The definition of capital equipment is an item of non-consumable, tangible property that has a useful life that is greater than one year and an acquisition cost that is at least $5,000 per unit. The following are included in the $5,000 value threshold:
Expenses that are essential to install the item; and Ancillary expenses such as taxes, duty, protective in-transit insurance, freight, and installation costs. Expenses that are necessary to install the item.
For instance, the cost of a piece of equipment's capital expenditure includes the cost of any modifications, attachments, accessories, and auxiliary gear that are required to render it useful, in addition to the cost of shipping and installation.
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Purchase Capital Equipment
Before you make any purchases, ensure that you have read and understood the Capital Equipment Policy. Take note that you cannot use credit cards issued by the university to pay for investments in capital equipment.
Make a Requisition in Prime by Doing the Following
The Prime Financials requisition process must be followed in order to successfully purchase capital equipment. Consider making a purchase through our Resource Recovery programme first before investing in brand new capital equipment.
Make the necessary changes to the Asset Record in Prime Financials:
When you buy a piece of capital equipment, the Office of the Controller will issue a bar-coded tag to the person in charge of maintaining the equipment. This tag is required to be placed to the piece of equipment. It is the duty of the custodian to ensure that the asset record in Prime Financials is kept up to date with the asset's current location, model, and serial number. In addition to this, it is expected of them to make a note of any additional pertinent information whenever the asset is received, moved, or disposed of, as well as if any other information on the record changes.
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