Section 800: Financial Affairs

Effective: December 2, 1999
Revised: April  2016
Review Date: April, 2016
Responsible Party: Vice-Chancellor for Finance and Administration

Policy:

Capital Purchases are defined as follows and must meet all four criteria:

  • A normal useful life more than one year.
  • An identity which does not change with use.
  • A unit of property that is identifiable and separately accounted for.
  • Must meet the following cost thresholds:.
    • Equipment - $5,000 or greater
    • Buildings - $25,000 or greater
    • Building Improvements – $25,000 or greater
    • Land - $5,000 or greater
    • Land Improvements - $25,000 or greater
    • Intangible Assets - $100,000 or greater
    • Infrastructure - $500,000 or greater

Library books are capital purchases that are recorded as a group each fiscal year.

All requests for purchases within this category must follow purchasing policies and procedures that are in place.