To define equipment acquisitions and set forth guidelines for signature authority for the purchase of said equipment.
To be classified as an equipment acquisition and capitalized in the University records, individual items are to be valued at $5,000 or greater and have a life expectancy exceeding one year. If an order of functionally-related items, which together constitute one unit of equipment, are submitted and valued at less than $5,000 each, the combined value will be the determining factor as to whether the purchase is considered equipment or not. However, if an item is valued under $5,000, it may be classified as "equipment-like." (The budgetary and accounting procedures applicable to equipment-like transactions are set forth in Operations Manual Policy 5.2-4.)
Procedures for Signature Authority of Equipment Acquisitions
Adopted 02/26/81 EC
Revised 03/20/08 VP-ABA
Revised 09/23/14 EVP-ABA