Definition of Property
For inventory purposes, property (equipment) is defined as:
- Capital equipment with an acquisition cost of $5,000 or more.
- Non-Capital equipment with an acquisition cost of $2,500 or more, with an estimated life greater than a one year and not permanently attached into University buildings.
- Sensitive equipment of $500 or more, with an estimated life greater than a one year and not permanently attached into University buildings. Examples include computers, laptops, tablets, and similar equipment.
Instructional Equipment is defined as equipment purchased for use in instructional departments. The Property Management office has in the past maintained records to track and report required information on instructional equipment. This requirement is no longer necessary, but the designation can be added to any record should it become needed again.
Property and equipment purchased with federal funds usually through a grant or sponsored program. The Property Management office will maintain records to track and report required information on federally-funded property. Federally-funded property is purchased through the Sponsored Programs office under the University Enterprises Corporation (see Forms and Documents). However, the Property Management office records and inventories the property.