Purchasing & Accounts Payable

The University now defines inventorial equipment as articles that are owned by or in the custody of the University and:

• are non-expendable (not disposable or consumable)
• stand alone
• qualify as tangible personal property
• have a useful life of at least one year, and
• have an acquisition cost of $5,000 or greater.

For contracts and grants:

• Physical verification and tracking are required only for items valued at $5,000 or greater, and for agency-titled items and guns, regardless of value.
• Object codes are used to ensure correct asset reporting.
• Indirect costs are applied to all expenditures for items less than $5,000.

These object codes are for theft-sensitive, non-inventorial equipment valued at $200 - $4,999:

For inventorial equipment valued at $5,000 or greater: