Consumables

Consumables typically have a life of less than one year.

Capital Equipment (Fixed Assets)

Property, often called personal property refers to furniture, equipment, works of art, and other non consumable items with an expected life of greater than one year.  This does not include regulations concerning real property such as buildings or land.  Personal property with a unit cost of $5,000.00 or greater is considered a capital asset and is recorded on the University inventory at its acquisition cost plus any costs incurred to place the property into service (i.e., freight, installation, training, and other related expenses).  The original acquisition cost plus any subsequent betterment costs is the value of the property carried on the University's inventory.  If the property is sold or transferred to another university, state agency, or department, the property's value will continue to be recorded as the original acquisition cost plus subsequent betterment costs.  Personal property with a unit cost of less than $5,000.00 is not capitalized.

Controlled Property

The following items (in accordance with the State Comptroller's policy and procedure) are inventoried as controlled property. These items are listed on the University's inventory, but are not considered capitalized unless the acquisition cost is $5,000.00 or greater.