5.2-4 PURCHASE OF EQUIPMENT-LIKE ITEMS

 

General Purpose

To provide a uniform definition of "equipment-like" purchases and an appropriate mechanism for their recording in the financial records of the institution.

Definition

An equipment-like item is an item with a per unit purchase price of less than $5,000 which meets all other criteria for equipment classification. The item may be tagged with a property control identification number at the discretion of Central Stores inventory personnel.

Procedures

  1. Equipment-like acquisitions should be submitted for approval through the standard purchase requisitions process. 
  2. Signature authority for equipment-like acquisitions between $500 and $4,999 is obtained from the appropriate President's Staff member based on the accounts under his or her control.
  3. Object codes 5489 and 5490 have been established for computer and other equipment-like purchases, respectively, i.e., items meeting the criteria stated in Operations Manual Policy 5.2.3, Section II.
  4. Equipment-like purchases are charged against the account manager/supervisor's 54XX expenditure block.  If an account manager/supervisor wants to make an equipment-like purchase from an equipment fund budget, he or she would contact the appropriate President's Staff member.

 

 

Adopted 2/26/81  EC
Revised 3/20/08  VP-ABA