The University of Chicago

Financial Services

  

Accounting for Equipment

Equipment at the University of Chicago

The following information is available to assist departments in properly recording purchases of equipment and using, maintaining, controlling and disposing of property owned by the University, or furnished to the University by the Federal Government.

Click here for the University Equipment Quick Reference Guide.

What is equipment?

The University defines equipment as an item of nonexpendable, tangible personal property having a useful life of more than one year and an acquisition cost that is $5,000 or more per unit.

There are five main equipment management topics:

  1. Purchasing Equipment
  2. Tagging New Equipment
  3. Transfer of Equipment
  4. Disposal of University or Federal Equipment
  5. Annual Physical Inventory

Select an equipment management topic for more details.

Relevant Policies

1004.1 Capitalization Policy: Land, Buildings, Equipment and Books
1004.2 Depreciation of Land Improvements, Buildings, Equipment and Books
1004.3 Disposal of University Owned Equipment
1004.5 Equipment Property Management System
1004.6 Physical Inventory of Equipment
1004.7 Equipment Screening
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