The University of Chicago

Financial Services

  

Purchasing Equipment and FAS Coding

Equipment is an item of non-expendable, personal property having a useful life of more than one year and an acquisition cost that is $5,000 or more per unit.

Does my purchase meet capitalization criteria?

Examples of capital expenditures

  Including:

Examples of NON-capital expenses


Equipment purchases are reviewed by the CAA. If the purchase is determined to be equipment, the expense will be capitalized and an asset will be created in the Property Management System (PMS). Any equipment that does not meet capitalization criteria will be moved to supplies during Financial Services' review.

Screening procedures should be followed for Federal awards to avoid the purchase of duplicative or unnecessary equipment. Departments are responsible for screening procedures as well as determining if additional Federal approvals are required prior to purchase.

When purchasing equipment, please refer to the following chart for subaccount coding.


 

eqpsubs


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