5d. Equipment and other capital assets

  1. What do I need to know about equipment and other capital assets?
  2. Whom do I contact?

1.  What do I need to know about equipment and other capital assets?

Any non-expendable, tangible personal property (including fabricated equipment) that has a useful life of more than one year and an acquisition cost of $5000 or greater or purchased software costing $500,000 or more is defined as equipment and tracked in the University Asset Management system.  

Ownership of equipment purchased under sponsored projects generally resides with the University, but sometimes the Federal government will retain ownership of purchased or furnished equipment. The award agreement will indicate who retains ownership.  Federally owned equipment will have additional reporting and disposition requirement.  Procedures for Federal Assets can be found here.

Property that is owned by the University may be disposed of by transfers to UI Surplus, trade-ins, or cannibalizing for parts.  Disposition procedures can be found here.

You might purchase equipment or other property that is below the University capitalization threshold.  You are encouraged to keep track of these items to ensure they are not lost or stolen.  Information on tagging and a tracking template.

2.  Whom do I contact?

The Capital Assets Management department is responsible for tracking all University and Federally owned equipment.  The Grant Accounting Office is responsible for submitting any required property reports to federal agencies.