Policies & Procedures Manual - Elizabeth City State University

400.1.50Adopted: 06/14/05ELIZABETH CITY STATE UNIVERSITYFixed Assets EquipmentDefinitionEquipment, for the purpose of our fixed assets system, is defined as an item with an acquisitioncost of $500.00 or more. The cost of equipment includes tax, installation charges, and freight.These charges should be added together to determine the acquisition costs. Equipment costingbetween $500 - $4,999 is classified as an inventoried piece of equipment and the cost of this typeof equipment should be expensed or written off at the end of the fiscal year. Equipment costing$5,000 or more is capitalized equipment and the cost of this type of equipment should be addedto ECSU's General Fixed Asset Account or Proprietary Fund depending on which funds wereused to purchase the asset. Equipment generally has all the following characteristics:Computerized Data on File• An acquisition cost of $500 or more -- Inventoried Equipment• An acquisition cost of $5,000 or more -- Capitalized Equipment• A life span of one year or more• Non-expendable material• Non ConsumableComputerized data is maintained for all University owned equipment with a purchase cost of$500 or more and an useful life of more than one year. Every item of University owned propertymeeting the above criteria is assigned a University Fixed Assets decal number and entered on acomputerized fixed assets system.Each equipment entry on the inventory listing contains the following:1. Assigned University Fixed Assets decal number2. Complete description (manufacturer's name, serial number, model number)