A capital asset is considered a single tangible object that is valued at $ 5,000 or greater at the time of purchase.
The total cost will include all costs involved in getting that item here and functional, which may include shipping, training, and installation charges. So if an item is approaching the $ 5000 mark, it may end up being considered a capital asset if other costs noted above bring the total cost to $ 5000 or over.
All orders $ 5000 and over should be processed on a purchase order by submitting a requisition to Purchasing Services. Please feel free to contact our office if you have any questions as to whether or not an item should be considered a capital asset. All capital asset items will be photographed and tagged with a silver tag by the Purchasing Office.
Purchasing Services will run an annual inventory of capital assets, alternating between a written inventory and the following year a physical inventory.
FY 15 Physical Inventory- Purchasing Services will schedule an appointment with each department to physically walk around and view each asset to confirm inventory and location of each capital asset item.
FY 16 Written Inventory- An itemized list will be sent to each department of the capital assets listed for their area. Confirmation will need to be made on all assets listed of any changes of location or status. If asset has been sold or discarded an Asset Removal Form(see below) needs to be filled out and sent to Purchasing Services.