when equipment is purchased with Federal funds or is Government owned. These policies and procedures are intended to facilitate and assure the university's compliance with applicable accounting and governmental policies, principles, regulations and requirements.
For purposes of this policy, capitalized equipment is defined as and encompasses all tangible, nonexpendable personal property such as fixtures, furniture, and movable equipment that meets the University capitalization threshold of an initial cost of $5,000 or greater and a useful life of two or more years. As applicable, certain provisions of this policy (i.e. safeguarding assets, proper disposal, etc.) also apply to non-capitalized equipment.
This policy does not apply to land, buildings, infrastructure, or equipment which is not movable or is permanently affixed to buildings or infrastructure. The policies and procedures relating to acquisition, capitalization, control and accounting for these asset types are administered centrally by Finance and Business Operations.
Forms referenced throughout this policy, can be accessed on the Fiscal Operations Property Management web page at https://fisops.wayne.edu/accounting/property.