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16.2 ACQUISITION OF EQUIPMENT All equipment and material items purchased from university accounts are the property of the university (ref. The University of Texas at Austin Policy Memorandum 6.320). Inventory Services will review purchase vouchers for proper coding of equipment expenditures. An expenditure for an item of equipment with a unit cost of $5,000 or more shall be coded as capital equipment. Expenditures for items meeting certain criteria set by the State Property Accounting (SPA) and having a unit cost of $500.00 to $4,999.00 and firearms regardless of value are considered controlled items. Capitalized and controlled expenditures are assigned to a departmental inventory. Please visit the Inventory Services website for a current listing of item that are considered controlled. Freight and shipping charges associated with acquiring the capital asset are to be included in the asset's value as well as all modifications, attachments, accessories, or aparatus necessary to make the assets usable and render them into service. The total value will determine whether the item is expensed (less than $500 or $5,000 as appropriate), controlled, or capitalized. Warranty costs and service agreement costs are expensed if the warranty costs or service agreement costs are listed as separate line items on the purchase orders or invoices. Otherwise, warranty costs and service agreement costs are capitalized with the value of the asset. Inventory Services or self-tagging departments will affix a numbered property control plate to the property (or assign an inventory number) within 30 days of acquiring the capitalized or controlled item, unless it is U. S. Government-owned then must be tagged within 10 days. Inventory Services will enter appropriate data on the university's computerized inventory system. Newly purchased vehicles and electric carts, if the electric cart costs $5,000 and up, that go through Fleet Management Department of Parking and Transportation Services will be tagged by Fleet Management. Self-tagging departments will not be responsible for tagging these items but will still need to supply Inventory Services with the tagging detail as normal. Note: Attaching property control plates or tags, or otherwise marking equipment to indicate university ownership is required by state law. Unless a property item purchased at a unit cost less than $5,000 is being added to or becoming part of a capitalized or controlled item, the item will be assigned an appropriate non-capitalized expenditure code and, where possible, marked or have a blank tag affixed to indicate it is the property of The University of Texas at Austin. University of Texas at Austin Policy Memorandum 6.320 Property items acquired on a rent/purchase, lease/purchase, or installment
payment basis will normally be added to the departmental inventory when
the initial payment is made, at the total value of the purchase. These
items will be inventoried and controlled in the same manner as direct
or outright purchases.
Equipment and furniture are sometimes fabricated in a department. If the cost to build an item is $5,000 or more, the item will be added to the inventory. In determining the cost, only the material costs will be used; university labor and fringe benefit costs will not be included. Payments for materials used in the fabrication process shall be recorded with a fabrication of equipment expenditure code (1832). Departments shall provide Inventory Services with the description and documentation of costs when a capital equipment item has been fabricated so that it can be placed on the departmental inventory. D. Noncash Gifts to the University Noncash gifts to the university will be added to a departmental inventory upon formal acceptance by the university. The inventory value of such items will be an appraised or fair market value as provided by the donor. The official acceptance of all gifts on behalf of the university is governed by the University of Texas System Board of Regents Rules and Regulations Series 60101 and in The University of Texas at Austin Policy Memorandum 6.315. The authority to accept gifts to the university is vested in the Board of Regents. For gifts of $1,000,000 or less, this authority is delegated to the President. Gifts valued at more than $1,000,000 require final acceptance by the Board of Regents. University of Texas System Board of Regents' Rules and Regulations Series 60101* Inventory Services is responsible for the control of inventory numbers and will assign numbers to those items of property that are acquired by the University as capital or controlled assets. * Note: PDFs are best viewed with Adobe Acrobat Reader 6.0 or later. Earlier versions may result in incomplete rendering of information. A free update of Adobe Acrobat Reader may be obtained from Adobe.
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