Purchase of Equipment-Like Items 5.2-4
Category:
Business & Financial Management
Authorizing Body:
Vice President for Administration & Business Affairs – VP-ABA
Responsible Department:
Controller's Office
Applies To:
02/26/1981
Revised Date:
09/23/2014
Print Policy
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.
Procedures
- Equipment-like acquisitions should be submitted for approval through the standard purchase requisitions process.
- 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.
- The following object codes have been established for computer and other equipment-like purchases meeting the criteria stated in Operations Manual Policy 5.2.3.
- 5489 Equipment Like – Computer Related (under $500)
- 5490 Equipment Like
- 5701 Equipment (between $500-$4,999)
- 5711 Equipment – Computer (between $500-$4,999)
- The following object codes have been established for computer and other equipment-like purchases meeting the criteria stated in Operations Manual Policy 5.2.3.
- 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.
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.