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Purchase of Equipment-Like Items 5.2-4

Details

Category:
Business & Financial Management
Authorizing Body:
Executive Vice President for Administration & Business Affairs – EVP-ABA
Responsible Department:
Controller's Office
Applies To:
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Adopted Date:
02/26/1981
Revised Date:
09/23/2014
Print Policy

General Purpose

To provide a uniform definition of "equipment-like" purchases and an appropriate mechanism for their recording in the financial records of the institution.

Procedures

  1. Equipment-like acquisitions should be submitted for approval through the standard purchase requisitions process. 
  2. Signature authority for equipment-like acquisitions between $500 and $4,999 is obtained from the appropriate President's Staff member based on the accounts under his or her control.
    • The following object codes  have been established for computer and other equipment-like purchases meeting the criteria stated in Operations Manual Policy 5.2.3.
      • 5489 Equipment Like – Computer Related (under $500)
      • 5490 Equipment Like
      • 5701 Equipment (between $500-$4,999)
      • 5711 Equipment – Computer (between $500-$4,999)
  3. Equipment-like purchases are charged against the account manager/supervisor's 54XX expenditure block.  If an account manager/supervisor wants to make an equipment-like purchase from an equipment fund budget, he or she would contact the appropriate President's Staff member.

Definition

An equipment-like item is an item with a per unit purchase price of less than $5,000 which meets all other criteria for equipment classification. The item may be tagged with a property control identification number at the discretion of Central Stores inventory personnel.