Property Control is responsible for creating capital asset records acquired at the University.
[instructional blurb about tagging assets and departmental responsibilities detailed below]
What classifies as a capital asset?
A capital asset is created when a purchase (greater than $5,000) is made to control the right-to-use equipment for a period of more than twelve (12) months. Capital assets are systematically expensed over the expected useful life (straight-line depreciation/amortization). Property Control uses FOATEXT in Banner to create capital asset records which makes it imperative to properly document purchasing information in text fields. Complete and accurate document text helps improve efficiencies with invoice processing and tagging. All capital assets are tagged with inventory observations occuring at least once every two years. Property Control should be notified as soon as possible with any updates to location or disposal of assets by using the related Asset Forms within.
Banner Purchases - FOATEXT best practice
- Description of the equipment purchased
- Responsible org code
- Building and room number equipment will be located
- Cost of asset
- Model number
- Date expected to be in service
- Additional Purchasing and Contracting Services requirements
- PI/Lab/Office receiving equipment, if applicable
- PCS contract number, if applicable