Building an Asset
When a professor or department within the university decides to build an asset that would eventually exceed the $5,000 threshold for Capital Equipment, please follow the steps below:
- Meet with department personnel and contact Plant Funds to determine how best to track The purchases for the project. For each asset being built:
- Create an activity code for the project. This will allow the department and Plant Funds to track the expenses associated with the cost of the asset.
- Charge all invoices, interdepartmental charges, purchase orders and any other transactions to a 185XXX account and the activity code assigned to the specific piece of equipment.
- Do not use a credit card to make any purchase for the project. If normal procurement policies will not work please contact Plant Funds prior to the purchase and if a credit card must be used as a last resort, please provide Plant Funds copies of each transaction.
- Track all purchases using the activity code assigned. This will determine the value of the Capital Asset.
- Please be aware that the project will be assigned a capital asset tag once the project to build has begun. When the project has been completed, if applicable, the tag will be attached to the equipment.
- Remember when building a capital asset it is imperititive to start this process as soon as possible.
- Contact Plant Funds upon the disposal of the asset.
- Please contact Plant Funds with any questions or concerns.