A. Capitalized Property (Tangible Property over
$5,000)
For university accounting purposes, to record
(capitalize) property for accountability, it
must meet the conditions as listed in
Section I.
B. Non-Capitalized Property (Tangible Property
between $1,500 and $4999.99)
The Property Office will record property items
with a unit cost between $1,500.00 and
$4999.99. These items will not be
capitalized for accounting purposes, but will be
tagged
with a bar-coded identification
number in a timely manner. Property
Administrators will be
responsible to maintain records for
this property.
C. Theft Sensitive Property (Tangible Property
under $1,500)
Theft sensitive property is defined as highly
desirable and portable items (e.g., palm pilots,
digital cameras, etc.). It is highly
recommended that departments with theft
sensitive
property record the receipt of these
items. Make, model, value, and serial numbers
should
be noted and recorded in departmental
records. Property Administrators will be
responsible
to maintain records for this
property.
D. Computer software
Computer Software is not considered a property
accessory. Software purchases are
classified as operating expenses.
Software costing less than $5000, with a useful
life of less
than four (4) years, may be charged
to the IT Software Expense account, code 5740 or
to
the Supplies and Services account
code 4501. Software that exceeds $5000 must be
approved by IITS, recorded as a
capital asset and charged to account code 5745.
